Marketers are currently running on leaner budgets than ever and scrambling to maintain the balance between ROI and lead conversion.
Every impression now matters, but it needs to be realigned with value
When every dollar counts, ROI optimization becomes the top focus of digital marketers. Here are some ROI-driven digital marketing strategies that can help enterprises in fueling future growth.
As Covid-19 tumbled markets, many marketers have lost a boatload of their marketing budget. They are now running on leaner budgets than ever and scrambling to maintain the balance between ROI and lead conversion. Every impression matters and it needs to be realigned with value. However, this can be a daunting journey without a proper route map. Here are some ROI-driven digital marketing strategies used by top digital marketing agencies for creating widely successful marketing campaigns, driving the sales momentum, and optimizing budgets in parallel.
What's the Need for ROI-Driven Digital Marketing Strategies?
There is a swath of digital marketing tools that have a recurring cost associated with them. In many cases, marketers don’t even use the specific capabilities of a tool and still get charged. That’s why marketers should carefully evaluate the capabilities and packages before spending money. In some other cases, they overspend on the ads and forget to optimize them by evaluating their performance.
ROI-driven digital marketing strategies can help in such cases. They focus on getting the most out of each marketing dollar by aligning it with specific business goals. The ultimate goal is to achieve a healthy return on investment (ROI) for every dollar spent on marketing. And that can be done by using a data-driven approach and staying agile to make changes on the fly.
Marketers need to be Hyper-Aware about their Campaigns?
Marketers need to have a microscopic vision about the performance of their marketing tactics. They should have a reactionary response to reduce wasted efforts and weed them out before they balloon the existing cost. Here are some strategies which they can employ to max out the digital marketing strategies:
Creating an accurate customer database:
A rock-solid database creates the groundwork for outreach campaigns. The first step is compiling a list of customer addresses. This can be done through various means such as subscribing to email lists, conducting surveys on social media, or extracting contact information from website visits.
Segmenting the database:
Segmentation of the customer database is essential for effective targeting. Segments could be based on demographics (location, age, gender), interests (hobbies, favorite products), or even purchase history. In the next stage, marketers should build buyer personas. A buyer persona is a fictional representation of the ideal customer. It is based on real data about customer demographics and behavior. Developing buyer personas allows marketers to craft highly relevant messages that speak to their target audience.
Maintaining the database:
Once the database is segmented and buyer personas are developed, marketers need to keep the data clean and updated. This requires regularly scheduled maintenance tasks such as removing invalid email addresses, unsubscribing non-responsive subscribers, or deleting duplicate entries. Marketers can employ digital automated tech and advanced AI or ML-led technologies for updating the database and validating it on frequent intervals. Click Here to know about Database Services by Denave
Creating tailored sales messages:
The next step is creating ads that resonate with buyers. This can be done by using the information gleaned from customer data and buyer personas. Tailored messages are more likely to result in a purchase than generic ones.
Determining the shortest path to reach prospects:
Sales prospecting can be simplified to a large extent if marketers leverage the right channels or platforms to reach their target audience. The choice of platform depends on the buyer persona. For example, if the target audience is millennials, then Snapchat or Instagram would be a good choice. Similarly, LinkedIn would be a better option to target c-suite executives. To solve this part, marketers should evaluate the channels where the target audience spends time.
Repurposing the existing content:
Creating original content from scratch can be a time-consuming and expensive process. Marketers can get around this by repurposing existing content. This could be done by changing the format of the content, such as converting an article into a video or an infographic. Or it could involve changing the message while keeping the format intact.
Optimizing Ad spend:
Another critical task for marketers is to optimize their ad spend. This can be done by analyzing the performance of each ad and making changes accordingly. For example, if an ad is not performing well, then the budget for that ad should be reduced or it should be discontinued altogether.
Measuring the results:
The final step is to measure the results of the digital marketing campaign. This can be done by analyzing the data collected from the customer database and buyer personas. The results should be compared with the goals set for the campaign to determine whether it was successful or not. Website metrics like unique visitors, pageviews, and time on site can also be used to measure the success of the campaign. Testing the channels is also important as it gives an idea about the effectiveness of a particular platform.
Orchestrating the marketing stack:
The goal of any digital marketing campaign is to increase the bottom line. This can be done by orchestrating the marketing stack. The marketing stack refers to the various channels and platforms that are used to reach the target audience. A well-orchestrated stack will help in achieving the desired results. A well-rounded marketing strategy prioritizes integration of marketing stack and effective measurement of success at each stage.
Sales & marketing alignment:
A successful digital marketing campaign requires close cooperation between the sales and marketing teams. Sales needs to provide feedback to marketing about the leads that are generated through marketing campaigns. Similarly, marketing should share information about the target audience with sales so that they can focus their efforts on qualifying these leads.
Sales and marketing alignment can be achieved in various ways. One way is to create a shared customer database that can be accessed by both teams. Another way is to have regular meetings between the sales and marketing team members to discuss progress and challenges. The third way is to create joint incentives for the sales and marketing team so that they are motivated to work together.
Digital marketing is a process that involves several steps, from customer segmentation and database maintenance to creating tailored sales messages and measuring the results. By following the aforementioned steps, marketers can create successful digital marketing campaigns that generate leads and sales. By using a data-driven approach and staying agile to make changes on the fly, marketers can drastically maximize their chances of success.
Additionally, they should also be aware of the changes in the buyer landscape so that they can adapt their strategies accordingly. The most successful marketers are those who are always learning and evolving their skills.
At Denave, our digital ninjas employ a correct mix of technology and skills to create a broader and wider presence for your brand. They integrate marketing campaigns to break down silos, deliver a single & unified customer experience at all channels, optimize marketing cost, and orchestrate outreach for the maximum yield. Due to the out of the box digital marketing strategy, Denave won Digital Agency of the Year by CMO Asia.
Contact us to know more about our Digital Marketing Services. We will provide a complete overview of how our integrated digital marketing strategy works.
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