Tag Archive for: ROI

The Smart Approach to Measuring Your Digital Marketing ROI

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ROI (return on investment) measures the effectiveness of your marketing efforts by assessing the return you receive on the resources invested. 

Whether you’re a small business owner or manage the marketing of large enterprises, comprehending the impact of ROI on your digital marketing strategy is vital. 

At Onimod Global, we believe in delivering valuable results and measuring success. In this blog, we will walk you through the ROI process and tips on achieving a return on investment. Here’s what you need to know.

Understanding ROI

In the world of digital marketing, ROI represents the return on investment. In simpler terms, it’s the benefits you gain against the costs you have invested in your marketing efforts. It’s critical to understand ROI because it helps determine the effectiveness of a campaign and provides insights to shape future strategies.

By focusing on ROI, you gain valuable insights into your marketing initiatives. This data-driven approach allows you to make informed decisions, allocate resources, and refine your tactics for maximum impact. Whether optimizing your website’s performance, refining your social media campaigns, or investing in paid advertising, ROI provides a framework for evaluating your investments. Let’s take a look at the benefits of measuring ROI.

Why Measure ROI?

Measuring ROI is more than just a financial concept. It’s a robust measurement of the effectiveness of your digital marketing campaign. It can be an eye-opener that helps identify what works and what doesn’t, allowing you to channel resources more flexibly.

The entire premise of marketing ROI is to validate that the funds allocated are not wasted but result in a net gain. 83% of marketers use metrics to measure content performance, only 51% understand how their content is performing, and the remaining 17% either don’t use metrics or need to know if metrics are tracked. Without measuring ROI, you’re essentially marketing in the dark.

How To Measure ROI

Understanding the importance of ROI is one thing, but knowing how to measure it is another. Here are some steps you can take to enhance your ROI.

  • Set Your Goals: Before measuring success, you must know what it looks like. Set clear, measurable goals at the onset of your campaign. Your goals might be increasing website traffic, boosting conversion rates, or generating leads.
  • Track Conversions: Identify the actions that you consider to be valuable – this might be an app download, a completed purchase, a subscription sign-up, etc. Set up a system to track these conversions. Use tools like Google Analytics to do this.
  • Assign Monetary Value: Calculate how much each conversion is worth to you. Monetary is the average purchase value if you’re running an eCommerce store. Calculate this as the average revenue per lead if you’re generating leads.
  • Calculate Costs: Sum up all the expenses associated with your marketing campaign. Costs should include everything from ads to the cost of content creation, software subscriptions, and staff salaries.
  • Determine ROI: You can calculate ROI. Here’s your formula: (Gains from Investment – Cost of Investment) / Cost of Investment. This formula will give you the ROI ratio, which you can convert into a percentage. If your ROI value exceeds 0 percent, you are losing money.

Once you have measured your ROI, you can then transition to identifying strategies and actions to improve it further.

Improving Your ROI

Improving your ROI can significantly benefit your business by increasing profitability, maximizing resource utilization, and making more informed decisions for future investments. By enhancing your ROI, you can optimize your business’s performance and drive sustainable growth. Consider the following strategies:

  • A/B Testing: Experiment with different versions of your ads, landing pages, or emails to see which ones perform better.
  • Targeting: Fine-tune your audience targeting to ensure you’re reaching the right people. Targeting involves using different keywords, demographics, or interests in your ad targeting.
  • Optimize Landing Pages: Improve your landing pages to increase conversions. Optimizing landing pages could involve changing the design, the copy, the call to action, or the user experience.

Remember that improving ROI is an ongoing process that requires constant evaluation and adaptation. By implementing these strategies and working with a digital marketing agency, you can enhance your ROI and drive tremendous success for your business.

How Onimod Global Can Help

At Onimod Global, we aim to help you align your digital marketing efforts to actual business results. Our analytical marketing strategies offer a clear roadmap to understanding your audience’s needs. They involve evaluating where your competition is gaining an edge and pinpointing areas where you can become a frontrunner in your industry.

