When it comes to marketing, most people are only concerned with the initial investment, often believing that the real ROI is way too elusive to be precisely measured. After all, didn’t John Wannamaker say, more than a century ago, that half the money he invests in marketing is wasted but he can never know which half? Well, even without being able to pinpoint which of the marketing techniques you employ bring you the most value, it is more than obvious that, when used right, marketing saves money. Here are four ways how!
Letting your website do all the work
First of all, you need to keep in mind that a website design represents a major item on your digital marketing to-do list. With this in mind, when constructed properly, your website’s design has the power of automating a lot of work that would otherwise have to be manually dealt with. This would imply that you would have to hire several people to do all the heavy lifting your website is currently doing, while they probably wouldn’t even come near to its efficiency. Apart from this, having a website in 2017 is a must, even though almost half of all small businesses still lack one.
More efficient targeting systems
Another thing you need to be aware of is the fact that not every person is a potential client. This especially goes if your business is sub-specialized in any niche, seeing as how this would mean that some people simply don’t need your services and they never will. It is clear that spending money on these people would be considered a waste of your resources. Luckily, present-day marketing can help you identify your qualified leads with much greater certainty and therefore target your audience with a much greater chance of success. This will not only boost your conversion rate but also increase the chance of turning these people into return customers later on.
In 2017, everyone is aware of the importance of influencer marketing for one’s success in the digital world, especially across social networks. Nonetheless, there are two major types of influencers. Those between 10,000 and 100,000 followers are commonly named micro-influencers, in comparison to their counterparts who count their followers in millions. On the other hand, provided that these micro-influencers are figures of authority in your niche, their word may have a strong effect. Still, due to their status as micro-influencers, their favor is usually obtained for a much smaller figure than that required to persuade a major celebrity to back your cause.
The rule of seven is perhaps one of the oldest marketing principles. According to it, in order to convert a regular person into a customer, they have to hear of your brand at least seven times. Luckily, the traditional marketing method of investing into promotional material has a way of bypassing this seemingly complicated issue in a simple and elegant manner. For instance, by giving someone a promotional USB, they will remember your brand each time they use it. Needless to say, this completely negates your need to have several billboards or pay for commercials across various channels and platforms.
As you can see, apart from increasing your revenue, boosting the overall value of your business and bringing a great overall ROI, marketing can also actively save you a fortune. This happens simultaneously across the field of branding, business infrastructure and common product placement, thus creating a holistic system that actively aids your budget. By turning to just some of the techniques we listed above, you can rest assured that every single dollar you invest in marketing will go to the right place.