If your business is putting time and money into advertising efforts but seeing little in return, you might be one of the 40% of businesses who struggle with marketing ROI. The challenge of knowing what types of marketing consumers respond to best can be daunting. However, there are many steps you can take to make sure you’re getting a high marketing ROI.
Often, marketing plans are too generic. Sure, it’s great to turn a profit, but you need to lay out the specific steps to do so. Do you need to generate more leads, make more sales, or hire more clients? Naming specifically what you need to focus on in order to make a profit will help direct the rest of your marketing efforts. You can’t have good ROI without a good strategy in place, and knowing what you’re working towards is the first step.
Talk to Your Customers
Knowing what resonates with consumers can make a huge difference in your business. Don’t waste time and money on advertising that’s not working. Take the guesswork out of marketing by creating a survey for your target market and existing client base. This will allow them to tell you exactly what they like and don’t like. Crunch the data and you should have a much better idea of what in your marketing strategy is giving you the most bang for your buck.
Switch Up Your Messaging
If you’re still having trouble with your ROI, it can be worth it to spend time experimenting with new messaging channels. If you haven’t had success with e-mail, try Facebook ads or traditional mailers. It’s easy to get stuck doing the same things you’ve always done, but if it wasn’t working before, it won’t work now. Don’t be afraid to ditch what you’ve been doing and mix it up. There is no one way to market, so find what works for you and run with it.
Seek Outside Advice
Sometimes a fresh perspective is all it takes. Hiring an ad manager or marketing consultant for a specific campaign can help you get back on track. They can help you breathe new life into your marketing efforts and come up with new, creative ideas. If you prefer to keep your marketing efforts in-house, consider attending a marketing retreat, like the ones with The Rainmaker Institute for law firms, or training session. You and your employees will learn new skills and leave feeling better prepared to tackle the challenges facing your business.
You want the money you spend on marketing to help your business thrive. By evaluating your marketing strategy honestly, you’ll find there are many ways to improve your ROI and get your company back in the black.