As an accomplished in-house marketing agency based in Chicago, we excel in customer service and will teach you the most relevant and up-to-date digital marketing skills. For a complete list of our offerings, see here.

Conclusion

Measuring and improving ROI should be crucial to every digital marketing strategy. At Onimod Global, we believe in maximizing ROI for all our clients. Our marketing professionals use proven techniques and cutting-edge tools to ensure your marketing efforts yield the best results. 

Contact us today to see how we can help you measure and improve your digital marketing ROI.

What is Inbound Marketing?

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Inbound marketing is a strategy that focuses on attracting customers to your business. Instead of going out and finding potential customers, you attract them to your site by creating helpful, interesting content that solves their problems and interests them in your company.

Today, many businesses use both inbound and outbound marketing strategies. However, inbound marketing has become the preferred method for many companies because it is more cost-effective and effective at generating leads.

In this blog, we look at what inbound marketing is, how to create an inbound marketing strategy, and examples to give you an idea of what works.

Inbound Marketing

Inbound marketing focuses on creating valuable content and experiences tailored to the needs of a specific audience in order to build everlasting long-term relationships. The focus point of this strategy is that it provides solutions based on the needs of your customers.

Inbound Marketing vs. Outbound Marketing

Both strategies are used to engage and convert leads. Here’s a look at the the differences between the two:

Inbound marketing

  • Digital content is targeted and specific to audience
  • Content includes blogs, ebooks, SEO, social media posts, webinars
  • The main goal is to entertain or educate your audience
  • Messaging in tailored and personalized
  • Cost-effective approach

Outbound marketing

  • Non-digital content is used to grab customer attention
  • Content includes billboards, TV advertisements, direct mailers, media ads
  • The main goal is to sell
  • Messaging is catered to appeal to a broad audience
  • Tends to be an expensive approach

Creating an Inbound Marketing Strategy

An inbound marketing methodology can be applied in three ways. Attracting, engaging and entertaining all have different content that will engage and convert your leads. Two of the most effective methods for your strategy will come from social media and email campaigns.

  • Promote your content – It can take time for organic content to get views. Promoting your content on social media allows you to create targeted campaigns to a niche audience who are more likely to convert.
  • Build a community – Channels such as Twitter and TikTok offer a great way to build a community on social media through real-time posts and eye-catching videos.
  • Track performance and optimize – By using paid campaigns and analytics you can learn what ads are working and tweak those that are not performing. This could be image changes, content format or messaging used.

Develop or tweak your social media strategy to drive brand awareness and ROI if you don’t already have one in place.

Examples of Inbound Marketing

Here’s a look at some examples from other brands that you can gain inspiration from.

Patagonia

Patagonia has been using their brand to advocate for societal change and equality. They’re an outdoor clothing brand but have spent many years publicly showing their support for climate change and sustainability. They are able to promote this by sharing short stories, videos and other types of media.

Patagonia Brand Activism

Cisco 

Cisco develops, manufactures, and sells networking hardware, software and other high-technology products and services. They have created a healthcare blog that covers a wide range of topics written by experts in the field. The purpose is to create relevant content that informs people about the healthcare industry while also informing them about Cisco and their hand in the healthcare field.

Final Thoughts

Inbound marketing is an essential marketing strategy that many people use today. It’s a great way to engage with your audience and build trust and offer value at the same time.

At Onimod Global, our data-driven content strategies align your content marketing efforts to real business results. Our content strategy services make it easy to understand your audience’s needs, where your competition is winning, and areas where you have an opportunity to lead your industry.

As a Chicago-based, in-house marketing team, we are your partner experts for specific marketing verticals or some nice balance in between. We excel in customer service and will teach you the most relevant and up-to-date digital marketing skills.

Have questions about creating your online presence and need help strategizing? Contact us here today.

