Posted at Nov 27, 2018 9:00:00 AM by THAT Agency | Share
Marketing budgets are being scrutinized more than ever, and that makes measurable ROI essential. The problem, however, is that there are so many choices, and those options expand almost continuously. How can you manage a tight marketing budget, get a great return on your investment, and try new avenues you haven't yet explored? These marketing planning tips can help drive up your ROI and give you access to better options.
7 Ways to Drive ROI
Think Problem-Solution. Every campaign you create should address a challenge you face. Imagine, for example, you're dealing with a low click-through rate. If that's the case, you have a problem to solve within your marketing effort. Sit down and define those pain points for your company so you understand the problems you're seeing right now and how the solutions you've considered might better be able to address those.
Be SMARTer. You've likely heard of SMART goals and objectives. These are specific, measurable, attainable, realistic, and time-based. If you're really looking to boost your ROI, ensure that your goals all fit within this format. It will help with accountability and, in turn, help create the ROI numbers you may need to show to the budget decision-makers.
Strategize Frequently. You need the why behind your marketing budget, and regular strategy meetings will give you just that. You have challenges, you have goals: create a strategy that links those two and addresses the needs of your target audience.
The overall strategy you define can be used to decide where to send a message, what it should look like, how it should sound, and much more. If you have buyer personas defined, this is the time to pull them out there and link them to the process as well. The same is true for the data on past campaigns.
Build a Plan. You wouldn't build a house without a plan, and you won't build better a better ROI without it either. Your plan needs to include specific tactics and tasks so you can achieve your goals and objectives. Keep in mind that you should make sure your plan includes every aspect. Assign team members to handle specific responsibilities. For example, Joe might be developing new blog content while Allison is building out an Adwords campaign.
Check Your Calendar. Timing is just as important as the actual plan. Think about short term and long term deadlines and milestones. The milestones will help keep you motivated; the deadlines will help keep you on track. Include your entire team in this process, as they need to know more about their responsibilities and what's working.
Determine Exactly What's Available. What do you have in your marketing toolbox? A great team is an asset, the right technology is helpful, a strong marketing budget is absolutely necessary. Think hard about both what you have and what you do not so you can make changes based on what's available. Imagine, for example, you have a great team but no graphic designer. This would be the time and place to find outside help.
Don’t Forget Analysis. You're not going to begin building a stronger ROI until you understand exactly what it is, so take a close look at your performance indicators to decide what really matters and what's working. If it's click-through rate, understand exactly what that means and what tools you need to measure it. Remember, though, this isn't a one-and-done exercise. You will consistently need to review these numbers to make it work.
You're not alone when it comes to ROI concerns. In fact, a HubSpot study found that nearly half of all marketers have said ROI is their biggest problem. Tips like these, though, may help move it from a pain point to a win.