How Can Businesses Improve Digital Marketing ROI

by Buana Sari Digital Marketer

Digital Return on investment (ROI) is what businesses get back from all the time, effort, and resources committed to their digital marketing strategy. Actual return on investment is backed by revenues that are generated after investing in a digital strategy. It is a valuable business metric that should not be ignored by businesses. The digital marketing ROI is the surest way of assessing whether businesses are allocating their budget.

Experts say that when brands approach the topic of enhancing digital marketing ROI, they often find themselves lost in vanity metrics like impressions, comments, clicks, likes, followers, and subscribers. While these play an important role in digital marketing strategy, often, they don’t paint a clear picture of your business performance. They don’t help brands determine how their money, time and effort that they are putting into their business impacts ROI. In fact, determining and enhancing ROI remains as one of the biggest challenges of businesses.

With the threats of global slowdown looming large and pandemic still a menace, businesses are facing a surge in budget cuts, which have been more frustrating than ever. A Gartner research reveals that 44% of CMOs faced budget cuts in the wake of the Global Pandemic. Increasing ROI is still and will always be crucial for businesses. With limited resources at disposal and mounting pressure to perform, the question remains for businesses - how to improve digital marketing ROI?

New marketing and transformation technologies are having a positive impact on determining and enhancing digital marketing ROI. From streamlining the marketing operations and improving the bottom-line, to enhancing the sales processes, there is no doubt that technology is a solid investment for any business looking for ways to improve ROI.

If you want to increase your digital marketing ROI, here are the key ways to get better ROI from your digital marketing initiatives:

1. Optimizing Lead Generation

The lead generation process has been a quite complicated one. Businesses focused on ROI have been looking for superior lead generation tools helping them in generating more leads at less cost. Surveys show that digital marketing platforms are emerging as the best way to get leads cost-effectively and securing better return on the investments.

For instance, lead generation campaigns offered by digital marketing tools like moLotus, Facebook, Instagram, Google Ads create innovative and eye-catching ads that draw the attention of customers, inducing them to share contact details of the customers.

It is worth making a special mention of moLotus lead generation campaigns that are optimized and spam-free, assisting businesses to attract more leads than any other tool. If recent studies are to be believed the platform is generating more leads for big brands at minimum cost per lead increasing ROI.

2. Superior Customer Response & Conversion

For businesses, customer response times have a strong impact on conversion rates and on return on investment. Experts have concluded that response times make or break sales. A study from the Harvard Business Review highlights that brands that respond within an hour are almost 7 times more likely to have fruitful conversations with decisive customers. Any later and they may miss the chance to sell to the right customers.

Slow tools don't win the race when it comes to customer responses and conversions. For shorter customer response times, several brands are looking to digital marketing tools like HubSpot, moLotus, Instagram, Google Ads, etc.

moLotus video ads are assisting businesses in responding to huge numbers of customers and that too instantly via mobile video interactions leading to better return on investment. Studies reflect that increasing sales conversion via moLotus has been the fastest and most cost-effective method to garner best ROI for businesses.

3. Lowering Marketing Costs

Digital marketing channels like Facebook and Google have been helping businesses of all sizes make themselves more visible over a period of time. However, considering the amount of investment in such tools, businesses are often hesitant to spend funds without assurances. Traditional digital marketing platforms like Facebook, YouTube. etc., are losing their cost-effectiveness contributing less ROI.

The silver-lining is that there are cost-effective mobile marketing tools like moLotus to further legitimize and attract customers to business and its products or services. The best part is such tools contribute to significant marketing ROIs. After the onset of the global pandemic and mounting recessionary pressures, cost minimization has become the top agenda for brands. They are creating cost-effective marketing campaigns on a tight budget leading to high return on investment.

Using moLotus businesses can reach customers directly in their mobile inbox and keep them engaged on their mobile devices at optimum cost without the requirement of any mobile app download or customers incurring unnecessary data charges.

4. New Customer Acquisition at Optimum Cost

On average it costs eight times the amount of money to get new customers as it does to retain an existing customer. High cost of customer acquisition is considered to be the biggest impediment to scaling business ROI.

Digital marketing has come a long way in reducing the cost of acquisition thus enhancing ROI. However, all digital tools and technologies are not likely to lower the cost of acquiring new customers. For instance, tools like HubSpot, Marketo, etc. help businesses in acquiring new customers but at higher costs.

Modern technology like moLotus has made customer acquisition more cost-effective. moLotus customer acquisition campaigns are helping businesses in strengthening their customer base and increasing return on investment. Illustrative product videos and offers attract potential customers; motivate them to interact, and the real-time automated reporting system keeps every response detail organized and delivers it to the brand advertisers in a meaningful way.

5. Enhancing Brand-Customer Communication

Customer communication affects how customers perceive a brand. Consistent personalized communication together with easy interactions create a positive impression in the minds of customers. Studies unveil that a major share of business profits and ROI depend on effective personalized and interactive brand-customer communication. Therefore, investing in personalization and better customer builds stronger customer relationships, creating better experiences and marketing ROI for businesses.

Big brands are working on hyper-personalized and interactive campaigns via innovative digital marketing platforms like moLotus offering many easy interaction options like SMS, USSD, Callback, Click URL, and more. Also, the amalgamation of rich media formats including video, dynamic greetings, brochure, slideshow and showcase with interactive elements enhances customer communication.

moLotus powered hyper-personalized campaigns tailor brand messages using customer name and relevant customer data. Most brands are using moLotus to target customers via hyper-personalized recommendations, offers and other messages to bring in more sales and return on investment.

6. Make Purchase Easy & Convenient

Convenience is the key to increasing conversions and ROI. In a survey nearly eighty percent of American consumers said that convenience is one of the most important elements of a superior customer experience. Digital marketing has been the backbone of customer convenience and a huge reason that many industry verticals like e-commerce have boomed over the last few years.

Therefore, brands are prioritizing digital marketing tools like moLotus that provide convenience to their customers. For example, customers watching comprehensive moLotus mobile videos can understand the brand offerings as per their convenience. Recently held global consumer surveys highlight that Millennials and Gen Z customers mostly prefer digital and at-home buying options from brands. They can digitally access the product info and purchase them almost in a click.

moLotus has revolutionized the purchasing process for customers making it easy and enjoyable. Now they need not interact at all with intrusive sales staff or visit stores. The e-commerce sales have increased due to convenient moLotus mobile purchasing opportunities resulting in high ROI for e-commerce Brands.

7. Automate Marketing Processes

Digital transformation of marketing and sales processes has become one of the top priorities for brand leaders across the globe. Brands are allocating more funds to marketing technologies that will position them for superior marketing ROI. They help with completing repetitive tasks, organizing customer data, segmenting customer base, sending automated messages to massive databases, and much more. Rapid marketing automation has improved efficiency, reduced costs and enhanced the bottom-line finally leading to more ROI.

Experts believe that marketing automation tools and technologies including moLotus, Customer.io, Pardot, AdRoll, etc. are best suited for scaling marketing ROI via end-to-end transformation. This is one of the reasons why the marketing automation and transformation market is expected to be worth USD 6.4 billion by 2024 (Source : MarketsandMarkets Research).

moLotus is a good choice for automating the entire customer journey right from lead generation, customer onboarding, reminders, renewals, customer support, mobile commerce, loyalty cards, outbound calls, and more leading to better customer engagement and faster revenue generation achieving high digital marketing ROI.

8. Focus on Customer Loyalty & Retention

Businesses often wonder as to how loyal customer relationships translate into cost savings and better ROIs. Latest research answers their question stating that existing loyal customers tend to spend more easily on products than newly acquired customers. As per Brain & Company research a five percent increase in customer retention can increase business revenue by 25-95 percent. Also, It is six to seven times more expensive to acquire new customers than it is to retain a loyal customer.

Recently, digital marketing technologies like moLotus have disrupted loyalty marketing space in a big way adding to bottom lines and return on investment. For instance, moLotus technology has introduced brands to unique loyalty campaigns targeting special occasions like birthdays, anniversaries, festivals, and reminders yielding significant ROI. These campaigns are custom-branded with options for greetings, names, call-to-actions, and rewards for each customer.

Conclusion

Maximizing business ROI is no longer a difficult proposition. From the digital marketing ROI standpoint one thing that sets winning brands apart is the rapid adoption of new and appropriate digital technologies like moLotus. With careful strategizing and by embracing these new-age technologies, your efforts are expected to yield a good digital marketing ROI driving business success.