At present, we are staying in a world that is overloaded with information. For a business organisation, the main objective behind the collection of information is to ultimately increase the ROI. Expert digital marketers are in the opinion that one should implement marketing analytics in order to pick up the solutions that would help to enhance the ROI of an organisation. Here are top 3 ways to enhance the ROI of your business:
1.Planning for ROI
Expected outcomes should be quantified in order to measure the efficacy of various tools of marketing. Recent researches have revealed that 82% of marketers prefer that every campaign should be measured. However, less than 1/3 rd could separately evaluate the efficacy of each channel in terms of earning ROI. After you evaluate the financial value of each marketing tool, you would be able to prepare a perfect plan for earning more ROI.
2.Avoiding the Vanity Metrics
One should not put unnecessary focus upon vanity metrics like a large Facebook fan following or number of post shares. Such metrics do not correlate with earning more ROI. Rather one should focus upon measuring the combined impact of one’s business website and social-media upon the psyche of the audience. Positive impact would result in attracting more new audience and retaining the existing ones. Such factors are known as engagement metrics. You could easily evaluate whether or not your marketing efforts are successful in earning more ROI.
3.Focusing on Sales
The new age buyers are informed buyers and before paying a single penny for a product, the new age buyers do a thorough research upon the background of the organisation selling the product; compare the same product sold by 2 different organisations and study the client reviews.
In one of the famous case studies where IBM helped a marketing firm namely the Trident Marketing with ways to enhance organisation’s ROI was based upon few interesting questions. First important question was when to call the client; next is to select the product to pitch for and the third question is how to select the salesperson best suited for closing the sale.
An organisation should improve productivity in order to raise the ROI. Continuous experimentation would help an organisation to raise its business. Finally, one should never regret a decision because experimentation may not always offer a positive result. However, overall outcome of various decisions should bear a positive result.