Marketing ROI: See Powerful Results in Just 90 Days
“How quickly can I see a return on my investment?” That’s one of the first and most common questions I get when talking to people about marketing strategy, especially when it comes to B2B and CPG. The short answer: as soon as 90 days. Let me explain.
Each digital marketing campaign has a different timeframe associated with its ROI. For example, it takes some time to see returns on a display marketing campaign, while a pay-per-click (PPC) campaign demonstrates immediate conversion in the form of clicks. The length of time to convert doesn’t indicate the value of the marketing campaign. It just varies by the marketing mix, platforms and channels being used in the marketing plan.
With that said, marketers need results – and they need them fast. I get it. My contacts at medium and large B2B and CPG companies are telling me that every marketing dollar that’s spent is in question.
So, before anyone even thinks about trimming your budget, it’s important to prove that your marketing plan is working. The fast-track program outlined below is designed with speed and growth in mind.
1. Increase Brand Awareness
As marketers, we know that we need to get our brand names out there. But to be most effective and efficient with your marketing dollars, it’s important to communicate the value of your product or service how, where and when it makes the most sense to customers and prospects. To do that, we need to take a look at where people are looking for information about the types of products/services you offer and what words and language they’re using to search for it. We can then make sure how you talk about your brand matches up with the behaviors and expectations of your target audience. That way, we’re not spending time and money talking to the entire universe, only the people who really matter.
2. Efficiently collect data
So how do we make sure you’re sending the right message to the right people in the right place in time? That’s easy: data. Marketing analytics help predict how people behave throughout the customer journey, from initial awareness of your brand to advocacy once they’re a loyal customer. Are you collecting data? Or more importantly, are you collecting the right data? You’d be surprised how many companies are collecting data that they don’t need or use, which is a real drain on a marketing budget.
We can help you identify opportunities to increase and decrease your data collection efforts, including what data to collect and how to collect it, and how to use marketing analytics to improve the customer experience with your brand.
3. Identify conversion opportunities
Okay, so this is a big one. You get your message out there, you’re increasing awareness and engagement … and then nothing. Nada. Where did your marketing go wrong? If you want to quickly turn leads into conversions, it’s imperative to identify the areas of the sales funnel where customers are falling off. By taking a look at the data that’s been collected, we can pinpoint the conversion roadblocks. This allows us to then adjust the messaging, delivery platform and any other factors to align with customer expectations within the funnel to quickly convert those leads.
4. Evaluate advocacy opportunities
The fastest and most cost-efficient way to increase sales is with repeat customers. To optimize customer retention, we must first evaluate lost customers to determine why they’ve discontinued use of your brand’s products or services. We can then take those learnings to identify opportunities to optimize SEO, social media, referrals and other channels to improve the customer experience and retention.
5. Demonstrate marketing impact on sales
While marketing is traditionally at the top of the sales funnel, it’s not enough for it to be accountable only for increasing awareness and interest. In today’s day and age, it must also support the sales journey through consideration and conversion. That’s why we put so much importance on collecting the right data, so we can collect marketing leads throughout the entire sales funnel for quality attribution. Of course, I often hear from companies of all sizes that their marketing and sales teams aren’t aligned. The sales team blames the marketing team for not providing qualified leads for them to convert, while marketing blames sales for not converting the qualified leads they provide. For the biggest, fastest impact on your bottom line, it’s critical that your teams be on the same page. You’ll find more information about building the relationship between your sales and marketing teams here.
It’s not a myth. You can increase your marketing ROI, and do it quickly, when you follow these 5 steps. Check out these impressive results from our clients: