A digital marketing strategy should eventually be able to generate leads that convert into sales. When investing in marketing a product or service, the goal is to see the numbers go up.
Digital marketing helps a business leverage the power of the Internet in achieving this goal. Read this article to find out which digital marketing strategies give you a high return on investment over a period of time.
In this Blog
There are many ways for businesses and brands to reach out and grow online thanks to the Internet. The fact that it has become more accessible in recent years makes it a powerful marketing tool.
Are you looking for ways to grow your business with digital marketing?
The Internet is one of the world’s prominent marketplaces. Digital marketing strategies help businesses boost their online presence, which results in generating:
- Organic Website Traffic
- Increased web page Views
- Higher qualifying Leads
- Higher Conversion Rates
- Better Lead-to-Close ratio
Ranking higher in organic search results is essentially the first step for a business to establish itself or expand its reach. Digital marketing strategies help increase the visibility of a brand or business over a period of time. This helps people who don’t know your brand to find you when they are looking for something you have to offer.
Once you have made it to the top search results, you should be able to have visitors click on your website and get them to take action. Whether it is visiting your website or opening an email or clicking on an ad, the final goal is conversion.
What are some of the best digital marketing strategies in terms of ROI?
If you are looking for a digital marketing strategy to boost sales you have to know about return on investment.
- Email Marketing
- Geography (US, EU, UK, Asia, etc)
- Spending behavior (High, Medium, Low)
- Purchase history (less or highly Frequent buyers)
- Search Engine Optimization (SEO)
- Pay Per Click (PPC)
- Pay for a subscription
- Subscribe to your newsletter
- Request a quote for your services
- Sign up for a free trial
- Buy your products online
- Register for your e-learning course
- Pay for your premium offerings
A lot of people roll their eyes when they hear about email marketing. Nobody wants one more unwanted email in their inbox, right? But people love it when you offer them something of value.
Writer James Clear, author of the New York Times #1 bestseller Atomic Habits, sends out the 3-2-1 Thursday newsletter every week. He sent the first-ever newsletter in August 2019 and as of March 2022, he has gained over one million subscribers. This is no small feat. He offers his subscribers something really valuable, consistently, week after week. This is email marketing done right to build a powerful brand.
The goal is to get your subscribers to click on the links in an email and redirect them to specific web pages on your website. It could be a link to a new product line launched by an eCommerce business or a reminder of a special discount on items in the subscriber’s shopping cart. With automation and targeted email campaigns, the goal of conversion becomes achievable.
What should you measure to determine how successful your email marketing is?
One way is to identify if it is actually serving the end goal. Are the numbers going up?
Statistically speaking, the average return on investment is approximately $42 for every dollar spent on email marketing. This is way higher than any other digital marketing strategy. In the age of social media marketing, why focus on Email marketing? First, it has a high ROI. Second, the number of email users is projected to grow rapidly in the coming years. According to Statista, close to 4.4 billion people will use emails in 2023.
Customer Retention is Made Easier with Email Marketing
Would you rather spend money on retaining an existing customer or spend five times more on acquiring a new one? Email marketing helps achieve the former with targeted marketing campaigns and using segmentation to your advantage. Here is an example.
If you are an e-commerce business based in India selling products all over the world, you can segment your email list based on geography. You will be able to customize your product line’s promotional emails as per important days and occasions specific to the target geolocation. Suppose your target geolocations are Australia and US, these have different seasons at any given point in time.
While you send out a ‘Summer Collection’ email to your US customers in July, you will have to send out a ‘Winter Collection’ Campaign for Australian customers in the same month because these are completely different locations. That is where email marketing gives you an edge. It can be highly personalized.
Segmentation: An Effective Way to Optimize Conversion
Segmentation is a powerful tool to convert leads using targeted email campaigns. Here are three examples of how you can segment your email list:
Targeted email campaigns have a much higher chance of driving sales. Here’s are a few tips that will boost your email’s open rates and click-through rates to help improve conversions:
Your emails should have compelling subject lines and preview texts. There should be a strong call to action. And the most important aspect is to make sure your emails are optimized for a great user experience on various devices such as mobiles, laptops, PCs, etc.
Return on investment from SEO can be a whole new blog topic. One way to look at ROI from SEO is by comparing it with PPC (Pay per Click). If your digital marketing strategy is not SEO-friendly, no matter how much you spend on PPC, it will not amount to much in the long run.
SEO: A Digital Marketing Strategy that Backs all Others
SEO is a digital marketing strategy that complements all other strategies and can drive high ROI over a period of time. The first thing your business needs for SEO is a great website. Businesses should think of their website as a 24*7 sales representative. You work on your website and the website will work for you, it is that obvious.
Your website should be easy for a user to navigate and the web pages should load within milliseconds. Additionally, it should be optimized for a great user experience on various devices. Having a mobile-friendly website is key to your SEO strategy in 2022. These are among the key parameters for your web pages to rank higher on Google.
Having a blog establishes a connection with your customer base. Blogs help a website in building page authority, which in turn helps your web pages rank higher on Google. How will this help your business? It helps by building trustworthiness for your brand or business as it gets more visibility by ranking higher consistently.
The average return on investment in PPC advertising is approximately 200%.
Every time we click an ad on search engines like Google, we are redirected to a landing page of the advertiser. Businesses pay for every click that helps generate traffic to their web pages. Among other things, an appealing landing page and a compelling call to action are key to converting a potential lead.
Landing Pages are optimized to achieve one of these end goals, here are a few examples:
Keywords are central to every PPC campaign. Every PPC Ad campaign comprises one or more ad groups. Each ad group has target keywords and an associated landing page.
Ad campaign -> Ad Group -> Key Words -> Ad text -> Landing Page
When a business wants its ad to show up on the search engine results page, it should be relevant to the keywords typed in the search bar. For an ad to show up for a certain keyword, it is important to bid on the right keywords.
PPC is clearly a powerful digital marketing strategy for a high ROI. A winning PPC campaign requires thorough keyword research, relevant ad text, and an optimized landing page. Adherence to these parameters is likely to ensure better click-through rates and higher conversions.
This positively affects the quality score of keywords. Quality score is how Google rates the advertiser’s PPC campaign. A greater quality score implies lower pay-per-click for an ad.
Conclusion: Every Digital Marketing Strategy is Ongoing and Not a One Time Fix
One of my key learnings about digital marketing is to embrace how dynamic the digital landscape is, and the need to constantly keep up. When I say keep up, I mean it for both businesses and digital marketing service providers. Together, they both work towards a shared goal of revenue generation and maximizing profits by targeting the right people and markets with the help of online marketing tools on the Internet.