In a time when everything is becoming increasingly digitized, keeping your business afloat calls for an effective digital marketing strategy. Mere online presence is not enough, and once you enter the digital world, you’re expected to adapt to new trends, keep up with your customers’ needs and demands, and evolve with changing times.
As a business owner looking to not only survive but thrive, there are a lot of investments you need to make, and you want to ensure that you’re getting a good return on them. To help you out, we’re listing four tips on how to improve your business’ digital marketing ROI – in 2023 and beyond.
Get creative about gathering consumer data
It’s in every brand’s interest to tap into the needs and wants of consumers and understand their expectations and demands. This can give you insight into your market and allow you to provide a better customer experience. It’s also vital for improving your digital marketing strategy, and consequently, increasing sales.
For this to happen, it’s important to spend time on gathering valuable consumer data that you can leverage later on. This is where you want to get creative and use a mix of multiple consumer data collection approaches. Surveys and predictive analysis are some common ways for gathering data, but you can also try touchpoint maps and customer journey maps. You may also want to try social listening along with customer segmentation to gather relevant data and make wiser marketing decisions.
Make display ads a part of your digital marketing campaign
When talking about ways to improve your ROI, it’s impossible not to mention the power of visuals and the benefits of harnessing it. Whether you’re looking to increase customer engagement, attract new customers, or get more conversions by targeting the right audience, display ads are just the tool you need to optimize your marketing campaign costs.
A strategically placed ad on a popular display advertising platform can help you reach a wider audience, get more clicks, and simultaneously build brand awareness. This is a task you can easily outsource to professionals. By using data modeling and predictive behavior, they’ll be able to serve display ads to the right people at the right time and do so with precision, thus boosting your visibility and improving your marketing ROI.
Take advantage of AI-powered platforms and tools
Speaking of creating more targeted digital marketing campaigns and improving your marketing efforts, AI-powered platforms and tools are another big advancement you should be taking advantage of in 2023. Not only are they useful for creating campaigns that will target the right audience by leveraging available data, but they’re also vital for giving businesses that much-needed competitive edge. All this goes a long way in improving businesses’ marketing ROI.
That said, every brand has their particular objectives and needs that they need to factor in when selecting the most suitable AI-powered tools and platforms. This may take some time and a lot of experimenting until you find something that’s in line with your marketing strategy. You can also rely on AI to automate particular tasks. That said, these tools have their limitations, so be careful when deciding which ones to integrate into your marketing campaign.
Invest in a reliable analytics tool
We already talked about gathering data that you can leverage at some point and boost your marketing ROI. To be able to do that, it’s important that you invest in tools needed for data analysis. Tracking performance is key, and reliable analytics tools can go a long way in helping you do that while also focusing your attention on actionable metrics instead of vanity metrics that don’t give insight into how well you perform.
In other words, analytics are there to help maintain your focus on things that matter instead of directing your attention such as followers/subscribers, blog views, and the like. With proper analytics in place, you can better understand conversion rate, acquisition cost, and social media referrals. These are the things that affect your revenue, and they’ll help you make smarter, more informed decisions that will ensure better digital marketing ROI.
Ensuring good ROI starts with the right marketing strategy
From data collection and outsourcing to integrating AI and analytics tools into your digital marketing strategy, there are different steps you can take to make sure that your business is getting a good return on investment. Of course, not all practices are going to work for every business, so make sure you understand your business’ needs before commiting to a particular method. Try different things, stick with what works for you, and you should have no problem maximizing ROI.
