3 Ways to Improve ROI With Better Marketing Cost Management [All Business]
There are several “free” strategies, avenues, and tactics you can explore as part of your overall marketing plan, but these approaches are only free if you don’t value the time you’ll be spending on incremental improvements. They’re also going to be inherently incomplete, especially in this era where so much of what is shown on the internet is subject to fickle algorithms that are increasingly difficult to crack.
This also doesn’t mean you should be mindlessly throwing money at the problem either. You can easily spend hundreds—or even thousands—of dollars on a marketing campaign and have practically nothing measurable to show for it at the end.
You need to be smart about how you spend your marketing budget, and this means you need to determine how to maximize your return on investment (ROI). The following three insights can help get you started in the right direction.
1. Focus on the metrics that matter
You’re likely already somewhat familiar with the concept of setting S.M.A.R.T. goals. These goals are specific, measurable, attainable, relevant, and time-sensitive. It’s important to consider all five elements, as that is how you’ll be able to determine whether or not you’ve actually achieved your goals. The “R” for relevant is perhaps one of the most critical elements, because achieving a meaningless goal won’t actually help you in the long run.