Marketing Metrics Businesses Should Be Tracking

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Marketing metrics matter because smart marketing is built on the foundations of solid data. That is why any business with a digital marketing strategy should be closely monitoring the following 4 metrics. Let’s hop right in! 

In today’s digital marketing landscape, there are a number of data points to measure. Some of these will help businesses with consumer insights and others with direct response. This can be tricky as trying to measure both consumer behavior as well as whether specific marketing activities have led directly to sales. After all, aren’t you ultimately in the game to book more meetings?

A business is only as good as the data it collects. Data reveals the most critical questions to help a business grow faster. Here’s a look at digital marketing performance indicators, along with best practices on how to evaluate the data they provide.

Traffic Sources

Knowing where your future prospects are coming from is important. Did they visit your website after google searching your company? Or did they find you through social media? There are so many places where your clientele can stem from, and its valuable knowing how they found you.

By having access to these insights, it will help you prioritize and optimize those channels. Once that has been done you can easily make simple improvements to other channels that are underperforming.

Tracking Engagement

When someone visits your website, it’s always best practice to know how long they’re browsing. This metric reveals how interested visitors are in your content and if you are attracting additional visitors.

If you see that visitors are only browsing on your website for a few seconds, it could be an indicator that they either didn’t end up on the site they were looking for or quickly realized they’re disinterested in what you’re offering. On the other hand, if you see that your visitors are on your website for an extended period of time, it can signal that you have content the market is interested in.

Everytime you post on social media, send out an email campaign or put out display ads you should be measuring your engagement rates. A great example of this is seeing how many likes an instagram post gets. At times one post may have more likes than another post. Knowing how your audience engages with your content will help you cater and craft future content for them.

CAC & CLV

CAC stands for customer acquisition cost, CLV stands for customer lifetime value. Both of these are crucial to your marketing metric strategy. With customer acquisition cost, there is a cost associated with every customer. Businesses need to measure how much it costs to acquire customers throughout their buying journey.

With customer lifetime value, you’re measuring how much the average customer will spend on your brand during their lifetime. This metric indicates the total financial value a customer brings. Ultimately, this metric will help you decide where to invest the most.

Brand Equity

Lastly, become an expert on your audience. Know how they view you and your products. Household name brands such as Nike and Coca-Cola are all names you recognize, even if you don’t buy their goods. A great example of this would be referring to the product as the brand name. Most people purchase disinfecting wipes and refer to them as “Clorox Wipes,” whether or not they’re purchasing that specific brand.

Analyzing your brand strength will help you know how strong you are in the market and if customers prefer your brand over competitors. It will also be a relevant factor in whether or not customers are willing to pay more for your products since they find your brand valuable.

Last Thoughts

When it comes to business, every company is different, and as such, will need to rely on their own unique set of KPIs and metrics to track their performance. Even the digital marketing metrics that are relevant to your business will vary greatly, depending on what you’re trying to accomplish.

We hope you have learned a little bit more about the importance of metrics and how beneficial it can be to your business. Our goal is to ensure we help improve your marketing and drive success.

At Onimod Global, we regognize the unique and individual nature of every client, and work with your business to help develop a custom strategy that is designed to bring you the highest success possible. Digital Decisions driven by Data is our mantra. Advanced analytics and reporting capabilities is what we do best.

Got questions about tracking and measuring your business performance? Contact us here today to start the conversation.

Industries Benefiting The Most From Digital Marketing Campaigns

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Although running successful digital marketing campaigns can be beneficial for many industries, there are some in particular where ROI is much more substantial. It’s almost an “adapt or die” scenario for companies within certain industries in an advertising market dominated by digital media. Listed below are a few industries that have substantial returns on investments when it comes to digital marketing efforts.

Health:
The health industry in today’s market is comprised of millions if not billions of dollars. Physicians, dentists, and any other entities involved in the health industry produce significant returns from clientele. The importance of effective search engine optimization (SEO) and search engine marketing (SEM) strategies to appear on the first page of search results is huge. The ROI is so substantial that there are some health clinics and larger hospitals that allocate millions of dollars to their annual advertising budgets. That alone shows the importance of leads and conversions and why digital efforts need to be emphasized in the health industry.

