Perhaps the most meaningful and rewarding part of a marketing campaign is the end result: the Return on Investment (ROI). Often though, the ROI of some marketing tactics can be difficult to prove – but with this certain amount of gray area, there are specific steps one can take to ensure a marketing investment earns the highest-possible return.
4 Steps to Ensure an ROI
Get the most out of your marketing dollars by following these simple steps:
Understand Your Audience
First things first: know who it is you’re trying to reach and what you’re trying to sell them. Conducting primary research to gather insights around an audience and a product, concept, or idea is essentially the most important step to earning an ROI. Forget the age-old spray-and-pray marketing method; use the knowledge we have so readily available at our fingertips with just a few simple clicks on the internet – you’ll be amazed what you can find out about your audience.
Conduct a Pilot
After you’ve identified your audience, launch a pilot campaign. By testing several concepts with different variables, not only will you be able to identify and rollout the best-performing ads, but you’ll ensure a majority of marketing dollars will be spent on proven strategies. This is also a great way to optimize a low budget and drive performance for smaller clients.
(In a recent post, we reviewed what we call a Pilot Campaign, which you can read HERE.)
Launch Best-Performing Concepts
Once the pilot is completed and the right strategy has been proven, rollout the best-performing tactics. Again – this will ensure a marketing budget is being spent optimally from day one of the campaign.
Analyze, Optimize, Report, Repeat
Each marketing tactic you use should have a clearly defined pre-determined ROI that has been co-developed with a client. By consistently analyzing and optimizing a tactic throughout the campaign lifecycle, calculating and reporting that ROI should be clean, simple, and rewarding for both you and the client.
Earning an ROI can be Simple if you use a proven process. At Diedrich RPM, we believe in doing the homework for our clients in order to validate the market direction for their future. This begins by connecting with current and potential customers to better understand what motivates them in buying desired services or products. Next, we develop our tailored research report and tie-in our findings to actionable market strategies that are first tested and then rolled out based on best performing tactics. From there, we keep a report card of our progress as we continue campaign optimization so our clients know where their marketing dollars are going – and which tactics are earning them the highest ROI.
Simply stated: We’re doing all we can to get our clients the most bang for their buck.