When it comes to marketing, return on investment (ROI) is king. As the easiest and most efficient metric of knowing how effective your campaigns are, ROI has been the cornerstone of formulating marketing plans for some time. If you’ve been struggling to get a solid ROI, check out a few of these strategies to boost your numbers.
Social proof has been a surefire marketing strategy for centuries, but it has evolved quite a bit in our digital age. This is basically when a customer, celebrity, or peer gives a testimonial or review of your products, services, or general brand. Marketers tend to gravitate toward this strategy because it offers consumers a voice or perspective they’re either familiar with or believe is just like them. Even customer reviews can be successfully drive social proof, with nearly 66 percent of consumers trusting online reviews according to Hubspot. If your company is looking for a solid strategy that can add validation to your marketing materials, social proof is an awesome first step.
If you haven’t already, start collecting customer stories and feedback. Try to find variation between them; for example, post one review talking about the ease of using your product while another compliments the customer service experience. If you have a product or service that has helped someone make their business better, have them share those inspirational stories to attract other small business owners to your page as well. The overarching goal is to find those reviews which lend you a sense of authority, proving to potential customers the specific value of your work.
Chatbots On Social Media
A relatively new phenomenon, chatbots have shown tremendous early success in marketing. The best part is that they can help reduce sales and helpdesk support, cutting costs and keeping your employees focused on larger issues than common customer complaints and inquiries. Plus, the AI for chatbots has become much more advanced, with 33 percent of customers stating they’ve had a positive experience with them according to a survey published by Business Insider. Make no mistake; with a little setup on the front end, implementing chat bots into your marketing model may pay big dividends on the back end.
The trick to doing well with chatbots is all in the setup, of course. You’re mostly plugging in specific terms the chatbot can respond with, but you need to make that feed authentic and gear it toward closing the sale. For example, let’s say you wanted to sell baseball gloves; writing your script based on size, width, and skill might be advantageous for the chatbot you develop. Although this technology is still relatively new, you can become a master of closing deals with little to no human intervention if you invest the time into the tech now.
The practice that reigns supreme with inbound is content marketing; when done right, this strategy has some of the best ROI you’ll find on the web. As noted by the Content Marketing Institute, on average, content marketing costs 62 percent less than outbound marketing, with the time to produce content and promotion being the only real expense. If you’re able to produce blog posts, infographics, and photos consistently, this is the perfect strategy for you.
The goal of content marketing is to produce captivating content consistently — and that “consistent” part is really crucial. Numerous companies say “we need a blog,” but few take the steps to maintain it and truly grow their following. Create a calendar of posts and stick with it, aiming to have at least one or two posts each week. Although that might seem like a daunting task at first, with practice, it will become much more manageable and probably even second nature.
Although it’s going to require setting a budget, an effective paid advertising strategy is a surefire way to boost sales. In fact, people between the ages of 18 to 35 are 95 percent likely to follow a brand on a social network, making paid advertising a method that can bring in huge ROI when it’s done well. The mission here is to not only come up with great ads, but also to target them specifically to customers who are most interested in buying your product. This requires analyzing metrics.
First and foremost, establish the rough amount you’re willing to spend on paid advertising, erring on the conservative side since paid advertising can really be a game of trial and error. It’s good to start small and base wins on simple metrics and goals. Did you want more visitors to your site? Signups for your newsletter? More conversions from your traffic? Whatever the case may be, have a set goals and a means of measuring your progress, and then work to grow from there.
What are some marketing strategies you’ve found effective in producing a substantial ROI?