Getting a Better Marketing ROI

Getting a Better Marketing ROI


If you run a small or large business, or even manage a robust social media presence, you may wonder about the return on your marketing investment. According to NY-based web design company, Lounge Lizard, there is a misconception that marketing ROI is a fixed number depending on the medium. Below, Lounge Lizard provides quick tips for better marketing ROI.

Use multiple messages early. A key to marketing is getting the right message to the right people. This is not always easy as sometimes a message might not resonate as you had hoped. One way to work around this is by crafting and using multiple messages early on in a campaign. Adjust your focus on the best performing messages while removing the weaker ones.

Switch targets. Similar to using multiple messages, you should also look at switching targets. By targets we mean both the target audience as well as the channel being used to reach that audience. Again, this is a situation where you are monitoring and analyzing a live campaign early on and then optimizing the campaign based on analysis of results so that you can turn up the ROI by focusing on those people who are responding most positively.

Check the frequency. Typically, a message is most powerful the first time you hear it. As it gets repeated the impact will decline. Therefore, it is important to analyze message frequency to help decide where the sweet spot is between just enough and too much. When combined with switching targets this can increase ROI.

Negotiate lower prices. It stands to reason that if you can negotiate lower prices for advertising your ROI will increase because ROI is impact divided by cost. Some people are willing to accept posted prices but in business, everything is negotiable.

Find lower-cost options. There are a ridiculous number of channels and mediums for advertising in today's world. Due to this simple fact, you should be able to find a lower-cost option in the same or even a higher-impact channel that will get your message to your audience.

Source: Lounge Lizard 

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