No business can reasonably grow and succeed without investing at least some time and money into marketing efforts. Unfortunately, with so many different tactics to try and channels to use, designing a marketing campaign and coming up with innovative strategies is no easy feat. You must consider both the cost of each tactic and how many prospective clients you will generate after rolling out your campaign. The key to investing marketing dollars wisely is choosing the methods and the channels where you will get the greatest return on investment. Here is a list of four methods that have shown promise by offering the best return based on cost.
Cross Selling to Existing Clientele
Perhaps the most effective marketing strategy in terms of return on investment is cross selling. This is because it doesn’t actually cost you marketing dollars to cross promote and offer additional products to a client who’s already purchasing a product or service. Since there’s no expense and cross selling complimentary products and services that present value is an effective way to increase daily sales, the return is undeniably high. It is also the most effective marketing technique to achieve growth and to retain clients.
Print Media Marketing
Many companies are focusing on new digital marketing methods, but conventional methods with companies like Ballantine can still be extremely effective. In fact, studies show that marketing in print media channels offers the best return on investment in an age where online advertising is flourishing. One study has compared five media channels and found that print advertising has a ROI of 120% in newspapers and 130% in magazines. This is much higher than TV media and radio channels, which have an ROI of 60 and 80 percent.
Search Engine Optimization and Website Marketing
Every business, no matter the size, needs a website to compete in modern industry. Unfortunately, just having a basic website doesn’t always count as marketing. For a website to be considered a marketing tool, it needs to be optimized and easily accessible. This is why so many companies are focusing on Search Engine Optimization. SEO is a tactic that has been studied in and out. The process is all about catering to search engines to improve rankings and search results in a search engine. You can do this with fresh website content, blogs, offsite content and more. While it costs to have a professional optimize your page, it also pays off in the form of increased traffic and sales conversions.
Email Marketing Blasts
Some believe that email marketing is now an archaic and ineffective method with all of the security features built into email channels. Even though there are naysayers, email blasts still offer the highest ROI when it comes to digital methods. This is because it costs little to send thousands of emails all at once and companies attribute a large portion of their sales to the email marketing channel. With the right message and email layout, you can strengthen relationships or build new ones with these blasts.
As you can see, some of the most unexpected methods have proven to be the most effective. It’s up to you to create the perfect marketing mix that combines the benefits of each of these tactics to really hit many different target audiences. Be sure to budget, plan, implement and make adjustments when necessary.