Food and Restaurant:
The scope of the food and restaurant industry has changed drastically. Businesses are always trying to find new ways to attract consumers to their venues and get customers to feel connected to their brands. Many restaurants have started to prioritize social media advertising as a way to reach target markets and new audiences. According to Toast Inc, “there has been a 20% overall increase in restaurants advertising on social media so far in 2017 compared to historical data.” Therefore, restaurants have started to pick up on the digital advertising trend and those who fail to adapt will suffer in the long run.

Law:
It’s no surprise as to how much money is involved when it comes to the legal industry. The ROI for defense attorneys and law firms is in most cases substantial. However, it was reported by Greentarget in a survey that in 2014 only one in four law firms prioritized their digital marketing plan over other marketing efforts. Although it was three years ago, this statistic is mind boggling due to the high amount of search traffic for law related key words. Essentially, in order to stay on top of competitors in the legal industry, a major online presence is needed and prioritizing digital marketing efforts is a must.

Auto:
Marketing has always played a huge role in the auto industry, but the traditional days of billboards, magazines, and radio ads are diminishing. With the majority of today’s consumers searching online for automobiles, the importance of digital marketing has increased tremendously. eMarketer  stated that “spending on advertising in traditional media by all major auto companies is following a downward trend, while spending on digital advertising is increasing every year. In fact, from 2014 to 2015, it rose almost 22 percent.” In the end, it’s clear that companies within the auto industry will continue to battle it out through digital marketing and continue to find new ways to reach consumers.

In Need Of Digital Solutions?: At Onimod Global some of the clients we serve are in these industries and we know what it takes to deliver positive ROI. If you’re associated with a business seeking improvements with SEO, SEM, Website Development, or any other digital marketing service feel free to reach out to us on our Contact Us page. We look forward to hearing from you!

4 Industries that Need to Prioritize Digital Marketing

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Although digital marketing is important to utilize for any organization, there are industries in particular where the return on investment (ROI) for a conversion is substantial. A major problem is that many executives within these larger industries aren’t very familiar with the concept of digital marketing and how important it has become. Listed below are four industries that have extremely high ROIs when it comes to digital marketing conversions.

1. Law:
It’s no surprise as to how much money is involved when it comes to the legal industry. The ROI for defense attorneys and law firms is in most cases substantial. However, it was reported by Greentarget in a survey that in 2014 only one in four law firms prioritized their digital marketing plan over other marketing efforts. Although it was three years ago, this statistic is mind boggling due to the high amount of search traffic for law related key phrases. Ultimately, in order to stay on top of competitors a major online presence is needed and digital marketing efforts need to be prioritized.

2. Real Estate:
Just like the legal industry, real estate is another field that can return a high ROI. From agents to real estate companies, having an online presence is becoming more important than ever before. The vast majority of buyers and sellers in the real estate market are all conducting online searches, as housing ads in the newspaper are becoming an afterthought. Therefore, attracting as much online attention as possible is crucial whether it’s homes, condos, or apartments.

3. Health and Medical Practices:
From physicians to dentists, and any other organization involved in the health industry the return on investment from clientele is most often significant. The importance of SEO and SEM to appear on the first page of search results for this industry is huge. The ROI is so substantial that there are some health clinics and larger hospitals that allocate millions of dollars to their advertising budgets. That alone shows the importance of leads and conversions and why digital efforts need to be emphasized.

4. Home Improvement and Repairs:
Implementing a localized content marketing strategy in the home improvement industry can exponentially grow a business. Interior and exterior design, roofing, construction, and any other form of renovation all have potential for high profit margins. Appearing on the first page of search results through either SEO or SEM for your location is huge. For example, if you’re a roofing company in Chicago, appearing on the first page of search results for phrases like “Chicago roofing” or “Roofing services in Chicago” should be a priority.

