Revenue and ROI (Return on Investment) are the white whale metrics of many businesses. When it comes to startups, the numbers have an even higher impact simply because startups work on a budget. And you probably want to make sure you’re utilizing your limited resources in the most productive way.
Approximately 500,000 new businesses debut every year in the USA only, according to the Small Business Administration. This means the competition is fierce and you need to make sure that all of your marketing efforts pays off by creating awareness of your startup and, at the same time, attracting loyal customers.
In reality, ROI means more than just profit. It also means how effectively a company managed to cut down on operating costs, and it measures how effective your marketing strategy has been in acquiring and lately retaining customers.
But the process of increasing ROI – especially for startups, doesn’t have to be a pain in the neck. Actually, it’s possible to maximize your startup’s ROI with simple solutions: first of all marketing automation, of course!
Marketing automation is basically the number one solution to streamline your marketing efforts practically and economically. Whether is for big companies or startups, marketing automation can bring consistency to the sales process.
However, it’s important not to see it as a miracle worker. Marketing automation can have a great impact on your business results, but you need to keep your eyes open for some basic misconceptions that may interfere in your judgment when choosing the right tool.
First of all, remember that the automation won’t work by itself. You need to do a few things before start to use a platform. For starters, define your personas, have your inbound marketing strategy ready, map your customer’s journey, and determine a lead scoring method.
Bare in mind that, even though MA focus on the initial steps of the customer journey, it can also be used to retain customers, reduce churn and therefore increase revenue. But the whole process takes the time to grow: it’s a long-term investment.
If you’re wondering about costs, note that there’re affordable tools suited for startups looking to scale up fast on a limited budget. To make the most of these platforms, you can integrate them with different apps to guarantee better results for your company.
Don’t think that marketing automation works on magic to maximize ROI. Because of its ability to segment customers and leads based on behavior or interests, measure and track the results of strategies, and nurture prospects makes marketing automation an incredible solution to streamline tasks, save time and money, and generate revenue.
Let’s see some examples of how marketing automation will help your company’s ROI:
Hypersegmentation allows better targeting. This means you can create personalized messages based on user behavior, interest, stage of the customer lifecycle and so on. Personalization ensures that your messages will always be relevant, and therefore there are more chances that prospects come back for more.
Lead nurturing is a great strategy to foster customer retention. You can create a few actions to nurture your customers and keep them engaged with your product, such as: create educational material and let customers access it earlier than unregistered visitors; send regular updates and news via email; create a referral program, and create NPS surveys to measure customer satisfaction.
Want to know how to build the perfect lead nurturing strategy and increase conversions? Check out our blog post Optimize lead nurturing and bulk up your conversions!
With detailed tracking and analytics data, you can find out where your customers are in the sales cycle, how are they interacting with your product, on which point they are having issues with it and so on. With real-time analytics, you can measure your results and improve it on the go.
According to Forbes Magazine, over 50% of marketing professionals say figuring out social media ROI is their biggest frustration. The best practice to avoid this is to build a social media plan. Set goals and objectives: every tweet, reply, like and comment should all be guided by a plan and driving towards predetermined goals.
In order to correctly measure ROI, it’s important to track how social media actions are influencing the interaction with customers. Once you have identified what works and what doesn’t, you can adjust the strategy properly.
If you opt to run social media ads to boost customer acquisition, it might be interesting to measure it using a conversion measurement software or even a personalized funnel report to find out who is clicking on your ads. You can also compare the cost of your pay-per-click ads against the number of website visitors you get from you social media profiles using web tracking analytics in order to find out the real ROI.
Landing pages are extremely important to acquire leads, and as a startup, you need to create as much conversion opportunities as possible. Landing pages are usually the first impression that future customers will have about the product and the company.
Landing pages are fairly simple to build and it doesn’t take much time and effort to make them impactful and persuasive. With the right content and images, an optimized landing page can help you attain better conversion and click-through rates as well as boost lead generation. Companies that pay serious attention to their landing pages report higher ROI.
In order to make your customers find your landing pages, you can either bet on organic visits through an SEO strategy or invest in pay-per-click ads. PPC is an important part of Search Engine Marketing (SEM) and it can be a good alternative to ensure instant results and boost conversions in your product landing pages.
Note that PPC ad are in an extremely competitive market, and that’s why it’s important to set very clear goals before investing money on them. There are tools that can help you make the most of your SEM strategy and minimize the pitfalls on the way.
It’s no secret that we’re living the era of Inbound Marketing. The strategy of creating useful content for customers, educating them and delivering exactly what they’re looking for is maybe the most powerful guideline of digital marketing. Companies are saying goodbye for irritating calls and unwanted emails, and have embraced content as king of the hill. Business from all shapes and sizes leverage the power of content and SEO techniques to be found online, increase lead generation, conversions and therefore maximize ROI.
If your startup doesn’t have enough budget or people to build the most robust marketing strategy, it doesn’t mean you have the ditch a well-made marketing plan. There are alternatives to plan and develop successful marketing strategies without investing loads of money, time and effort. To maximize ROI is not as difficult as it may look: you just have to carefully plan your actions and have the right tools to help you along the way.