11 Tips To Improve ROI With A Great Inbound Marketing Strategy
In today’s online landscape, Digital Marketers are feeling the heat from executives who want to prove that the money spent on sales and marketing is generating revenue for their business. Data from HubSpot reveals that 40% of Digital Marketers struggle to generate sales and demonstrate a viable ROI for their marketing efforts.
As the average customer seeks more reliable information before entering the sales funnel, inbound marketing brings your content to this audience in the preliminary stage, which can double your conversion rate. These tips and techniques are some of the best practices for inbound marketing which – when applied correctly – can increase leads, reduce marketing spend and increase traffic to your site.
Know your audience
Knowing your audience and who you’re trying to target makes it easier to develop a strategy that resonates with them. Speak to your sales team and customers regularly to identify any key problems they have, as well as what’s important to them and the solutions they require. Keyword research can only take you so far if you don’t have the necessary insight into the buyer’s journey. You must therefore define your audience and understand their behaviour for an effective inbound marketing strategy.
Your content should be fresh, unique and engaging
We live in an age of information, whereby brands put in the time, effort and finances required to create excellent resources for their audience. Content helps your prospects make a buying decision, so you’ll need premium content if the goal is to increase ROI.
You won’t rank for poor content by flooding your website with generic 500-word articles. Google bots can identify well-researched and well-written content. Visitors won’t take the time to read poorly-written content. Therefore, content should have a purpose, a compelling CTA and SEO rich keywords with the aim of attracting and converting visitors to customers.
Social media marketing
Social media marketing provides value, where cost per lead and acquisition is concerned. Business owners and marketers have unlimited access to a large pool of prospects who make up their target audience. This amplifies the power of ‘word of mouth’ through shared posts and recommendation that in turn increases conversion. A Facebook study by Syncapse found that 85% of fans loyal to brands recommend those brands to others. Social media is therefore a necessity for all marketers and businesses that want to survive in the 21st century.
Direct mail is dead
How many people still read the company newsletter if it lands in the mailbox outside their home? It’s most likely going in the trash. HubSpot states that 44% of direct mails are not even opened. That means money being wasted on paper, printing, and delivery. In some industries, direct mail works, but the cost of delivering an effective campaign makes email more attractive, with higher possibilities of ROI. You can reallocate any extra revenue to other marketing initiatives to strengthen your overall marketing campaign.
Optimise CTAs and landing pages
An active webpage is a top priority for any brand. Traffic turns into leads on your web pages, so include multiple ‘Call-to-Action’ buttons in your content and throughout your site. A compelling CTA ensures that when customers scroll through your site looking for information, they’ll be taking the action you want and generating leads for your sales team.
Lead nurturing funnel campaigns
Great content drives traffic, while compelling CTA’s transform visitors into leads. Robert Rolls, Head of Online Business at NZ Domains, states that you can’t treat all leads the same way. Instead, establish a funnelling process that effectively nurtures a lead from acquisition to closure to make your marketing more targeted, rather than creating a noise that visitors simply ignore.
As the name implies, this method takes manual tasks and automates them by using technology, context, and data to automate sales processes and online lead generation. Marketing automation takes the guesswork out of qualifying leads, reduces cost and increases ROI. Your sales team can close more deals in a shorter timeframe, because marketing automation helps you in the following ways:
Unifies efforts in the marketing and sales departments
Recognises maximum value by complementing existing systems
Provides effective tools for reaching more targeted customers
Makes it easier to reach revenue goals
Blogging has a major impact on marketing ROI
Social media might be all the rage today, but data from Hubspot shows that blogging is the main factor that impacts marketing ROI. Many SEO strategies revolve around blogging to create fresh content that’s in line with Google’s Penguin updates. Data from the Digitial Marketing Institute shows that companies which create amazing blog content are 13 times more likely to increase annual ROI.
Quality of inbound
According to Protol80.com, your inbound marketing should follow best practices for factors in the image below.
Check your metrics to judge the quality of each marketing tactic. Compare them to the current industry trends and your benchmark. If you’re not on par with the competition, you have a problem. All these techniques should work together if you want your inbound marketing efforts to reap the benefits. Once you’ve implemented these factors, you should immediately begin to see great results.
Tracking and analysis
It’s almost impossible to determine the exact value of the ROI from inbound marketing efforts, because funds allocation differs across businesses, making it hard to find an established or standard value. The best method is to observe, track and analyse all your efforts. The best facility out there today is HubSpot’s inbound marketing tool, which can break down your ROI for a campaign and analyse consumer behaviour. Use the figures from the analysis to note costs against profit, as this helps you plan for the future.
Average lifetime value and customer retention
Customer acquisition cost shows how much you spent on acquiring a customer, but you should also know how much money they bring to your business. The image below shows the calculations for a customer’s average lifetime value.
The general roadmap for increasing lifetime value with inbound marketing is to attract strangers using strong content, convert them with landing pages and forms, before closing them with emails. Use social monitoring, smart content and surveys to encourage them to promote your product.
Inbound marketing requires time and money to learn systems and implement processes. This explains why your bosses are pressuring you to show results for the thousands of dollars they spend on marketing. Utilising these techniques in your marketing strategy will generate leads, convert them and prove to your bosses that inbound marketing does work.