There is no one-kind-fits-all rule when it comes to marketing and advertising strategies. It solely depends on the people who work behind it and the goals you wish to achieve. For instance, marketing and advertising strategies have greater chances of failure in the hands of new and inexperienced business owners.
When it comes to measuring the failure and success of a marketing campaign, different people use different parameters. For some, it is the campaign’s inability to deliver the desired outcome, and for others, it is abandoning the strategy that means failure.
However, a more reliable factor in assessing the success and failure of a campaign is to look at the ROI. A Return on Investment (ROI) is a system that considers the amount of revenue made on a project alone without adding the costs.
This principle is used in forecasting, strategic planning, and budgeting.
This article sheds some light on some ineffective marketing schemes that could lower the ROI of a given project.
Making the Purchasing Process Difficult
There are hundreds and thousands of websites out there in the online world. However, not all business benefits from having a website. With all the ongoing competition, making sure your website stands out and attracts
quality traffic can be pretty challenging.
A poorly designed website happens to be the top factor that makes order placement by customers cumbersome. Often, business owners buy an existing template and set up the websites themselves to save money. However, the quality of your website design affects your website performance.
Ideally, you should set up a website that is easy to navigate, loads fast, and is well-organized. It should also be attractive and offer quality information. When your website design is poor, visitors will enter and exit almost immediately without looking at what’s present inside. This will negatively affect your company’s ROI.
Procuring Inaccurate and Ineffective Mailing List
Mailing allows for customization, which customers often value. However, using ineffective postage and electronic mailing lists, particularly when vetted for their accuracy and applicability, could seriously affect your company’s ROI.
In addition, potential customers may not receive messages until an update is affected, which could lead to a drastic decrease in ROI.
Instead, you might want to try email marketing. Referred to as one of the highest ROI digital marketing strategies, email marketing has an average ROI of 42:1. Meaning for every $1 you spend on email marketing; you will earn a profit of $42.
Email marketing does demand some initial investment, but it does help expose your brand to a wide array of customers. After all, creating contact lists and sending emails is relatively more cost- and time-efficient than sending out emails.
Ignoring Potential Risks in Planning Marketing Strategies
Failure to consider the inherent factors prevalent in a product rollout, marketing campaign, or other investment forms can further lower a business ROI. The primary reason for this stems from the inability of business owners to fully appraise and evolve a strategic plan to mitigate the situation.
Perhaps, the important step to mastering your marketing is to master how to measure and analyze it right. Try to develop ways to make your campaigns more efficient to attract more visitors and reduce costs. Additionally, you should examine variables that define the success of your campaign.
Only through the constant process of experimenting and analyzing will you figure out the right tactics that work for your business.
Resorting to Complex Messages When Engaging in a Promotional Scheme
Content is king. However, complex content can make things go awry for businesses. Often your brand messaging can get lost in the content when it’s too wordy. So, the rule of thumb for businesses that engage in online promotion and sales schemes is not to resort to overly wordy announcements.
If not, your voice would easily get lost in the noise and fail to grasp your desired target audience’s attention, who might potentially be interested in becoming your customers. This could deal a severe blow to the company’s aim of boosting its ROI.
Missing Potential Costs Due to Poor Forecasting
Unforeseen costs from poor forecasting could significantly undermine profit maximization and ultimately affect ROI. So, it is crucial you have a budget in place before you begin. This will help make strategic planning smooth through an efficient stock-taking process.
When it comes to budgeting, you should be of a fluid mindset. A fixed annual budget isn’t the way to go about digital advertising. Instead, think of it as a range of potential expenditures that can change based on various factors like the season, week, cheap promos, time of day, behavioral patterns, etc. You should essentially not ignore or undervalue significant aspects related to project requirements as it can affect the decision-making processes and lead to unforeseen costs.
The Right Digital Marketing Strategy for the Best ROI
SEO and email marketing are perhaps the best strategies for generating maximum ROI. However, when done right, most marketing techniques will deliver positive results.
Depending on your requirements, you can choose email marketing, PPC, SMM, SEO, or even a combination of it all. Nonetheless, ensure you consider factors like your budget, company, and individual marketing styles before making a final decision.