Are Your Advertising Dollars Working for You? – Managing Your Internet Marketing for the Greatest ROI
How do you know if your marketing strategy is working for you? You must measure results. By managing your marketing results you are able to modify your advertising strategy as your business changes. As your company grows, it is important that your marketing plan transforms as well. According to a posting on sba.gov, small businesses with revenues less than $5 million should allocate 7-8 percent of their profits to marketing. It is important to measure the results of ad campaigns to make the most effective use of promotional funds. In conclusion of our three part advertising blog series, we highlight some points to help build an effective internet marketing campaign for the greatest ROI.
Establish a Budget
Create a priority list of advertising options. Make choices that will get your company the most exposure and drive results. Evaluate advertising rates to determine what fits within your established budget. If you have already established a pay-per-click (PPC) plan, make sure to monitor closely to ensure you achieve results for which you are paying.
Know Your Customer
Gain a clear picture of who is buying your products or service. Review client demographics. Once you understand your primary customer base then you may begin marketing to a target audience.
Select Your Advertising Audience
Explore a variety of advertising options. Strategically post ads that will appeal to your defined consumer base. As mentioned in an earlier edition of this series, utilizing the strengths of both PPC and search engine advertising will help maximize your ROI.
Define what You Measure
Consider measuring the results of sales orders, new subscribers to your web page or information downloaded from your website. Track your conversion rates. A conversion rate is the number of click-throughs it takes to attain your target measurement. Thebalance.com explains if your page has 1000 hits, 14 clicks and one sale in a day, your conversion rate is 1:14 or 7.1%. In other words, 7.1% of the clicks are generating a sale during this period.
Generate Valuable Ad Content
Research and select effective keywords in your advertising. Simplify your focus on one or two key products or services. Keep marketing fresh by changing messages with the seasons and holidays. Content is very important in your advertising plan. Create a call to action by providing something of value to the consumer in exchange for their contact information.
Monitor, Track and Evaluate Your Ads
Establish a schedule to review and manage your marketing efforts by evaluating your web and PPC statistics. Google AdWords has a great online help center and may be a great resource for helping business owners understand their advertising data.
Keep records of what works and what does not. If you are not achieving the results you were hoping for, try another advertising option from your marketing priority list. Be amenable to change.
Measuring results allow you to drill down to what aspects of your ad campaign are most successful. Analyzing results gives you the additional information needed to see where adjustments should be made in advertising spending.
It is easy to get frustrated. Results are not instantaneous. Long term internet marketing strategies will require time and patience.
Measure results through ROI to determine if an ad campaign is working for you. Tiny Giant wants to help you develop and implement a solid internet marketing plan that delivers measurable results.