In business, it’s essential that you calculate which factors offer a return on investment and which don’t. This applies to marketing spend especially, because according to the HubSpot State of Inbound report 2016, marketing teams that are able to measure their strategy’s ROI generally score a higher budget. To get a good budget, you’ll need to provide the company with successful metrics.
The Need for Digital Marketing
But what if your department does provide a report on a strategy’s ROI, and it isn’t enough? This can indicate that your marketing approach is lacking, and needs a boost. In fact, if your marketing ROI continues to decrease over time, it may mean that an outdated system with traditional techniques is being followed. While traditional marketing techniques can still yield great results, they can be difficult and expensive to measure.
Ever since its inception, marketing has always molded itself to suit consumer needs, it has never been the other way around. So, when consumers are going digital to fulfill their needs, why shouldn’t you? Long gone are the days when billboards and TV advertisements alone were good enough to make an impact. Here are a few reasons why your marketing strategy isn’t generating enough ROI.
You’re Relying on Traditional Methods
For starters, you may be unaware of the countless benefits that digital advertising has come to offer. While newspaper, magazine, and billboard ads are effective at increasing brand awareness, they do not provide the same benefits of targeting and measuring results.
At one point, billboards, newspaper, and magazine ads were enough to generate significant ROI. However, since the boom of digital media in our lives, marketing departments have had to adapt to the new era of advertising. In order to remain competitive, smaller businesses must find a way to get their brand in front of consumers
You Haven’t Embraced Social Media Marketing
A decade ago, when social media platforms were riding a wave of popularity for being a fresh and unique way for people to stay connected, the idea of companies having their own social media personas was almost baffling.
But now, whether it’s Wendy’s Twitter account or the GoPro Instagram account, all major brands make sure to connect with their consumer base. This gives the audience an in-depth and closer look into your personalities.
You Need to Ride the Influencer Wave
The trend of hiring influencers to execute an intimate and up-close marketing strategy is highly beneficial because they’re seen as a real, relatable person, rather than a corporate entity. As trend leaders in their respective industries, influencers act as the audience’s brand ambassadors.
Influencers can significantly impact your customer’s buying decisions, simply by taking a photo with the product or uploading a video that shows them using the product. You need to start scouring the web to find an influencer with a sizable following who can promote your brand among their followers, and help you gain more traction.
Underestimating the Power of Digital Advertising
When digital advertising first began, it was an awkward mix of oddly placed ads, strange combinations of pop-ups and click-bait, and various problematic links. Now, however, Google Ads have made it far easier to post advertisements on relevant websites and put your brand in front of consumers already in the buying process.
Of course, that’s not all. It’s crucial that your marketing department grows consistently by applying new, trending techniques. With consistent development and to keep up with the trends, you’ll be on the route to marketing success with an amazing ROI. If you’re unsure how to get started on developing your marketing strategy, or need guidance on industry best practices, let us know!