Posts by :
- Business Tools
- Marketing Tools
- Tech Talk
- Utilize Creative Knowledge
- Web Design
Dr. Chip Stats
Wax 2 Perfection
Social Media Management
Wondering how to determine the ROI of your efforts?
I’m here to give you a quick and easy run down of how to calculate how effective your digital marketing and oNline ads are by figuring out your RETURN OF INVESTMENT!
#1: Set Your Goal/ Desired amount of acquisitions per your sales team availablity
Before launching any ads, you need to decide what you want to accomplish. This can come from reverse engineering what each acquisition is valued at and weighing that against your cost per click. In order to accomplish your goal, here are a few things you can do virally that won’t cost you anything.
Brand awareness: What is your engagement/ response to your viral posts and branding. Are people commenting/ liking and referring? You can get them to by including call to actions and incentives.
Lead generation: Build opt-in on your website in the form of a newsletter, free quote calculator, or even a free fitting eval.
Direct sales: Create a reason why people should follow your site and social media with discount codes that will also help you to see where you got that lead based on what code they enter.
#2: Design Your Influencer Marketing Campaign With Measurement in Mind
Once you’ve identified the numbers you want to hit, be intentional with what you’re putting out there for bait. Create campaigns and reach out to influencers with why your service/ product is worth their time.
Direct sales: If you sell products online and want to measure ROI of your influencer campaign by direct sales, give influencers a unique code to give to their audience that they can use at checkout for a percentage off their purchase. A good amount is 15%-20% off.
Make sure the influencer has experience using your brand’s product or service, and let them know you’ll be giving them a discount code before the campaign launches. They can then quote you an appropriate rate and write their post accordingly.
Conversions: If you’re trying to generate leads via your marketing campaign, make sure you have a juicy piece of content that people can share with their audience. Also, be transparent with influencers that you’ll be measuring the success of your campaign based on a certain conversion you’re asking them to link to.
Number of pieces of content produced: If you want influencers to produce content for a certain channel, supply high-quality visual and content assets that they can use (i.e., pictures of your brand’s product). Also, ask influencers to post across all of their channels to maximize the types of content that your brand receives.
Before launching your campaign, it’s a good idea to assign a value to each piece of content you’ll be receiving. You can then factor that into the ROI you attribute to your overall campaign.
Sign-ups: You want to make sure influencers understand that you’re trying to push a certain piece of content or increase subscribers to a newsletter. Knowing this, they can skillfully write a post that steers their audience to help you achieve your goals. This will change the direction of a post, so it’s crucial to be upfront with influencers about it from the very beginning.
Social media following: As with sign-ups, a goal of increasing your social media following will ultimately inform the direction of an influencer’s post. You can have the influencer include a call to action (CTA) in their content for readers to follow your brand on various social channels. Also running a contest or giveaway on social media is a fun way to lead an influencer’s audience to your social channels.
#3: Compile Campaign Data to Establish ROI
Based on the goal of your influencer marketing campaign, you’ll need to measure one or more of the following campaign data points so you can use them to establish ROI:
Direct sales:Measuring direct sales is easy if you sell products online. To determine what you earned for every dollar spent, calculate the amount of sales you earned from your influencer’s unique discount code and divide it by the dollars you spent on the campaign. Or subtract the amount you spent from what you earned to determine what you earned from your campaign.
Impressions:Impressions is the number of people who saw your influencer’s blog or social post. Brands typically look at actual impressions or potential impressions.
Actual impressions are determined by the actual number of people who saw the post that the influencer produced. To determine this figure, calculate the influencer’s social following and/or monthly unique visits to their blog each month.
If you want to take this a step further, you can calculate potential impressions for each influencer-produced post. To do this, multiply the number of social shares that the post earned by the average number of followers per user on social media. The average number of followers for each network are:
- Facebook: 338
- Twitter: 707
- LinkedIn: 930
- Pinterest: 229
For instance, if your brand earns a blog post and it was shared on Facebook 10 times, multiply the shares (10) by the average number of followers per user on Facebook (338). Also add the influencer’s following to that figure. If the influencer in this example had a total reach on Facebook of 5,000, your post had 8,338 potential impressions.
The equation to use for each influencer in your campaign is:
# of shares of your post + average number of followers on channel + influencer’s reach = potential impressions per post
To translate impression calculations to ROI, businesses tend to use a numerical value of what they deem an impression is worth. This can be different for each social channel. A B2B brand would put more weight on LinkedIn than Pinterest, while certain B2C brands may value Facebook more than Twitter.
The average impression is worth $0.012 and can be increased or decreased per channel. To put a numeric value on impressions, simply use the equation above and multiply your actual impressions and/or potential impressions by $0.012 and, voilà! You have your ROI.
