All posts in “ROI”

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Perfect Planning: Before and After the Promotion

The success of a promotion in any industry depends on the implementation of some general strategies that are relevant in all corners of business. Here are a few vetted tips that you can use to help improve the viability of a promotional campaign.

 

Before the Promotion

Are you sending the right traffic to your promotion landing page? You must be sure that you are optimising your target audience by streamlining it directly at a single source. Believe it or not, this is the way to expand your reach. You can also employ a multitiered strategy by using Facebook Ads, a PPC campaign and an email campaign that will bolster your overall exposure if executed concurrently.
Make sure that your traffic is targeted; the wide net strategy is not viable in any market. The more precise you are in targeting your niche, the better your promotional campaign will be. Make sure that you find your first responders at their preferred location as well.

 

During the Promotion

You must set the key performance metrics that you are looking to fulfill so that you can properly direct your promotion when it is in its active stage. This will help you to strategise your concept, making it more appealing to the audience that will be most likely to act like you want to fulfill your business objective.
Your campaign should also take advice from your previous campaigns – there is no reason to overlook the lessons that you have already learned in the past. Finally, remember that one of the most effective ways to create a higher conversion rate is to choose an engaging incentive and mechanic. Pay attention to how your audience responds to your lead ins!

 

After the Promotion

Do your customers know exactly what you want them to do after the conversion action? Are the directions on your promotion clear? Continue to direct your customers after the initial conversion, and make sure they receive what they opted in for.

 

Also are you using social media or emails to continue to drive customer engagement after the active promotion is over? Target the most enthusiastic of your new converts and empower them to spread your brand like an informal PR team.

 

These tips will definitely give you a leg up for your next promotion. However, here at Peazie we have run a few campaigns in our time. To create the ultimate competition that delights your customers and brings a value there are a host of things you need to think about from creative and data-driven campaign concepts, administration and permits, design and building, to tracking and optimising. Peazie has a reputation for partnering with top brands in many industries for creating premium promotion campaigns. With over 250 clients on board, Peazie has experience across the board as well, ensuring that your promotional campaign is built on the successes of the past!

 

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What’s A Good ROI?

Whenever we are asked to illustrate the success of marketing campaigns, we are often met with the fear inducing acronym, ROI.

 

Return-on-investment (ROI) is commonly used in business terms to prove the success of financial investments. Simply, how much ‘return’ a single investment makes.

 

When it comes to marketing, it can get a little more complicated. In our world of relationships, community building, brand trust and lead generation, the term ROI has come to mean so much more.

 

In the traditional sense, ROI is focused on financial gain. In marketing, it gets quite murky. What is the gain/cost of developing a brand ambassador? Is your social community providing provable financial gain? Did your Twitter conversation lead to a sale, or was it the email?

 

The truth is that trying to measure the financial ROI on individual elements of your marketing campaigns is kind of ineffective. But don’t abandon all hope of using metrics and KPIs to measure the success of your marketing campaign. You simply need to understand that revenue and gross profit is not necessarily the right metric to be tracking.

 

Of course metrics and KPIs are more crucial than ever. But instead of revenue and profit, marketers should turn to goal based KPIs. Metrics that illustrate the success of campaigns in relation to the overall business goals.

 

For example, If your business goal is to grow your customer base, chances are your marketing goal is lead generation. As such, look at the number of leads your marketing campaign generated as your ROI, don’t look at the number of sales.

 

That being the case, there are no pre-existing average benchmarks, other than those relevant to the history of your business. If you have previously converted 100 cold leads to warm leads at a cost of $500, use that as a benchmark. Or perhaps your goal is brand awareness. Use the current reach and visitor stats as benchmarks alongside the cost of pay-per-click campaigns. Aim to optimize your campaign and increase on your chosen metric, at the same cost or less. It’s that simple!

 

Some businesses focus on growth, others on community, and some simply want to exist. Whatever the case, your campaigns should be judged on how they help the business meet their goals.
The truth is every business has unique goals and targets, and should have unique metrics relating to their business goals, to measure ROI.