Marketing takes the biggest chunk of any business investment. Big companies have highly-paid analysts to see how they can save money on marketing while getting the same or better response. While there is no alternative for human experience, as a small business, you should focus only on foundations. Here is what you can do to maximize the ROI of your marketing campaigns.
Choose Marketing Channels Carefully
There is no need to spend on money channels where you are unlikely to find your potential customers. For example, Instagram can’t be right for your business if you offer some technical services. Study all marketing channels and shortlist ones that are frequently visited by your prospects with the right mindset.
Invest in Targeted Marketing
Learn as much about your prospects as you can and create audience personas. This will allow you to narrow your audiences. Any of your representatives or messages shouldn’t approach someone who is unlikely to do business with you. Collect the contact number of your customers and use SMS marketing to attract and retain them. It’s easy to send text from computer and doesn’t require any technical knowledge.
Use A/B Testing
Humans are prone to mistakes, but repeating the same mistakes is foolish. Try different strategies and experiment with your campaigns to see what works. This approach is called A/B testing, so you can learn and make smarter decisions in the future.
Measure the Right Metrics
Many businessmen think they are getting a great response but don’t see it in their ROI. This happens when you measure the vanity metrics. Focus on shares, active users, cost per acquisition, and engagement rather than the number of users, followers, and views.
You won’t be able to earn anything if none of your visitors convert to customers. See where the problems arise and try to solve them before they get serious.