ROI, or Return on Investment, is a marketing term that measures the profit or loss that results from a business’ marketing campaigns. ROI is calculated by dividing the campaign’s cost by the net profit (total money earned from the marketing campaign, minus the costs of the campaign). This number is then multiplied by 100 to achieve a percentage. Here are three valuable tips for maximizing your business’ ROI in your next local marketing campaign.
Set SMART Goals for Your Campaign
A SMART goal is one that is Specific, Measurable, Achievable, Relevant, and Time-Bound. SMART goals are well-defined, and therefore easily measurable. Having a SMART goal will make it easier to create a marketing plan specific to your business needs, while also tracking your progress. A specific goal is one with an exact target amount that can be measured, such as “increase my ROI by 15%.” An achievable goal is one that is both realistic and ambitious – don’t set a goal that is impossible to attain. A relevant goal is one that pertains to your overall business goals and marketing plan, and ties back to your specific goal. A time-bound goal is one that has a due date or timeframe associated with it. A due date provides motivation for achieving your goal.
Track Your Goals Throughout Your Campaign
You won’t have any way of knowing how close (or far) you are from achieving your goal if you don’t track your progress regularly. It’s crucial to set up digital marketing metrics to track your ROI in real time. It also helps to share updates on your progress with others on your team in order to keep everyone accountable for how they are contributing to your goal, and hold brainstorming sessions to develop ways to keep pressing forward.
Increase Your ROI with Smargasy
Setting SMART goals, tracking your progress, and holding yourself and staff accountable for your goals is a great start towards maximizing your ROI. It also pays off to seek professional help from an expert. If you’re ready to take the first step towards building a better digital and social media marketing plan for your business, reach out to Smargasy for a consultation.
At Smargasy, we can help your local business succeed by developing a digital marketing campaign that maximizes your business’ ROI. We offer an array of services for local businesses, including local social media marketing, search engine optimization (SEO), email marketing, and digital marketing. Contact us today for more information about our local SEO and social media marketing.