Marketing tips: Five questions that help marketers maximize ROI

Businesses strive to make the most of their marketing budget in today’s competitive environment. Competing pressures are growing. New kinds of media have grown in importance. Mobile communications have created new opportunities to reach customers.

In the face of growing complexity, challenging economic situation and financial pressure, marketers are striving to exploit new media vehicles. They are constantly looking for marketing tips from experts. The key to success is to understand the full impact of the marketing campaign. Marketers are striving to achieve this by using analytic approaches and tools.

Here are five questions marketers should ponder over. Answers to these questions help them maximize their ROI.

What influences consumers?

Advancements in technology have increased awareness immensely. Before purchasing, they read reviews online and even compare prices. They search for the best deal in retail stores using their mobile devices.

After purchasing the product, they share their experience with others. Even though businesses are aware of the changes in consumer behavior, they still find it difficult to understand what influences consumers.

Each and every business should find answer for this question by engaging with its consumers. For instance, the business needs to find out if the customers are influenced by TV advertisements or by in-store interactions. This should be an ongoing exercise. Effective market research is the key to success.

How well informed is our marketing judgment?

Information technology makes it possible to generate tons of data. Data is definitely important for right analysis and to take right decisions. Sometimes marketers need to trust on their gut feel.

How are we managing financial risk?

For a marketing campaign to succeed, you need to hit the right audience with the right message at the right time. The challenge is to mitigate the risk of failure. The degree of ROI risk is very high in today’s digital world.

Spending on new media is at best a risky bet. In spite of that, companies are compelled to take up the challenge. The reason is, if they don’t, they perish. The risk is inevitable.

Businesses need to find out how much risk is too much. Many tools are available to help marketers in this. Decision tools provide marketers with valuable information. It is always advisable keep a watch on the competition.

How are we coping with complexity in the marketing organization?

Today marketers have many of communication vehicles, thanks to advancement in technology. As a result of this the marketing organization is becoming more complex.

In a modern business, marketing department has many external and internal specialists. You definitely need someone who integrates marketing efforts across channels and focuses on the bottom line. Coordinated effort is a major challenge faced by marketing teams worldwide.

What metrics should we track?

In today’s scenario, there is no one way of measuring ROI of different channels. But it is necessary to track progress. Otherwise you will not know where you are going. Also there will not be any accountability.

Each business has to device a way to track metrics. Even though metrics are rarely perfect, progress need to be tracked.

Marketing environment is dynamic. Thanks to technological advancements. Marketers who have answers to the above-mentioned questions are more likely to maximize their ROI.

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