Digital Marketing Return on Investment
Unicorn Level ROI – Yes, It Exists!
If you’re like most businesses who work with a digital marketing agency, you’re always on the lookout for ways to increase your Digital Marketing Return on Investment. So what if we told you that achieving “Unicorn-Level” ROI is not only possible, but also a lot easier than you think? In this article, we’ll take a look at some of the methods you can use to increase your ROI and bring your campaigns to the next level. So read on – Unicorn Level ROI awaits!
What Makes Up ROI?
Building A Solid Foundation
How do we define Unicorn Level Digital Marketing ROI? Think of it from this vantage point. When we perform Digital Marketing Services like Local SEO, our objective is to rank higher with the goal of driving leads and sales. While there is no real way to predict exactly how many leads you generate you may set a target ROI of a 5 to 1, or some modest ratio of return. This is a typical standard for most agencies.
But, why not a 20 to 1 ROI or a 50 to 1 ROI? What kind of voodoo digital marketing return on investment do you need to establish to make that level of return a possibility? Is it even possible to achieve these levels through marketing in the first place? Marketing is as much of an art as it is a science. But there are ways to optimize and systematize your efforts so that you can maximize your revenue to accomplish that apex in ROI.
The methodology is surprisingly simple. Hone your marketing efforts to a fine point so that every move you make is optimized. Then use that optimized data to reach your target demographics using that intelligence that drives them towards conversion in a way that feels natural to them. This is the primary directive of marketing but refined to its finest point, which can in exchange elevate your ROI to unimaginable profit potential. Easier said than done, right? Luckily, below are a few pointers to get you started in that direction.
Before you can work towards reaching the highest potential of Digital Marketing Return on Investment, you first need to make sure you are measuring the proper KPIs (Key Performance Indicators). Your KPIs are the hidden gems within your campaigns that clue you in to what is working, what needs tweaking, and what needs to go. Metrics like Conversion Rate, Cost Per Acquisition, and Customer Lifetime Value is just a few. Check out the 37 popular marketing KPIs that every business should track.
How are you or your agency measuring and or optimizing your Key Performance Indicators?
At every point of the conversion funnel, you should have specific KPIs identified to measure the success of the campaign. Not every campaign will have the same metrics, but every metric you chose should demonstrate a positive shift from one stage to the next, all the way through to conversion.
What exactly this entails depends on the details of the type of Digital Marketing you are performing, your strategy, and the makeup of your Conversion Funnel. If, for example, you are running a Pay-Per-Click Advertising Campaign and your goal is to increase phone calls, you need to measure and interpret Click Through Rate (CTR), Cost Per Click (CPC), Conversion Rate (CVR), and Cost Per Acquisition (CPA). Knowing these metrics can help you understand what keywords, ads, ad groups, and landing page experiences drive the highest quality visitors who are the most likely to convert into leads and sales. Thus, helping you to invest more of your time and resources into what is generating the best Digital Marketing Return on Investment from your PPC Campaign.
Refined Target Market
To achieve extremely high levels of Digital Marketing ROI, you will need to take all of your marketing efforts to the next level. The more you can understand your target market, the better your efforts will be. This is true for every business in every market. Learn to understand your target customers, their needs, and most importantly, what motivates them to act.
Ideally, you would be able to ask your customers directly, but that may not always be feasible. You can get some answers easily if you know where to look and what technologies to leverage. Questionnaires, surveys, or customer feedback through Email Marketing or Social Media Advertising. Social Listening Tools that are available through Reputation Management Platforms are excellent options that require a minimal time investment on your part is also another excellent option. These platforms can provide invaluable feedback about what your target and existing customers need and want from your business. Having that knowledge can accelerate your ability to strategically increase sales and profit.
The work is using every resource you have to turn the ephemeral, loose customer persona into a tangible, living person. It’s still a caricature, sure, but now it’s based on a real identity that has goals, values, and needs that can be identified and filled by your products or services. Customers today want to feel seen, and understood, and they are wise to the traditional marketing techniques. If you want to get in with this new crowd of marketing-savvy individuals, you have to start by understanding what drives them. Accomplish that, and the leads will flow to you like water.
Remember, we want to tee this up for them, but not be so forceful that they feel like they are losing their autonomy. It’s a delicate balance, and unique market segments will respond differently depending on how you present yourself. The more you can learn about your current and prospective clientele, the more likely you are to reach unfathomed revenue potential.
Bounces Turned To Potential Clients
Like in so many other areas, in sales your failures can tell you a great deal more than your successes. In this case, your bounce rate can tell you a lot about markets you may be missing out on. Your site cookies can help you identify visitors who don’t entirely match your original target market but are still finding and searching your site because they have a need for your services. The key here is simply to pay attention, and be open to new possibilities as they reveal themselves.
Identifying new target markets can mean the difference between stagnation and unicorn level growth – you may identify a previously underserved market, and create entire campaigns to meet their specific goals and needs, all while working to maximize your overall ROI.
The Secret Sauce: A Unicorn-Level Brand Identity
How to Build an Authoritative Presence
A word that has been thrown around a lot recently is “authenticity”. So, what does it mean to present your brand or your business authentically? At its core, authentic branding means that every brand element you show to potential clients is cohesive, and presents the real humans behind their most popular brands.
The consumer of 2022 understands technology better than any period before, and they are wise to all the tricks of advertising and marketing. They may not even be aware of it, but your target clients are looking for a way to connect with your brand. They resent being put into a box, but rather value being treated in ways that feel natural and human. If you can find a way to demonstrate your brand and offerings in a transparent and trustworthy manner, you’ll be able to connect with your audience and move them further down the funnel!
Website Design and Structure
Yes, we are talking about SEO again. In 2022, it’s imperative that you go into your business ventures with a clear understanding of the keywords and platforms that you are using.
Making your customers feel like they are equal partners in their transaction leaves room to develop the relationships that keep customers coming back to your services again and again. This allows your target clients to feel like they are arriving at the conversion point naturally.
Now, how do we achieve this? For starters, you look at what people are already doing on your site. A/B testing and heuristics will become your best friend – examining everything on your site and pages to identify the words, the layout, and the very structure that speaks to your market and drives them to action. Make it simple for visitors to take the necessary actions.
Once you know more about your customers and have refined your branding to be authentic and reflect your message, goals, and ideals, you can begin to work on developing campaigns that are focused on generating conversions. What this specifically looks like depends on factors ranging from your current resources to which systems and branding are most likely to appeal to your target audience. Think of creative or interesting ways that you can get your product or offerings in from your prospective clients.
If you have issues coming up with campaign ideas, or just want someone else to handle the nitty-gritty of campaign management, our campaign specialists would be happy to help. If you would like to learn more, please click here and claim your FREE ARC Report today.
As you’ve seen, there are many ways to achieve that elusive Unicorn-Level Digital Marketing Return on Investment. Ultimately, it’s about meeting your clients where they are, knowing what makes them tick, and being willing to make changes when tactics aren’t working.
If you are reading that last part and thinking “There is absolutely no way I can take anything more on. I am already so busy!” know that while these tasks do need to be completed, you do not have to be the person who completes them. If you do not feel comfortable managing marketing campaigns and do not have any team members you feel comfortable giving this responsibility, there are professionals who are more than happy to come alongside you as you move into the realm of digital marketing. Allegiant Digital Marketing and our team of experts are those professionals you can count on.
If you would be interested in connecting with one of our Digital Marketing Consultants, Call or Click Here to get in touch! One of our team members will get back to your promptly.