For all companies that invest in Marketing, maximizing ROI is an impossible option to ignore. Obviously, we all want to increase profits for the investments made.
The good thing is that this is possible with simple but effective strategies that significantly boost conversion and attract potential customers.
After all, the main objective of any commercial organization is to start long-term work relationships, which increases the number of loyal customers to the company. But what are these techniques and how much are they going to cost me, you might ask? Since any business is going to want the lowest possible cost for their return, let’s just focus on those options.
Low-Cost Marketing Techniques:
Let’s look at the methods we can use to increase your ROI without breaking the bank.
(1) Follow-up at each stage
Track the client/customer/consumer. Track what they do on the platforms you’re advertising on, their browsing time and their searches. It helps to understand what their interests are. Then you’re not wasting those advertising dollars on systems that don’t work.
To do this, you’ll have to implement the use of software, specifically CRM’s (customer relationship management software).
The information you track about how your customers interact with your brand tells you what they want and when they want it, as well as what their preferences are in terms of payment methods, communicating and receiving communication and their product or services preferences.
Relying on metrics allows you to focus your effort, time, and budget on what truly matters, significantly increasing your ROI.
(2) Improve customer response speed
When a person visits your company or website searching for a product or service, they most likely have a problem that needs to be solved. The speed of your response is going to be a huge indicator to the client/customer about whether or not they can trust your brand. For instance, a quick response sends the message, “Your problem matters to me. I can help you.”
The following statistics shed further light on just how important this marketing technique is:
- According to ResponseiQ: you are 21% more likely to reach the customer if you respond within 5 minutes. Communication can be through a form or a chat.
- Other data, such as that collected by Moneypenny, shows that 69% do not leave a voice message; therefore, it is always good to respond promptly.
- Incoming calls can increase customers by up to 24%. It is a much more effective channel than a form or email.
(3) Live Chat
Your customer/client may never have the need to reach out directly but when they do, they take comfort in knowing there’s a way to get hold of you immediately. This builds customer loyalty through trust and is another means for significantly increasing your ROI.
The response time in a chat is expected to be 11 sec. Channels such as web chat, social networks, SMS, or WhatsApp, are key multi-channel chat options.
Also, it’s important to understand that a whopping 63% of people who use live chat with a business tend to return to that website, business or service because, again, you’ve built a climate of caring & trust.
Time as an Investment
These are some of the best strategies to apply quickly & with little cost. They definitely require an investment of time but they’re well worth it and have a proven track record of generating a much higher ROI than traditional marketing methods. It’s all about building relationships and, for that, you need personal contact.