Conversions:Conversions may overlap with a few other areas of influencer marketing campaign goals or measurements. To measure conversions, focus on actions a reader takes after viewing a social media or blog post. These actions might be downloads, purchases, or certain website pages visited.
There is no industry standard for conversions, so you might consider something like the percentage of website visitors who convert into buyers. To estimate how many of these unique visitors purchased from your brand, look at the number of website visitors brought in by following a link through an influencer’s blog post. Also factor in the average amount a consumer spends per purchase.
Number of pieces of content produced:When it comes to measuring how much a piece of media is worth, consider how valuable and versatile all influencer content can be. These words and images can be used on websites as testimonials, across social media, and in a variety of marketing materials. These pieces of media can also convert readers into leads or direct buyers to an online store.
There is no industry standard for measuring a piece of influencer-produced media, so it’s helpful to look at sales and ROI from a past campaign. Next, divide the number of pieces of media produced for the total campaign by sales, and assign a value to each piece of media.
Keep in mind that you’re basing this metric on past methods of measuring ROI, so it may not be a great measurement tactic if you’re running your first influencer marketing campaign. However, it does give you a reference point.
Sign-ups:Sign-ups are often intertwined with conversions and can be measured in much the same way. Sign-ups generated from a single piece of influencer content can give you great metrics, especially if you don’t sell products online. You can include a lead capture form to download a piece of content or sign up for a newsletter, which is a great way to build your email list.
Social media following:Some brands employ influencers to help them build their social media presence. You can designate a numerical value for each new follower to attribute a dollar amount to the new eyeballs on your brand.
Thank you socialmediaexaminer.com for this useful info!
If you have a business, you know you need a website. It needs to be more than a brochure. It needs to be a tool that will help drive leads and sales for you. You want your website to work just as hard for your business as you do. Is your current website hitting it out of the park in these four key areas?
A great website isn’t so great if no one can find it online. Search is the top of your sales funnel and you can’t convert those potential leads if your site is languishing in obscurity on page two of search results. You know what they say about the second page of search results – it’s a great place to hide a body since no one ever goes there.
Search Engine Optimization (SEO) is an absolute must-have to any website strategy, but it takes hard work and consistency when aiming for the top spot. There are a combination of off-page and on-page strategies you can implement but one key is to be consistent in your approach.
Make sure that each page is optimized for one particular keyword or phrase. If you try to optimize for multiple phrases, your efforts will be diluted and you won’t see the results you’re hoping for. Ensure that your chosen phrase is used naturally in your page content as well as in the page URL and title. Above all though, write for humans, not for search engines.
Design & Usability
You’ve done a good job at getting your site found and traffic is starting to flow in. The next thing you want to do is make sure that visitors find what they’re looking for and stick around. It’s more common than you’d think for someone to visit a website and leave again without visiting a second page. We want you to be that exception.
You don’t have long to grab your visitor and confirm for them that they make the right decision to click on your site. If anything goes wrong, they may bounce. At first blush, your site needs to load fast and convey trustworthiness and professionalism. It needs to look modern and not abandoned. It needs to be usable, no matter what device someone is using.
Make sure that the design of your site is consistent from page to page. This doesn’t mean that every page needs to look identical but you don’t want to suddenly start using different fonts or move your navigation, for instance. If a visitors thinks they’ve landed on a different site you may lose them for good.
You’ve got the search traffic and your site looks good and is usable, but you know what they say. Content is king. If your site doesn’t provide value to your visitor then they won’t be back. Content is why people visit, why they come back, and what turns prospects into leads. You want to make sure that there’s fresh content on a regular basis and that it’s something that provides value to your visitor. Help them solve a problem. Educate them. Entertain them.
Use your brand’s voice and talk to your visitors like a human. You know your company better than anyone. If your brand was a person, what would they sound like? Use this voice whenever you’re creating content for your website. Avoid jargon or flowery businesspeak whenever possible.
The last step in creating that killer website that generates more business for your company is converting those site visitors into leads and potential customers. You don’t want them to leave until they’ve reached out and provided you a way to contact them in the future.
You want to make sure that your site is using forms and landing pages effectively to make it super simple for visitors to take that next step. If the process is too complicated or the value isn’t clear, a visitor may just leave. While you might be tempted to ask for all kinds of information from your visitor, keep it simple and only ask for the bare minimum. If they’re a good lead, you’ll have opportunity to collect more information in the future after you’ve nurtured that relationship.
Ensure that every page has an effective call to action. Don’t let a visitor make it to the end of a page on your site without telling them exactly what you want them to do next? Buy now? Book an appointment? Download a resource? Contact you for more details? Be sure to clearly state what it is you want.
Cover these four bases: Search, Design, Content, and Conversion, and before you know it you’ll start driving more traffic, leads, and sales from your website.
