As a marketing leader, you have probably heard the age-old saying “You have to spend money to make money” more than once. This adage holds true when it comes to marketing.
Whether it’s money or time, marketing campaigns usually involve a lot of investment. You can’t expect to see serious results from your marketing campaigns if you’re not willing to put in some cash and attention upfront.
Many marketing leaders are reluctant to try new marketing campaigns. After all, you have limited funds, and it can be scary to throw any money at a marketing campaign that might not work.
You need a structured strategy and planning to ensure the ROI (return on investment) is there. Explore channels and options that can give you a good ROI for every marketing campaign you run.
If you have come to the point where the revenue sourced by the marketing team is less than desired, then you should start by checking the boxes of your basic checklist:
1. Do you know your goals – Checked?
A marketing campaign’s purpose is typically self-evident: you want to sell more items or services.
However, this is frequently a multistep process with several points of contact with a prospect. This implies that you shouldn’t anticipate every marketing spend to result in a sale.
To effectively quantify the return on your investment, you must first define what return you are aiming for long-term. Are you only seeking more sales, or are you also looking for fresh qualified leads?
Before you can calculate your ROI, you must first define your goals. This can guarantee that you’re obtaining the outcomes you need, rather than just the ones you believe you should be looking at.
2. Do you have your ideal client profile in place – Checked?
Knowing your target clients enables organizations to improve personalization with existing consumers while attracting new ones. Aside from increased insights, there are various other benefits of customer profiling that every company should be aware of to achieve market stability and success.
Having a client profile defined will help you:
- Convey Challenges Your Organization Solves
- Personalize Content and Mapping
- Enhance Response Rates
- Help You Make Data-Driven Market Expansion Plans
As each company’s ICP is unique, it is difficult to copy anybody else’s precise structure. The deliberate process of building the ICP, on the other hand, always needs the same key elements. The key to gathering customer information and data is to be as precise as possible.
There are three types of must-have data to develop your ideal client profile – existing client data, firmographic data, and technographic data. The first method to collect the data is manual research. This entails conducting client interviews, studying available data, and making educated guesses. Manual data collection can lead to inaccurate data collection. Frequently, a better option is to employ a data intelligence tool to save time and obtain correct data for your ICP.
3. Are your paid ads generating returns for you – Checked?
Search engine ads and social media ads need an ambitious budget, especially when you have a competitive business industry with a larger ticket size. You need to make sure that your ad campaigns are performing. Ensure the team tracks the performance and optimizes the ads on a micro-level.
A/B testing is an excellent method for comparing how two distinct ad campaigns can generate outcomes. In an A/B test, you and your team run two distinct but comparable advertising or campaigns to discover which one performs the best. This information may then be used to determine better which one connects with your target audience.
You can use A/B testing for overall messaging, headlines, colors, calls to action, landing page text, and link placement.
You can begin to piece together things or design features that persuade your audience to convert by doing A/B testing. This, in turn, may assist enhance your marketing ROI, allowing you to obtain the most engagement for your money.
4. Do you have the right data and content for your email campaigns – Checked?
Email marketing success is determined by three primary factors: content, audience, and data health. The quality of the database utilized in your email marketing is referred to as data health.
The importance of content in boosting email deliverability cannot be overstated. If your email content isn’t fascinating or engaging enough for receivers, it will hurt your deliverability over time. Use an email message structure that makes it easy to consume your material. To improve the readability of your marketing emails, use brief movies, statistics, or appealing photos. Using video in an email boosts the click-through rate (CTR) by 200-300%.
Furthermore, tailor your material to what your audience wants to read. Do your research, investigate your target audience, and develop relevant content that demonstrates you care about their problems and have the correct answers.
Buyer intent data is an excellent resource for creating targeted email marketing campaigns with customized content. It can generate marketing ROI of up to 300% and a marketing engagement of up to 120%. Use intent data to refine your content and nurture leads with result-driven email remarketing campaigns.
Businesses that ignore data hygiene do so at their peril because poor-quality data negatively influences their marketing efforts. Working with erroneous data might dramatically diminish the number of earnings you can generate from your email marketing efforts.
Poor data hygiene lowers email delivery rates and negatively influences the open rate, response, and click-through rates, resulting in a drop in the ROI you can generate from email marketing. So, it is crucial to ensure you have the right and accurate data to make the most of your email marketing.
Assume that your email delivery rate is 95% and that the data is correct. For every 100 emails sent, you will receive two conversions in the form of an inquiry or a meeting request. If your delivery rate is 70-75 percent, you will need to send 125 emails to get two conversions. Because of erroneous data, you are most likely wasting 25% of your efforts here. As a result, the greater the data quality, the higher your email delivery rate and conversion numbers.
5. Implement Analytics And Track KPIs – Checked?
Track your key performance indicators to determine whether or not you are reaching your intended ROI (KPIs). These indicate whether or not you are on track to meet the objectives you set for yourself.
KPIs necessitate the use of analytics. Implementing extensive analytics will help you understand who is converting, who isn’t, and where those people are leaving your marketing funnel.
KPIs and analytics may help you fine-tune your marketing campaign to connect more with your target audience. For example, if you discover a leak in your marketing funnel, and many qualified leads are falling through the cracks, you can change your strategy and campaign to satisfy their requirements better and retain them in the sales process. Fixing a leak towards the bottom of your funnel can result in a big ROI compared to the resources needed to increase the number of leads coming in the top of the funnel.
However, when measuring KPIs and employing analytics, consider more than simply the expected end return. To maintain track of leads at each level, look at minor transactions or conversions like email opening rates or blog subscriptions.
One thing that can commonly influence your marketing checklist and, ultimately, the marketing ROI is the tools you use to execute your marketing efforts. Make sure you have the right marketing intelligence tools in place.
Do You Have The Right Marketing Data Intelligence Tool – Checked?
The longer you wait to engage or re-engage your prospects, the less likely they will become a paying customer. And hence, the importance of data intelligence cannot be overstated. You need to be making better business decisions based on your data.
Data intelligence, not to be confused with business intelligence, is an organization’s ability to comprehend and use its data efficiently and helpfully to improve production, boost efficiency, and be an industry leader.
Competitive Intelligence, Account-Based Intelligence, and Buyer Intent Intelligence are all components of Marketing Data Intelligence. This includes gathering and analyzing information on customers, future customers, competitors, and external variables affecting the company, such as regulatory and compliance trends. Marketing Data Intelligence software aids in the consolidation, integration, and analysis of customer data from many sources, resulting in new insights from all of this data.
Get Deeper Insights on One Platform
Accessing data from several systems can be inconvenient and lead to human mistakes. SalesIntel gives all of the ‘must-have’ data in one portal to make this process quick, straightforward, and clean.
SalesIntel allows you to filter your data based on firmographics, technographics, and Buyer Intent Data. You can access millions of human-verified contact details, including verified direct work mobile dials. You also gain access to VisitorIntel, which allows you to reveal the identities of companies who visit your website.
Do you want to discover the untapped potential opportunities for your marketing and sales team?