4 Ways to Improve Marketing ROI from Your Marketing Efforts

When choosing among marketing ideas to grow your business, how can you tell which are most likely to actually improve marketing ROI?

Marketing Strategy: 4 Ways to Improve Marketing ROI from Your Marketing Plan

Few things are more frustrating in business than to launch what seems like a great marketing idea only to have it fail to produce or improve marketing ROI (return on investment). Here are four ways to measure your marketing ideas before launch and improve marketing ROI.

If you have ever had a brainstorming session with staff to come up with marketing ideas, it’s likely that you have found yourself with a longer list of marketing ideas than you could execute, and a need to choose which ones to use to grow your business.

Unfortunately it seems to be a lot easier to come up with creative marketing ideas than it is to accurately assess which will actually improve marketing ROI when it comes to your small business’ strategic goals. It is important that you subject marketing ideas to analysis which can help you determine whether they are likely to produce any marketing ROI, or whether they are right for your business, at all.

Measure your marketing ideas against these four considerations to get more marketing ROI in return for the marketing resources you expend.

Marketing Strategies: Four Factors that Will Improve Marketing ROI

1. Customer and Target Market/s Needs and Desires

You might have a genius marketing idea, but if no one wants what you’re selling, your marketing idea is unlikely to produce ROI. Make sure you are in touch with your customers and with members of your target markets. Build buyer personas around shared demographics, characteristics and interests of the people who would represent your ideal client types.

• Are they likely to want the product or service you are promoting?
• Is the offer you are crafting going to be compelling to them?
• Can you pinpoint important core benefits that they would receive as a result of responding to your offer?
• Does it produce new avenues for attracting more members of your target audiences? (Or, conversely, could you be undermining your positioning with important members of your audience?)

2. Your Mission, Vision and Brand Identity

It’s possible to come up with a truly remarkable, creative marketing idea that is so far out of alignment with what customers expect and want from your business (i.e., out of alignment with your brand identity), that its success is unlikely and it might even harm your branding efforts.

You should be able to demonstrate how a marketing idea works to fulfill your business’ mission and vision statements and how it contributes to the brand identity you want to exist in the client’s mind, as well as how it serves the members of your target markets.

3. The State of the Competitive Market

Does your marketing idea help to fill a gap in the competitive marketplace, or are you trying to compete in an area where one of your competitors dominates the field? It is difficult to play catch up! Lean toward marketing ideas that give you an edge over competitors by filling a need they aren’t filling or serving a segment of the target market they aren’t serving, rather than trying to grow sales in an area where your competitors are entrenched leaders.

4. Projections and Positioning

Think about what is coming ‘next’ in your industry; about the trends, fads, technologies and other factors that will change the way you do business or the products and services that you sell. Make sure your marketing initiatives will help move you into the position that you want to occupy as your industry and community changes.

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