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When running digital marketing campaigns there are typically quite a few moving parts that can make or break the campaign especially when looking to improve your ROI.
You have things like…
– Click cost
– Click through rate
– Cost per acquisition
– Conversion %
– Lead cost
– Earnings per click
– Average customer value
– Lifetime customer value
Just to name a few.
With all these different elements all playing a role in an overall well tuned machine to, what are some ways you can improve your results so you can improve your ROI?
1. 80/20 rule
I know you have heard it before. 80% of your results come from 20% of the effort. This couldn’t be more true, especially when it comes to traffic campaigns.
To start, casting a wide net can be good to gather data. Going after more keywords in a PPC campaign as an example. But in order to make sure you are not wasting money on non-profit producing efforts you need to apply the 80/20 rule to your campaign.
Narrowing the focus down to those that show more promise than others, putting more of your advertising spend on those keywords or creatives that are showing results over the ones that are just getting clicks but no desired conversions is vital.
This applies to other elements of a campaign as well. Look for areas that you can narrow the focus, where you can trim the fat, and get down to the 20% that is producing the results.
Often times to have a truly dialed in campaign and in order to improve your ROI you need to apply this rule several times.
2. Use your data
“In god we trust, all others must bring data.” ~ W. Clement Stone
Studies have shown that 95% of site owners collect some kind of data from their visitors but only about 30% actually do something with the data to improve their results.
You can assume all day long but assumptions often lead to failure of a campaign. Your visitors, leads, and customers habits on your campaigns will tell you all that you need to know regarding the effectiveness of your campaign.
Take a look at your user data to discover bottle necks. Maybe you find out that 80% of the people that land on your checkout page leave without purchasing. Which is a sign that you have some issues on your checkout page. You wouldn’t have known that unless you looked at the data. In this case you could test elements to push more people through to actually purchasing. Trust seals, testimonials, progress bars, video, benefit bullets are all good elements to test.
Another example is maybe you find that the engagement on a marketing video drops dramatically at the 2 minute mark. You can then make edits to the video at that point to increase engagement.
Bottom line to improve your ROI you need to look at your data, find bottle necks, look at user flow, and adjust your marketing accordingly. Or in other words USE the information your visitors are giving you from their behaviors to improve your results.
I mentioned above that you can assume all day long but assumptions can often lead to failure in a campaign.
This definitely applies to your marketing elements. Copy, images, video content, headlines, colors, bullets, buttons, menus, and on and on.
You can assume that one thing is going to work but remember that you are not your customers, you have to prove what works best for them, not what you assume is going to work best. The best way to do this and improve your ROI is to test.
Test multiple elements to see how it relates to an increase in desired action. Don’t just look at conversion rate, look at engagement, and ultimately look at overall earnings per click and average customer value. Testing the right elements and in the right sequence can lead to reductions in acquisition cost as well as improved conversions and customer value.
This doesn’t just apply to on page elements, it starts with your target audiences, ad creatives, all the way down to your follow-up.
Lastly I will throw out that sometimes dialing in a campaign can take time. It doesn’t happen in days, sometimes not even in weeks. But if you give the campaign enough time, constantly looking for ways to improve, you will eventually come out on top with a winning campaign and ultimately improve your ROI.
Do you want a complimentary analysis of your marketing campaign? Want 3 specific ways to improve your campaign by 10%-50% contact us, we will be happy to discuss.