Tip for Sales Funnels & Landing Pages
Too often, marketers go “straight for the kill” and try to convert prospects far too quickly with a decision making offer such as: “Buy now” or “Call for a free consultation”. That worked in 2005 but not now. 90% of buyers are researching online, so this strategy means you’re targeting the few prospects that are interested and are soon ready to buy. Your website needs to attract and capture every prospect, no matter where they are in the buying cycle.
An inbound website has balance and includes the fundamentals of Inbound Marketing. It’s focused with content at every stage within the buying cycle:
- Top of the Funnel offers (TOFU)
- Middle of the Funnel offers (MOFU)
- Bottom of the Funnel offers (BOFU)
1. Eggs In Too Many Baskets
If your a business owners, you’re most likely someone who juggles many things at one time and feel like your mind is constantly going. You have a higher tolerance for what others may perceive as obsession towards work and organized chaos. That is a trait to help you in business but not in marketing! DON’T SPREAD YOUR MARKETING BUDGET TOO THIN BUT TRYING TO PLAY IN MULTI ARENAS!
Digital marketing tips
You set up 10 social media accounts and a rigorous online marketing schedule to pull and retain leads.
If you don’t have someone on your team that knows how to use a certain social media platform and you haven’t heard about it, DON’T USE IT!
Focus: if you try to launch several campaigns at once, you’ll not only be totally overwhelmed, but you’ll also have difficulty determining which marketing campaigns were successful.
Consistency: this will be the key to getting your business off the ground.
Being consistent on social media will build you a loyal following.
Being consistent in your blogging will build you a loyal customer base and turn new, cold prospects into new buyers.
Being consistent in SEO means that you’ll save money in the long run instead of relying too much on paid advertising.
Too many small business owners try to do everything at once and fall flat on their faces.
But you don’t have to be one of them. By following these digital marketing tips, you’ll already be ahead of the game.
2. Find Your Place in Social Media
Most small business owners know that they need to be on social media. After all, social media isn’t going anywhere. In 2017, 81% of Americans had a social media profile!
Digital marketing tips
But as we touched on in the last section, too many rookies take that message too much to heart and try to go from being invisible to being everywhere at once.
For most brands, this is a recipe for disaster.
As a new small business owner, your aim should be to find your place on social media. This means that in the beginning you should focus only on, at the most, a few social media platforms that you’re already feeling comfortable with.
Now, after marketing on these platforms for a while, note how many interactions you’re getting.
For example, if Instagram isn’t giving you any engagement, then move on and focus on the platform that does!
The aim here is to find the social media platforms that give you the highest level of interactions (likes, shares and comments).
And the lesson here is: don’t bother wasting your time on a platform if your audience simply isn’t there!
Find out where most of your audience is and post on those platforms consistently to build up a loyal social media following.
3. Influencer Marketing
Influencer marketing is relatively new in the realm of digital marketing tips. In fact, most of your competition has probably never heard of it!
And for the ones who have, they’re probably going about it the wrong way.
Simply put, it means that instead of marketing to your target audience directly, you pay or inspire influential people in your niche to get the word out about you.
When it comes to social media users, influencers are basically the strongest referrals that your business can get.
digital marketing tips
For example, a survey by Collective Bias showed that 30% of consumers are more likely to buy a product recommended by a non-celebrity blogger.
Influencer marketing is especially effective on millennials, since 70% of consumer millennials are influenced by the recommendations of their peers in making buying decisions.
So, you should always keep a look out for potential future influencers in your niche. You’ll want to engage with them so that you can build your brand visibility.
Digital marketing tips
So what do other small business owners get wrong with influencer marketing, you ask?
Many small business owners still think that doing lots of guest blogging (a form of influencer marketing) and getting lots of backlinks will boost SEO and drive traffic.
This was true in the past, but not anymore. Small business owners these days have to tread carefully with guest blogging and getting backlinks because Google has cracked down on this practice several times in the past. Google penalizes websites that abuse this practice, and that’s not what you want for your brand new website!
Now that’s not to say that guest blogging is inherently a bad practice. Far from it! But it shouldn’t be done in a spammy way. Instead, it should be done with the main goals in mind being:
Building credibility by leaning on the shoulders of industry giants.
Tapping into another community.
4. Don’t Underestimate Having an Email List
An email list is probably one of the most valuable and responsive assets you can have.
Valuable – CRM software company Hatchbuck found that customers who purchase products through email spend 138% more!
Responsive – according to QuickSprout, email subscribers are 3x more likely to share content on social media!
And unlike your social media followers and fans, you own your email marketing list.
But believe it or not, many of your competitors aren’t even thinking about having an email list. Instead they make the mistake of thinking that they can get away with just building a social media following.
Of course having a strong social media following is very important! But when it comes to turning cold prospects into paying customers, email marketing is one of the best ways to do it.
