why email returns the highest ROI
40% of marketers researched in a recent MarketingProfs survey identified that email returns the highest return-on-investment (ROI). Online search ranked second in the study with 28% followed by direct mail with only 18%.
Shockingly, 35% of respondents said they do not set clear success metrics for their marketing campaigns. Setting clear goals is vital to ensure your marketing budget isn't thrown away. A key benefit of email marketing that enables it to produce a high ROI is your ability to be able to track emails opened, clicked and bounced. Through targeting and regularly cleaning your database you can minimise wastage and maximise your ROI.
When developing your marketing campaign you need to consider what you want to achieve and then measure success against those goals. Far too many UK SMEs (small to medium enterprises) waste their marketing budget by simply doing what their competitors do. Others avoid marketing because they "can't afford it".
Don't avoid it. If you don't shout about your product or service who will? You might not believe it but marketing doesn't have to cost a fortune. There's options available for every budget and through careful planning and good management this investment can vastly benefit your business.
marketing on a shoestring budget
When money's tight and you need to return more on your investment, you need to work smart. Big things can be achieved on small budgets if you take time to plan your marketing. Take a look at our article on how you can raise your revenue with email marketing.
We also found these three resources that cover email marketing and a number of other low cost marketing ideas:
ensuring ROI
So how can you help ensure ROI?
When you start a new email marketing campaign you're full of excitement and ready to take on the world. This is great. However, its important to keep sight of the ultimate goal - Returning on your investment and growing a profitable business. Many businesses recognise this but it's not always easy to know how you'll achieve it. The truth is there's no golden rule. So we've outlined our top three tips for ensuring you return on your investment.
- do your research
Make sure you research the various products and people who can help you achieve your email marketing goals. If you need advice and support you'll need to make sure you choose a company that are willing to help you and have the relevant experience.
You should also ensure you're not paying too much or too little for the products and services you need. Paying too much will increase your budget and make returning-on-investment more difficult. Paying too little could leave you without the tools you need. Before you start, draw up a list of required features and set a budget. Then try stick to it.
- plan your campaigns
You must plan your campaigns and set targets that are achievable. If you need to sell five units to return on your investment and to sell these five units you need fifty leads, ask yourself, is this an achievable target? Email Service Providers like newzapp can help advise what is achievable and what is unlikely to be achieved. If you're unsure just ask, we're more than happy to help.
- give yourself and your campaigns time
One of the biggest failings in email marketing is not taking enough time. This is important in two ways. Firstly, you must give yourself time to plan your campaigns, test and ensure that your message is as good as it can be. Secondly, you should ensure you're not putting all your eggs in one basket. A one off email can be effective. However, a structured campaign or monthly newsletter will help reduce the risk of not returning-on-your investment.