Marketing is one of the most important aspects of ensuring your business is successful. Through marketing, you can explain what your products or services are, introduce your brand, and attract
people that are interested in spending money on what you offer. Successful marketing that appeals to your target market or ideal lead will result in a high return on investment (ROI). A strong ROI is an indication that
your marketing is working.
ROI measures how much of the engagement you attracted through marketing actually resulted in purchases. For example, it doesn’t matter how many views your promotional video gets if none of them result in sales, right? Your business needs to use marketing strategies that not only attract your ideal lead’s attention but also causes them to make a purchase. The ratio used to demonstrate a high ROI is generally 5:1. This means that for every $1 spent on marketing strategies, the business makes $5 in profit.
So, you’re probably wondering how to improve your business’s marketing and ROI. Through hiring a lead generation company (LGC) you can have marketing strategies tailor-made for your unique business. Here are 6 steps to achieving a higher ROI with the help of an LGC:
To see any improvements, you must have a starting point from which to measure. When you hire a lead generation company, they’ll assess your social media pages to see how much engagement your content is getting and how much traffic is directed to your website. They’ll assess your website to know the amount of traffic that eventually becomes purchasing customers. The LGC will also take a look at your marketing budget and see where the bulk of it is being spent. They will calculate your current ROI as a basis for improvement.
Did you know that a visitor to your website doesn’t really count as a potential lead unless they leave some type of information? The technical term for these gems is market qualified leads (MQL). These are visitors who came to your website or page, has an interest in your services/products, and leaves their email and name in some way to get more information. LGCs will make sure your website is designed and organized in a way that makes customers feel comfortable and safe. They’ll create forms that motivate customers to give their information (ex. Signing up for your email newsletter, downloading your free eBook, etc.) without harassing them or intimidating them.
Not all customers who show interest in your products or services is 100% ready to buy. They may have left their email address to receive more information or even sent you a message to inquire further. This is incredibly important to acknowledge when you run a service-based business; customers need to know more information and feel comfortable before enrolling in your class, hiring your team, or starting a working relationship with you. What an LGC can do for you is qualify these leads before they are sent to your Sales team to close the deal. Through extensive training and experience in nurturing leads, the LGC will build relationships with potential customers and address any of their questions or concerns.
How do you know if the new marketing strategy you implemented is working? By analyzing the growth in your website’s traffic, you can see which pages customers are spending more time on and which pages they skip completely. An LGC can also analyze your business’s numbers to see if there has been an increase in profit due to leads from each marketing scheme. It’s important to know exactly which strategy has been causing an improvement in numbers and which ones aren’t doing much. An LGC will analyze your numbers and your website’s traffic to assess what’s working for your marketing team and what isn’t.
Sometimes when your sales are declining it's instinctual to throw more money at your marketing budget in hopes of spurring more interest. However, this can be seriously detrimental to your overall budget and your ROI. An LGC will know which marketing strategies are working and which ones to cut the cord on based on your analytics, revenue, and budgets. The highly knowledgeable LGC team will be experienced in optimizing marketing budgets to get the most bang for your buck. Plus, there are other areas outside of marketing campaigns that might result in more leads so they deserve a portion of the budget, like throwing an open-house party for new customers or a customer-appreciation event for current ones.
It’s not news that Marketing departments and Sales departments don’t always see eye-to-eye on what an ideal lead is or how they should be nurtured. If your ROI is low, departments tend to blame each other. What an LGC can do is
regularly meet with each department to streamline what the overall missions, goals, and expectations are for the company. They’ll assess how different departments are
structured and implement new ideas to improve the whole team. Ensuring Sales and Marketing are on the same page is essential to improving your ROI.
If you want to improve your ROI, hiring an LGC is the first step. They’ll assess where your business is now and create a baseline, ensure your online presence encourages customers to give you their information, and qualify old and new leads, nurturing them into the purchasing stage. They’ll also build and decipher your analytics, so you know what’s working and what isn’t, as well as implement strategies to lower your marketing costs while increasing your impact. Lastly, they’ll improve the communication between departments to ensure everyone has the same expectations and works towards the same outcomes. Your ROI is incredibly important to staying afloat as a business and hiring an LGC is the best way to get started.