August 17, 2018
Maximizing marketing ROI isn’t complicated with a few tips in your pocket
Between constantly segmenting audiences and affinities, finite ad spend, a crowded marketplace, and distracted consumers inundated with a wall of advertising noise, marketers have their work cut out for them. Establishing and maintaining robust engagement and conversions levels — as well as the accompanying ROI — can be a daunting task if a brand doesn’t have a deliberate, well-organized strategy steeped in analytics. Fortunately, the very same digital technologies that have helped create such a fickle, segmented, and congested marketplace also provide marketers effective solutions to cut through the clutter, identify their target audience, and deliver an impactful message that generates the ROI they crave. With these analytics-driven best practices and tools, marketers have a variety of solutions at their disposal to inform and refine their marketing strategies, realize that ROI, and gain an enduring competitive advantage that can be budget-friendly and effective.
Find the Right Stack
Much of marketing is a repetitive series of steps that, while beneficial when conducted thoroughly, can also drain already limited supplies of time and resources. Of course, every dollar spent on such routines, no matter how integral they are to the process, has a direct impact on your ROI. Therefore, virtually any source of gained efficiency will lift those metrics and have a cascading positive effect on your campaign. Ad stacks that streamline everything from ad bidding and A/B testing to analytics and retargeting give marketers compelling solutions that can enhance performance and lower overall costs if adopted appropriately. Once implemented, these tools can free team members to work on more value-added responsibilities that would otherwise mire them in vital but arduous, time-consuming tasks. Ad stacks lend convenience to your efforts, giving your marketing process a focused and precise sense of direction that eliminates inefficiencies and, thus, boosts your ROI.
Use Insightful, Focused Metrics
In the age of big data and predictive analytics, marketers don’t lack for information to propel their message. The problem, however, is the volume of information itself. Just because a wide variety of metrics can be automatically created, tracked, and analyzed doesn’t mean that they necessarily should. Despite the significant boost to overall efficiencies afforded by automated technologies, an overindulgence in metrics that don’t ultimately add value to a campaign can hamper ROI through diluted efforts, a lack of focus, and failure to keep an eye on the proverbial prize. Marketers should be especially cautious against such overindulgence, avoiding vanity metrics that don’t contribute true meaning and insight into a marketing message. Instead, they should concentrate on analytics that positively affects a campaign and increases ROI. While any particular brand and agency might have different key metrics given their unique market position, industry, or goals, certain metrics tend to be more ubiquitous than others — aside from ROI itself, of course — including PPC, lead ratios, conversion rates, and a handful of others. Likewise, use the proper metrics in the most insightful context possible to keep a campaign on track and maximize ROI. While campaign results are essential to measure in gauging total effectiveness, metrics add the most value when they are used to steer a message throughout a campaign, not merely provide data points in hindsight. Integrating real-time performance data into key metrics will inform a campaign and reveal necessary changes to be made as the campaign evolves.
Experiment With Your Approach
Extending the previous best practice a bit further, utilizing your analytics platform and the key metrics it generates can be extremely beneficial to tailor your message in the most advantageous way possible. Thankfully, analytics in the digital age has rendered the traditional, laborious process of A/B testing antiquated and nearly extinct with the prescient insights of real-time data and a robust ad stack with an abundance of analytical capabilities. As your campaign progresses and evolves, continue to measure for impact using a variety of combinations of creative, copy, distribution channels, and any other critical components. In doing so, your analytics platform will reveal which particular combinations yield the most significant results, allowing you to pivot your campaign towards any direction that will maximize engagement, conversion, and the resulting ROI.