Majority of my closest friends run their own businesses. Whether they freelance or hustle the local market, the common goal remains the same:
GET MORE CLIENTS
Is it as simple as throwing 100$ in Facebook ads and expecting people lining up in front of your store?
Well that’s what all of my friends I mentioned earlier thought at first.
The results were underwhelming in most cases. Most of them broke even, but the general consensus was that digital marketing is just a waste of money.
This really hurt.
That’s why I sat down with each one of them and tried to provide some guidance, based on my experience with real life companies, that would put them in a position to grow their business.
After some lengthy and at times heated exchanges questioning my competency, we agreed upon one indisputable and proven fact:
Small businesses throw their hard earned money away due to ineffective strategies not focusing towards the increase of their digital marketing ROI.
Having a chance to discuss this matter with actual business owners it became crystal clear how businesses fail to increase their online presence because they use the wrong tools and don’t possess the know-how to create proper executable tactics.
This could be fatal for small companies that don’t get too many chances to use their limited budget and create a healthy promotional funnel while achieving measurable results.
You may get only one chance to do this right before going back to the good old ad airing the past 20 years at your local TV station when you’re running a small operation.
Now get ready to be amazed.
Majority of business owners don’t even know whether their marketing efforts return any results.
The exact number?
Here it is …
In order to help you solve this problem entering the new 2018, after doing some analysis, I managed to put together a strong list of 8 proven and actionable tactics, that will directly help you increase your digital marketing ROI.
If you want some insight on your specific situation, just send me a message through our contact page and we’ll start chatting about your strategy like two old ladies playing Sudoku on a hot summer afternoon.
Let’s start our journey with a throw their money away on.
1. Social Media Is Way More Than Getting Likes
Being active on your social accounts and posting regularly are some marketing tactics that may have been effective back in the days when the audience reach was extremely high.
Today, when it’s obligatory to pay for social (read Facebook) ads in order to make your content visible to a targeted audience, it’s clear you’ll need to find a way to step up your game.
The biggest support for this line of thought comes from the Facebook Ads Benchmark Report, where the data shows how the highest click-through rate on Facebook for ads, is reserved for …
The best way to go around this is to connect your everyday activities with your social media channels.
Give freebies or discounts to anyone posting a picture with your product or offer on your Facebook page.
Organize a contest on Twitter with a branded hashtag.
The playing field is limitless, you just need to find a creative way to tip the scale in your favor.
There are no excuses.
Social Media Supports Your List Building
Even though ad prices are not that high, many platforms implement the pay-for-placement format.
To avoid burning through your limited marketing budget, you need to start learning how to target the right people and recycle the data you gather during the process.
Your current list of followers is a good place to begin the process.
Construct a method that will make your audience feel like they’ve earned something by giving something in return.
You get the idea?
“Fill out this short questionnaire and receive 20% discount on your next purchase”
I bet you see at least one ad like this one each day.
By doing this you’re not only gathering sensitive data about your dedicated followers, but you’re also learning how to improve your targeting efforts.
You may end up changing the time schedule of your Facebook ads or start posting memes instead of infographics …
It’s always crucial to learn, test and adapt. Always remember that.
2) Limit Your Expectations And Don’t Give Up
30 percent of small businesses collapse after only two years, while an enormous 50 percent fails after five years of working! Fact provided by the Small Business Administration.
The cause of these unfortunate stats is impatience for the work to produce results. Nothing good comes out of the blue sky, and that is how things work.
Adapting to marketing tactics that work becomes a significant factor in today’s digital playground.
Social isn’t that much different. .
Be prepared for stagnation periods with your social ads campaign. If you think you can’t manage this, advertise smartly.
Create split tests for your ads, invest in copywriting and of course, support your social channels with all other resources you currently own. (website, professional online profiles, community influence, etc.)
This will buy you time and keep you marketing resources ready, while you add content you can bear the expense of.
3) Understanding your audience = increase in digital marketing ROI
If you want to increase the return of investment you get from your marketing efforts, you need to get intimate with your perfect customer persona.
When you know exactly who you are targeting, you’ll get more familiar with the most suitable way of communication, which will directly affect your marketing strategy resulting in a:
- Decrease in ad expenditure
- Increase in conversions
- Overall improvement of your sales funnel
For starters …
If you want to establish a connection with your audience, you NEED, and MUST know who they are.
4) Always Know How You Attracted Your “High Earners”.
Not every customer is the same. Some bring a whole lot of cash on the table, and some just cover your electric bill for the month.
You offer different services, different products, different packages, all of which are designed for different types of customers.
That’s great to know in order to segment your leads based on the revenue potential they hold.
Now you need to start writing down the exact process you went through to get to these clients and find the right digital channels to try and replicate this method.
When you know how you’ve attracted your most profitable customers, it’s time to scale that process and create a marketing support system.
5) Start Small, Scale FAST!
You have a great spectrum of marketing options at disposal. As this is positive as it gets, there can be only one chance to test their efficiency.
Owners of small businesses should be aware of their limited marketing budget, which is the main reason to be careful and avoid starting out with a “big money” campaign.
These marketing campaigns do not guarantee success.
How to put this marketing method under your scrutiny?
Split test everything!
Play with the target groups you create and the way you try to reach them all the time.
6) Test, Track and Document Your Marketing Efforts
You must be using Google Analytics or another data analysis tool. The question is, have you utilized it to your benefit?
Can you say what is it useful for?
I am under the impression that lots of small business waste tons of money on PPC campaigns just because they don’t test, track, document and learn from the data they collect.
There is no silver bullet solution to increase your Click-Through rates. One ad group may not work forever.
That’s why you need to keep a constantly track the data from all your marketing campaigns.
7) Don’t Do Everything On Your Own.
Running a small business means limited resources by definition. Be selective with the marketing channels you’ll use and try to delegate or outsource most of the execution work to people in your company or third parties.
This is also the point where all the previous methods collide. There are people out there that will take care of all the research, optimization and analysis for you.
Investing in smart marketing planning will in fact improve your marketing ROI and save you great deal of money by avoiding unsuccessful campaigns and decreasing the guess work to zero.
8) You haven’t adjusted your marketing strategy in years.
Like many social processes, marketing evolves rapidly. This is why you need to be innovative in using marketing tools and methods. Try something new every year and upgrade your strategy with tactics that actually work.
If your business loses money due to any of the mentioned reasons, it’s time for you to strike back and apply a different approach.
Just send us a message and we can start exploring the options you have on your disposal.