In the last decade, the rise of digital marketing has revolutionized the way businesses advertise products. While TV commercials formerly drove consumers to part with their cash, this all changed in 2012 when digital marketing spending surpassed TV advertising by $31 billion.
E-commerce has seen enormous growth since then. With 81% of millennials checking Twitter at least once a day and 26% of businesses using email marketing to secure a prospect, more and more marketers are pouring their funds into the digital funnel. Now, not only is it now possible to target specific customers and demographics, but companies can also measure the results using data analytics.
Things to Increase Marketing ROI for Your Business
There’s no doubt about it: the gap between traditional and digital marketing is set to expand even further in the years ahead, so where does this leave your business? How can you be sure you’re investing your money in the right places, so you don’t get left behind? Here are the key areas to focus on:
Organic search is different from paid search, in that your page rises through the ranks naturally. Organic search has the lowest cost per lead of any marketing method, a higher conversion rate of 10%, and more staying power than paid search. Although it might be tempting to pay for ads to get your website seen, it’s worth investing your money in an organic SEO campaign with a company like SEOBANK instead. Using SEO can reduce your lead costs by 60% and increase your ROI.
Although blogging is time-consuming, prioritizing this method of marketing makes your business 79% more likely to enjoy positive ROI. Many companies are reluctant to invest in high-quality content. However, paying a professional blogger to write regular posts for your business will increase your SERP and generate more leads and conversions. You should expect to pay $0.26 per word or $87 per hour for an experienced blogger; although you can pay writers less, the quality of the work you receive will directly impact your ROI, so it’s worth investing a little more.
91% of marketers experience a rise in exposure after making an effort on social media. What’s more, social media is constantly growing, so you can expect these platforms to become even more dominant in the years to come. Twitter, Facebook, and Instagram provide a direct way for companies to engage with their customers and increase brand awareness, but costs for campaigns can vary significantly between them. Expect to pay around $2,500 per month for Twitter, $5,500 for Facebook, and $1,000 for Instagram or Pinterest.
Video marketing is four times as likely to convert your customers than written content, which is why the average American marketer spends an average of $20,000 on video campaigns. 84% of consumers will pull the proverbial trigger after seeing a product video, while 76% of businesses reported an increase in traffic after a video is aired on social channels. If you’re thinking of adding video content to your marketing strategy, you can expect to incur costs in the region of $1,200 to $50,000.
Email marketing campaigns work on several accounts. Not only do emails encourage and reward client loyalty, but they also generate leads and reduce marketing costs. While the costs of email marketing vary according to the size and scope of the campaign – as well as the quality of a subscriber list, the technology used, email testing, and performance analysis – businesses will typically pay anything from $9 and $1,000 and see a significant return on investment.