Making an online connection with your customer can help you build your business in today's digital and technological world. Whether you are a small, mid-sized, or even a large business, you will surely want to make the most of your digital marketing strategy.
Digital marketing solutions are a collection of powerful tools and techniques. Every online marketing activity can and should be measured. Spending time, resources, investment, and other insights all have an impact on outcomes. You often start your marketing strategies using digital analytics and tracking data. These insights help the digital marketing team to understand the ROI of your business’s online marketing services.
Let's take a closer look at ways of improving ROI using digital marketing solutions:
What is Digital Marketing ROI?
In digital marketing services, Return on Investment (ROI) is a term used to describe the profit or loss made by your marketing campaign efforts. A positive ROI signifies that a campaign makes more money than it costs, whereas a negative ROI says the opposite.
In other words, digital marketing ROI is a number that indicates whether or not your marketing activities are generating a positive return on investment.
As a general rule, digital marketers should strive for a 5:1 ROI, which means $5 is gained for every $1 invested in a marketing campaign. The minimum ROI should be 2:1; anything less is unprofitable or negative.
You can raise the bar to 10:1 or higher by using online marketing services. Obviously, this goal will require more resources, various processes, and knowledge.
How to Measure Digital Marketing ROI?
It's not as simple to measure your digital marketing ROI as looking at the revenue generated by various campaigns and comparing it to the expense. Not every marketing campaign has conversion as its ultimate objective.
ROI = (Gains from Investment - Cost Invested) / Cost Invested
Calculating your return on investment will show you how successful your digital marketing strategies are at attracting new customers. It indicates whether or not the investment was efficient. If this indicator is negative, it means that the company's expenses exceed the profit obtained by a specific strategy, and the company is losing money on that strategy. Also, you shouldn't compare your ROI data month to month.
With that information, you can determine whether your company's marketing plan is effective, allowing all decisions to be based on data rather than predicting with no practical application.
4 Digital Marketing Solutions to Improve ROI
Your digital marketing strategy depends on the goal you want to achieve. Once you identify your ROI targets, finding the best digital marketing services to accomplish will be simple. For example, if you want to increase brand awareness, you can do this through Search Engine Optimization of your website, Social Media Marketing, content marketing, or other approaches.
Now that we've discussed digital marketing ROI and how to calculate it, let's look at a few ways to improve your company's efficiency and ROI with digital marketing solutions:
1. Search Engine Optimization
Search engine optimization(SEO) is one of the most effective and commonly used digital marketing strategies. SEO marketing can deliver impressive outcomes for a small investment. This effective method improves organic traffic to your website and increases the chances that potential clients will find you.
2. Social Media Marketing
Another efficient marketing channel of digital marketing solutions that does not demand a large budget or a lot of time to succeed in social media marketing. You can spend hundreds or thousands of dollars per month according to your campaign.
Content creation and sharing on social networking sites like Facebook, Twitter, Instagram, LinkedIn, etc., are part of this marketing strategy.
3. Email Marketing
Email marketing is reported as one of the most profitable digital marketing solutions. It is the most efficient method of reaching and engaging your target audience. Email marketing is a great way to connect with current and potential customers.
It takes some early investment but delivers a high success rate in promoting your brand to customers.
4. Pay-per-Click PPC
A Pay-per-Click(PPC) is an internet marketing approach in which advertisers pay each time someone clicks on their ad. PPC services provide a favorable ROI in digital marketing.
When you turn off the ads in PPC advertising, the campaign is over, unlike SEO marketing, which is a long-term strategy.
As you can see, you have access to several digital marketing solutions. With these digital marketing services, you can improve your ROI in the long-term.
Consagous will gladly help you increase your company's ROI by using the best digital marketing solutions. With more than a decade of experience delivering strategic Search Engine Optimization, PPC services, and other marketing strategies, we are the best digital marketing company in USA.
Contact us now!