5. The 80-20 Rule for Content
The 80-20 rule means that 80% of your success will come from 20% of your efforts. This rule applies to just about everything, including your content. Your content can be created in a variety of different mediums.
For example: videos, webinars, blog posts, infographics, etc.
Digital marketing tips
So how does the 80-20 rule apply?
Quite simply, 80% of your content should communicate VALUE, and 20% of it should be focused on promotions. Valuable content means content that’s unique, fresh, timely, relevant, and solves real problems for your target audience.
Your success will come from 20% of your efforts, but that other 80% is necessary to drive it!
Too many small business owners have it the other way around. 80% of their blog content is overly sales-y, and only 20% of it contains useful or valuable information!
If you aren’t convinced about the value of creating useful content, then take a moment to reflect on the fact that businesses with blogs receive 67% more leads than businesses without blogs.
Other benefits of having a blog include:
Getting more targeted traffic.
Adds a human element to your brand, thus building trust and loyalty with your customers.
Cost effective and simple to setup.
6. When to Rely On SEO
Every small business owner who ventures into the world of digital marketing tips has heard about SEO.
But still, many of them shy away from it because they think it’s complicated and too time consuming.
While both of these things may be true, SEO is still the best way to drive free traffic to your website.
Even something as simple as your business name can influence your ranking in the search engine. According to an SEO company Local SEO Guide, businesses with a strong keyword in their business name rank 1.5 spots higher than businesses without a keyword in their business name.
Instead of focusing on a long term SEO strategy, too many small businesses blow their digital marketing budget on PPC ads when starting out. We’ll talk more about that in the next section.
So what are the different areas that SEO covers?
Digital marketing tips
There are a lot. But broadly speaking, these are the main ones:
• Website optimization.
• Page optimization.
• Device optimization.
• Credible link building.
There are many other sub categories of these main areas. For example, keyword usage is a sub category of page optimization.
There’s a lot to learn. But learning and implementing SEO will give your website better visibility in the search engines.
And to get an idea of how important SEO is for website visibility, you can look at past Google updates. One very important Google update made websites that aren’t responsive on various digital devices not even appear in the search results at all!
Now thankfully, you don’t have to learn SEO all on your own because you know an SEO agency (your friends at LYFE Marketing).
But you should still learn the basics of SEO and what the expectations of an SEO specialist will be.
Hiring an SEO specialist is well worth it. The SEO specialist will help you perform an SEO audit, which includes analyzing how users are interacting with your website and your social media platforms.
And finally, don’t expect immediate traffic from doing SEO. It can happen, but it’s pretty rare. Instead, look to paid advertising for quick traffic.
7. When to Use Paid Advertising
As we touched on in the previous section, many small business owners spend too much of their working capital on PPC. They have the right idea – spend money on paid advertising in the beginning to get some traffic coming in.
But in the absence of a sales funnel and a long term SEO strategy, they begin to rely on PPC to drive most of their sales. This is not a sustainable digital marketing method on its own.
Their mistake is that they end up confusing “more traffic” with “more sales.”
But all they end up doing is getting more cold prospects and no sales. And in PPC advertising where you pay for each click, this can get expensive if you aren’t making conversions from your clicks.
More traffic is a great thing, but without a marketing funnel, you won’t get optimal results.
Instead, you should follow these 3 simple steps:
An amateur mistake is to expect to turn cold prospects into immediate buyers. Bring them in first, and then convert them into buyers later.
8. Enhance the User’s Experience
Enhancing user experience (UX) will be the glue that holds each of your strategies together.
The following are common and popular ways to do this. There are also plenty more metrics and digital marketing tips for measuring user experience.
The content on your site.
The communication channels you use.
An intuitive user interface (UI).
Your website’s loading speed.
Intuitive menu navigation.
Chatbots to assist in communication.
A simple tone for your content.
In order to make the optimal choices for these different areas, you’ll need to learn more about your target audience.
There are three key digital marketing tips to remember for creating a good user experience in 2018:
Remember to inform and inspire your audience with your content. This will give them a lasting impression of your company and make engagement easier.
You’ll also need a customer management strategy to help you connect better with customers. It will take you through query and complaint management. It will also collect customer feedback and make them feel like they’re a part of your brand’s community.
Another thing to keep in mind in 2018 is the effectiveness of video marketing. It continues to trend upward in popularity with the rise of live streaming. Popular platforms have already embraced live streaming. Consider Facebook Live, Instagram Stories, and Snapchat Stories to engage with your audience.
As you can see, the best way you can get ahead of your competition is to use the tried and true ways of digital marketing properly. Your competitors will keep on making the same mistakes, while you’ll be sidestepping landmines and growing your business with these 8 digital marketing tips.