Contact Us: At Onimod Global we currently work with clientele within some of these industries and know what it takes to deliver ROI for our clients. If you’re associated with a business seeking improvements with SEO, SEM, Website Development, or any other digital service feel free to reach out to us on our Contact Us page. We look forward to hearing from you!

5 Reasons Your Business Marketing Is Incomplete Without SEO

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Search Engine Optimization is a tool to increase your visibility in the digital space. Organic Search Engine Optimization or SEO, is absolutely vital to achieve long term search engine visibility for your website. It is treated with high regard in the online marketing sphere because it increases your chances of reaching relevant prospects and proves to be an efficient marketing strategy by targeting the user intent. If you delve deeper into the science of SEO, you will surely find it to be very effective and proficient tool which brings good results in no time if implemented well.

When we compare both outbound and inbound marketing services, we get to the conclusion that inbound marketing tends to bring in interested parties who are looking for information based on your business. This is exactly what SEO tends to do. If your business is looking for more ROI with minimal investment, ensure that SEO forms the part of your marketing initiatives. Rather than embracing outbound techniques that are interruptive in nature, SEO is customer-centric and the message is only presented to the prospects when they need them.

Here are 5 reasons that will prove why your business needs the best SEO services:

1. SEO Brings Traffic

Within 3 months of consistent and high-quality search engine optimization efforts, your business could see an unbelievable difference in the way your online visibility gets positively affected. The main aim for any SEO initiative is to help you in gaining valuable rankings on search engines that could result into more click-through-rates and more traffic.

SEO also focuses on on-site optimization that brings greater visibility on search engines. It is beneficial to have optimized tags and web pages to help you in increasing the click-through-rate for your website. More relevant traffic to your website means more conversions and revenue.

2. Measurable ROI

SEO offers quantifiable results for all kinds of business’ sites. So, you don’t have to worry about measuring the ROI of your SEO. The agencies providing search engine optimization services are capable of scaling almost all the aspects of their SEO campaigns, such as traffic, conversion rate, revenue and more.

Detailed analytics report helps in getting accurate information of all the visitors of your site and their journey in the conversion funnel.

In the case of e-commerce websites, SEO agencies helps by short-listing people who used a particular keyword that you are targeting.

3. SEO is Cost effective

SEO has earned the reputation of being one of the most reliable and cost-effective marketing strategies due to the simple fact that it only targets relevant visitors who are searching for the goods and services or any information that you are providing.

In complete contrast to outbound marketing, where you target several people you don’t even know whether they are interested in your brand, SEO methodology only targets interested audience and that’s why it is cost effective as it saves you from spending hugely on outbound such as newspaper ads, tele-commercials, billboards, cold-calling and more.

The traffic generated by SEO is more qualified than other marketing strategies.

4. Increased Site Usability with SEO

When you implement the various factors of SEO into your website, it will make your website user-friendly and the focus would be on making it more navigable. Not only does the user will find it easy surfing through your website, but it will also help you in getting a better ranking on search engines.

The principles of SEO tend to rearrange the website’s links and architecture and this will make your website user-friendly. The users find it easy to find out more information on your website, which boosts the engagement rate of your website, lessens the bounce rate, and could increase conversion rates for your website.

5. Brand Awareness

SEO is the most cost effective way to enhance your brand awareness. Undoubtedly, SEO will help you in gaining more exposure and click-through-rates, but the best things that SEO could do is to redefine your brand with some great content. You could definitely try and get better rankings with extensive SEO, but what will retain the visitors on your website is your content.

Search engines factor the quality of your content in their SERPs and have released some strict algorithms that help them in considering only those websites that fulfill the user intent. Every search request is an opportunity; each action on a social site is an opportunity. Having the correct brand, product or service positioning is essential.

For further expert advice and services in SEO contact Onimod Global today.

 

Ref:  Lifehacker  Onimod Global