In today’s on-the-go, always-connected digital world, businesses are constantly on the lookout for ways to get the most out of their investments. As someone who has been running a digital marketing agency, I totally get it – you want to make sure you’re getting the best bang for your buck when it comes to your marketing efforts.
But here’s the thing – ROI in digital marketing is about more than just the easily trackable metrics. There are also those sneaky, hidden returns that can really have a big impact on your overall success. So, let’s jump right in and explore the exciting world of digital marketing ROI together – both the trackable and the hidden returns.
Hidden or Hard-to-Track ROIs
1. A Functioning Website
Your website is the digital lifeline of your business. Its mere existence can be a hidden ROI. An up-to-date, well-designed website not only boosts your brand’s credibility but also prevents potential customers from bouncing to your competitors. Spend the time and budget to optimize it for SEO and conversions and see your ROI soar!
2. Correct Contact Information
Maintaining correct contact information across all platforms ensures that potential customers can reach you easily. By doing so, you’re not only making it easier for potential customers to reach out to you, but you’re also boosting your credibility. Just think about all the missed opportunities you could avoid by ensuring that prospects have no trouble finding a way to get in touch. The hidden ROI here is the business you don’t lose because prospects couldn’t find a way to contact you.
3. Current Content
Regularly updating your content is crucial to your bottom line. Not only does it help keep your audience engaged long-term, but it also keeps them well-informed. By avoiding stale content, you actually get to retain all those customers who might have lost interest in your brand otherwise. More hidden ROI!
4. Preventative Maintenance
The true value of digital marketing also lies in what doesn’t happen. Malicious hacks, server issues, and glitchy technical problems make your investment in website maintenance a clear factor in maintaining and growing your ROI. By having a dedicated team that’s always keeping an eye out for any potential issues and promptly taking care of them, you can avoid those dreaded crises that could have seriously impacted your business. Trust me, having that proactive monitoring and mitigation in place is truly invaluable.
5. Efficient Spending
Digital marketing ensures that your advertising dollars are spent effectively, targeting the right audience, and excluding demographics, placements, and keywords that waste your ad budget. It can be a bit tricky to showcase the tangible benefits of avoiding wasted ad spend but believe me, it’s like finding a hidden treasure of return on investment!
Digital marketing is a powerful tool for prospecting and lead generation. It truly is a game-changer when it comes to finding and nurturing leads. With so many people and businesses out there in the endless online landscape, it helps us connect and identify those who could become our most valuable customers.
7. Research and Comparison
Your digital presence allows potential customers to research and compare your offerings to competitors. If you’re not an active participant in your audience’s online shopping process, you’re going to be left behind. This hidden ROI is about being the go-to choice when prospects need to make informed decisions.
8. Growing Contact Lists
Email marketing has a great ROI, but you can’t take advantage without having people to send emails to. Building email lists is an investment in your future engagement. It’s a smart investment that pays off in the long run. The hidden ROI comes when you can consistently engage with a warm audience who is primed and ready to connect, buy, or refer business your way.
9. Talent Attraction
Did you know that having a kick-ass digital presence can make a huge difference in attracting the best and brightest talent out there? When your online presence is top-notch, it really showcases your success and dynamic nature as a business. And you know what’s even better? It can save you loads on those pesky recruiting fees while bringing in higher-quality hires.
10. Internal Cost Reduction
Digital marketing can have a great impact on reducing a range of operational and sales costs, including customer support, sales qualification, and FAQs. The exact savings may vary by industry, but they are real and impactful to your ROI.
11. Word of Mouth
When your audience shares your digital marketing content (which is way more shareable than traditional marketing efforts), it actually creates a ripple effect of word-of-mouth marketing. It’s a hidden gem that can have a massive impact on your brand’s reputation and reach, and it’s something you definitely shouldn’t overlook when weighing the value of digital marketing.
12. Time and Experience Savings
When it comes to digital marketing and agencies, having a team that knows your brand and design style can save substantial time when creating new web pages, ads, emails, and other marketing materials. You can also benefit from the wealth of experience an agency provides as they have behind-the-scenes access to see trends across industries and have tested what works and what doesn’t.
While hidden ROIs play a critical role, trackable ROIs are more tangible and directly associated with specific metrics in digital marketing.
1. Impressions, Engagement, and Conversions
The trio of a data lover’s dreams. Measuring the reach and engagement of your digital marketing efforts can help gauge brand visibility and customer interest, and tie specific marketing activities to revenue.
It’s much easier to track warm bodies (or contact form submissions) than other indirect marketing activities. Tracking the number of leads generated through digital marketing campaigns provides valuable insights into your sales funnel.
3. Return on Advertising Spend (ROAS)
ROAS is a vital metric that directly measures the effectiveness of your paid advertising (PPC) campaigns, helping you optimize spending and get the most “bank for your buck”.
When it comes to running a business, sales really are the name of the game. And guess what? Digital marketing can actually be a huge factor in driving up your revenue and meeting sales goals!
In today’s competitive business environment, digital marketing is not just some random expenditure; it’s a smart investment that brings you rewards in countless ways. Digital marketing provides very real ways for businesses to uncover great returns on their investment. You know what’s even more amazing? The impact of digital marketing goes well beyond what meets the eye. It’s not just about the numbers you can measure directly, but about the incredible influence it can have on your overall success.