Five Marketing Strategies with Great ROI
If there’s one thing any business is looking for, it’s a good return on investment (ROI). Every business big or small needs a great marketing strategy, and the easiest way to tell if that strategy is working is the ROI. While a high ROI isn’t exactly a magic number that can predict the overall success of your company, it does prove that your marketing strategy is sustainable. And if your marketing strategy is sustainable, you’re likely to see good returns, which in turn contribute to the health of your business.
Unfortunately, ROI isn’t always easy to pin down. It often depends on a variety of factors, including context and execution. Two separate businesses using the same marketing strategy might see vastly different ROI, for example. There’s also a difference between a long-term return and a short-term return.
However, despite these many variables, marketing techniques with good ROI are a better investment than techniques without. And although ultimate success might be dependent on a host of factors, a solid jumping off point is always a good idea. Here are five techniques that you may want to look into if you’re looking for the best return on investment.
You’d be hard-pressed to find a company that isn’t using email marketing in at least part of its overall marketing strategy. And why is that? When executed well, email marketing has some of the highest ROI around. 85% of U.S. retailers think email marketing is an effective customer acquisition tactic, based on joint survey by Shop.org and Forrester research. It costs nearly nothing to send, and a good copy and solid design is often enough to get customers clicking.
Businesses unsure about their email marketing strategy can also turn to a ton of outside resources. There are hundreds, if not thousands of email marketing services that offer effective, affordable packages. You can also use email marketing software to automate the process and ultimately save you more time. Whatever path you choose, it’s clear: email is still a great way to go.
Social Media Marketing
If there’s one technique that’s turned from a niche into an industry standard, it’s social media marketing. Over a decade ago, social networking was just something you did on your downtime. Now, social media sites drive our culture, ways of communication, and so much more. Sumit Mittal stresses that social media marketing helps businesses understand their customers better.
It’s a great hub for nearly everything: measuring engagement, learning about customer habits, and even providing customer service and other responses. Just like email marketing, businesses can also turn to a social media marketing agency to handle that arm of their marketing strategy. Not enough budget? If you’re a small business owner, you can take social media marketing classes to help you gain proficiency. With customers spending so much time on these sites, it’s definitely worth the investment.
Video marketing is an approach that’s gained huge ground in the last couple of years, and looks to be a solid contender in terms of digital marketing effectiveness. In our feature ‘Online Video Marketing Tips for Affiliate Marketing Success’, we explain a few reasons why. First, customers are spending more and more time online, and especially on their mobile phones. Second, marketing is now a multi-point conversation, with engagement driving success.
Video is able to grab peoples’ attention, keeping them focused for up to minutes at a time. This is a huge deal in a world where millions of brands are competing for attention. Video marketing is also versatile, and can be anything from informative to motivating. If you haven’t thought about investing in video marketing, now is absolutely the time.
Direct Mail Marketing
The next technique that you can make work for you is direct mail marketing. While it’s certainly not as flashy as other marketing tools, direct mail marketing has staying power. This is due to its high ROI, which in many cases outpaces that of standard digital marketing techniques.
According to statistics collected by Triadex Services, 65% of consumers have made a purchase as a result of direct mail. It can be easily used in conjunction with techniques like digital advertising or email marketing. With engaging materials and the right email list, you’re likely to find that direct mail can work for you, too.
Finally, if there’s one technique that shows how thinking out of the box can lead to great success, it’s guerilla marketing. The reason why guerilla marketing works is because it’s often high impact for very low costs. Instead of relying on the standard traditional marketing techniques, you focus on the most innovative approach to getting a reaction out of your market.
Guerilla marketing needs high energy and ingenuity, which might make the planning stage a little complicated. You’ll need something that will blow your audiences out of the water while keeping your messaging on track. This can take a lot of work. However, companies that manage to hit that mark see huge returns and reach that just can’t be replicated with any other technique.