Marketing is an important part of any business! Without it, you will struggle to build brand identity, drive traffic to your business and ultimately sell your products/services to your customers. For this reason, it’s vitally important that you make the most of the marketing that you invest in to get the most out of it. This is where ROI (Return On Investment) comes in.
We take a look at 3 types of marketing that you can use; email marketing, social media and direct mail (snail mail) and see how you can get the most out of it.
Unless you’re using PPC ads offered by social networks like Facebook, the biggest cost of most organic social media marketing is time. It takes lots of time to build a social promotion campaign and it takes lots of time to get it spread amongst enough people to be effective. Unless you get lucky with a sudden viral surge in your efforts, you’ll probably spend hours per day for several months creating something truly strong enough to create a large ROI.
However, time is money for you as an online entrepreneur, so your social media marketing most certainly does have a certain cost and you want to create the maximum impact per hour spent on it.
1. Market to the Lowest Common Denominator
This means keep it simple! Social media is mostly made up of people who aren’t specifically looking for what you’re offering as is the case with search engine ads, instead they’re just browsing, reading posts, looking around at several random attention grabbers at any given time. Thus, you have to keep your ads as simple and eye catching as possible to latch on to this attention as quickly and effectively as possible. Complex ads or posts on social media might grab the attention of a small number of people but simple eye catching ads will catch everyone’s attention, at least for a moment; this moment is what will increase your ROI by giving you a better click through margin that could later lead to sales.
2. Define a Measurement Strategy
Since social media marketing isn’t normally measured in dollars spent like search engine and other PPC advertising is, it’s easy to lose track of keeping a comprehensive and precise system of metrics that measure your returns.
Don’t do this. Create an analysis system that keeps careful track of what you get back from social media promotion in relation to what you put into it. An excellent example of a social media metrics system could be measuring, in separate categories, your new monthly followers, linkbacks to your website, sales that came from these, social mentions by third parties and shares of your content. Compare them and the dollar amounts they generate to your number of hours spent working on campaigns on a monthly basis.
3. Connect to People with Influence
Your entire social media campaign has to be about sharing quality content that people want to click on and share; it can’t just be a standard issue advertising campaign because these don’t work very well in social media platforms. Because of this, you need to focus on creating the kind of shared content and social pages that help and engage those in your niche. If you can do this, connect or offer your materials to others who already have more pull and recognition amongst your target audience inside the social networks. Pulling this off can create an incredible ROI boost for much less work.
For example, if you own a website that sells musical equipment, either create valuable information about the subject and offer to share it on a rock band’s social page, or offer a well-known band a free trial of one of your instruments and ask that they post a review or opinion to their Twitter or Facebook page. Successfully pulling off even one of these two examples in your industry can bring you more attention and sales than weeks of sharing amongst groups of normal followers.
Direct mail, the predecessor to modern email marketing, is still a very popular means of advertising products and services despite competition from its digital cousin. The reason is simple; for all the internet use that is growing across the world, hundreds of millions of people still pay attention to regular mail.