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Tips to maximise ROI

With the weekend nearly here, I wanted to share 5 top tips to maximise the impact of Return on Investment (ROI), when you only have a limited marketing budget. it struck me this week that's it's all well and good giving advice to businesses on how to increase sales or gain more customers, but in today's difficult economic climate lots of business owners are pushed with time and money constraints. What are some really good ways to help your marketing spend go that little bit further?

  1. Understand your customer. This is a great bit of research to do with big gains, just by asking your customers some simple questions:

  • How did you find us? (so simple and so many people forget this one. once you know how most people find you, you can either focus on this route, or try targeting other routes to broaden your audience)

  • What are you looking for? What did they want? What were they struggling with before they found your business?

  • Was there anything they had doubt over before they did business with you? Or did they have any questions?

  • What is the number one selling point that keeps them coming back to you for more?

2. Prioritise high-impact actions

Which activities that you already do give you the best results and ROI? If you aren't sure of this it's important to find out so you know where to put your efforts. If you know some targeted Facebook ads work best, then plan these into a regular campaign plan. And measure the results to see which headings worked best or which offers.

3. Check your marketing activities align with your business goals.

This is something that's easily looked over when we are busy, we do the same old thing time and time again. But have you checked recently that your marketing activities fit with this year's business targets? You will have much more success in hitting your goals if your marketing helps push these in the right direction.

For example, if your business goal is to increase number of new customers by 10%, what are you doing to attract new customers? Are you running any marketing for new customers? Or only sticking to targeting promo's at your existing customers. If you write down each business goal and then along side it a focused marketing targets, the results from your marketing will be much stronger. E.g, hand out flyers to new customers with a 10% off sign up offer through your website and track this after to see how many sign ups from the QR code.

4. Find and fix your key issues

Are there any sticking points that are stopping your customers coming back for more? Is your website hard to navigate, with an unclear user journey? Is your customer service not as good as it could be and customers are not leaving delighted? And possibly not coming back for more? There could be simple things that could be improved that will have a big difference on your profits. Why not ask a friend or relative to test out your service or business journey and give their honest feedback.

5. What works well keep doing it!

Be clear about your goals, have confidence in your business and notice what customers like. These elements will all help maximise your impact and in turn grow your business.

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