Maximising the ROI of your digital marketing is all about achieving better results while managing resources efficiently. Easier said than done, right? Indeed a rapidly evolving landscape filled with competitors makes it more challenging than ever to effectively engage and target an audience. But, with the right strategy and execution, it is possible to unlock the true potential of your digital marketing budget. Let’s start with…
3 tactical ways to optimise your digital marketing budget
Making the right tactical decisions will put you on a trajectory to realise your potential right from the outset, but mostly that simply means applying marketing best practice.
Invest in building brand awareness
A survey commissioned by Promotique by Vistaprint found that 50% of consumers were more inclined to do business with a brand they recognised. Experienced marketers know that brand recognition is a powerful driving force for conversions. It’s therefore worth looking at ways to get in front of the right audiences (using as much targeting as possible) with relevant and engaging messaging that isn’t only about the hard sell approach.
Create great content
Content is still king and certainly shouldn’t be neglected in your budget allocation in favour of media buying. A balance needs to be struck to avoid gaps in your content offering which will work against your SEO efforts, limit organic reach and negatively affect conversion rates. Moreover, content marketing is a tried, trusted and highly cost-effective avenue of digital marketing actively used by 82% of marketers, according to stats from HubSpot. It’s certainly an important tactic for taking your buck further.
Follow trends to stay relevant
Digital marketing doesn’t stand still. As technology evolves, so do audience behaviours. As things change and platforms come and go, your marketing needs to adapt. If your brand isn’t where your audience is or if you’re using outdated strategies, you’d best get with the times.
3 scientific ways to optimise your digital marketing budget
Continually test and refine
One of the beauties of digital marketing is that it can be iterative, allowing for constant improvements along the way. These changes should be guided by the data from performance metrics, A/B testing and customer feedback. If something isn’t working for your brand, don’t continue putting your budget into it. And if something is working, double down on it.
Enhance the CX
In a competitive digital space, the customer experience is everything. If your sales portal is unsightly and difficult to navigate or slow to load, for instance, you’re bound to lose out to competitors with more visually appealing and user-friendly sites. A study by Forbes found that 77% of customers view CX as being equally important to product quality. Using customer data to offer a more personalised experience is also sure to yield positive results, and McKinsey & Company reports that personalisation has been shown to increase marketing ROI by 10%-30%.
Focus on retention
As a widely accepted rule of thumb, it costs roughly five times more to acquire a new customer than to retain an existing one. Giving due attention to customer retention is therefore a very cost-effective exercise. In fact, as HubSpot explains, it should be your top priority. Be sure to make use of customer data to keep messaging relevant as you attempt to entice them back.
To truly optimise your digital marketing budget and maximise your return on investment, you need the right combination of tactics and science, applied in ways that fully utilise the potential of the digital medium. From precise targeting to incremental improvements based on testing and performance, optimising your digital marketing spend is an ongoing effort. But it’s something that a business can entrust to the experts – those with the tools and know-how to get the best return every time. Come and learn more about a bespoke digital marketing solution.