How to Optimise Your ROI? 7 Easy Tips to Understand

Return on investment is one among the popular strategies to measure the effectiveness of any business strategy. Whether it is advertising campaigns or to increase business efficiency, ROI optimization plays a prominent role.  Getting more returns on every dollar’s expenditure is every marketer’s wish. However, how do you consistently optimise ROI? Here are 7 simple tips that are well defined by Teldrip experts.  In this blog  we are here to assist you comprehend and effect strategies that enhance your profits.

1. Set Clear Objectives

The best way to optimise ROI is to lay a good groundwork. Use different objectives before setting up your campaigns. Whether you are generating leads, increasing sales  or developing brand awareness, go for effective strategies. If you don’t set a clear goal then you will face difficulties in measuring the results. You won’t be able to know what to measure and how to measure.

Why is this important?

If you have a clear goal, it will be easy for you to optimise . You can use the available resources in your favour of optimization. This plays a big part when you want to keep track of individual accomplishments. So that here you can plan throughout the development process to  track each progress. A survey by Hubspot brings into notice that 67% of business organisations that have goals established mostly meet the goals as compared to organisations that do not set goals.

2. Leverage Data-Driven Decisions

Data never lies. Use experienced insights from other marketing campaigns to run in the past. Because it will help  in decision making and analysing the trending patterns. Analysis the customer interactions, preferences and activity logs to determine the best and worst strategies.

Use advanced tools

Social media marketing analytics also possesses the potential to provide a definitive assessment of a campaign’s success. The assessment can be done by way of exposing customer acquisition costs along with conversion rates. There is wisdom in getting to know the top performers to enable you to target your efforts properly.

Statistic to note

Salesforce identified that companies which effectively incorporate data-driven marketing are 23 times more likely to collect customers as compared to the companies which do not incorporate it.

3. Optimise ROI for Call Tracking Solutions

In ROI optimization, call tracking techniques have a majority of share. The industries involving phone conversations in their sales lead capturing value call tracking. Because it is a must-to-include tool in ROI optimization. The proper call tracking solution is all about tracing which campaign leads to customer calls and how well it converts.  It means you need to determine which of your campaigns directs customer calls. And which calls are effective in converting leads.

Why is this crucial?

The tools for call tracking used like in Teldrip  help to identify which marketing source is giving the most conversions. As all the calls can be associated with the respective ad campaigns. This will imply that you can channel more resources to the channels. The channels yield positive results and minimise those ones, which are not working.

Benefits of call tracking for ROI optimization:

• Monitor conversion from calls made to the business

• Data utilisation on  improving call management with agent performance.

• Determine those marketing channels that generate more quality leads.

Pro Tip

Using call recording and real time bidding especially on high value leads can make a huge boost on conversion rates. Another analyst, Forrester has summarised that the key marketing players implementing call tracking technologies have seen an overall, a 15% increase in the average revenues per employee in the initial six months of implementation of call tracking technologies.

4. Increase Marketing Efficiency

Globally speaking the greater the efficiency of marketing communication the greater the return on investment. Efficiency is the ability of doing more with less. Where one can be able to get more leads without necessarily having to spend a lot of money. One way of achieving this is by being more specific to the marketing mix used in the marketing operations.

How to improve marketing efficiency?

Experiment on various marketing strategies like pay-per-click (PPC), content marketing, ans social media ads, to evaluate their performance. You need to change the budget spending strategy. Need to allocate resources on channels which are very much effective. Employ automation features that can minimise unnecessary tasks including email follow-ups, ad retargeting among others.

Statistic to consider

According to Deloitte insights, companies focusing on improving marketing efficiency can boost their ROI by 28%.

5. Focus on Customer Retention

Having a customer is way better than acquiring a new one since it costs less to have one in comparison to the other. As Harvard Business Review has pointed out, customer retention is inextricably linked to the profit levels, and with a 5% boost in retention rates, profits of anywhere between 25% and 95% can be achieved.

How does this impact ROI?

It makes customers more inclined to repurchase, recommend friends and family and indeed interact with the brand. Promoting loyalty programmes through rewards, using customer names and addresses and first rate customer care will help to increase retention rates and get more profits from existing clientele.

6. Use Real-Time Monitoring

Campaign performance tracking gives you an avenue to make a real-time report. It makes changes when it is necessary. This agility implies that one can make a change and set a new level of performance. The performance which he wants to achieve during the campaign period. It does not let you wait until the end of the campaign to set a new record.

How does this improve ROI?

If it is done in real time, you shall be able to know that certain campaigns are not generating the targeted traffic. Therefore you may transfer the funds to more effective campaigns within a few moments. This has the effect of eliminating wastage in spending and optimising a company’s yields.

Statistic to support

According to Gartner, it is stated that using real-time analytics various business entities experience 30% enhancement in campaign outcomes.

7. Evaluate and Adjust Regularly

Return on investment optimization is not a one-off process. Ensure that you make assessments on the performance of your campaigns often. Whether there are changing requirements, those you ought to. This involves going back to the intended goals. Compare it with goals that have been set. It helps in evaluating new information or experimenting with the strategies.

How to do this effectively?

• Organise for bi weekly or monthly reporting.

• Determine those ad campaigns,which are going to deliver the highest return on investment.

• Slight adjustments need to be made and tested before allotting a huge amount of effort to organise a new strategy.

Pro Tip

It is possible to achieve a sustained improvement of ROI through an ongoing testing and fine-tuning process. For instance, A/B testing is the best tool when it comes to fine-tuning. Such aspects as the headline copy or the call to action buttons or even the overall designs of the landing pages.

Marketing Efficiency Experts: Teldrip’s Service

Are you looking for effective strategies to boost your business ROI? Don’t go anywhere before trying Teldrip. Teldrip has the best tools to use when you need to enhance your marketing process. And access effective results based on ROI. As a class, a call tracking solution, Teldrip helps marketers to improve their campaigns’ efficiency by providing accurate call attribution and live stats.

Why Teldrip?

Teldrip not only tracks calls but also indicates where the company should place advertisement’s budget for the most effectiveness. Real-time bidding, intelligent call routing, and self-serve analytics can help you to manage your campaigns to display best effects and achieve better ROI.

Here’s how Teldrip improves marketing efficiency:

• Dynamic Call Tracking: Trace every single call back to its origin and know which of the marketing efforts are yielding the best returns.

• Advanced Fraud Detection: This will make sure that only real calls are processed, thus making the overall calculation of ROI a bit accurate.

• Real-Time Reporting: Manage real-time and accurate decision-making on the fly so as not to waste any of the campaign dollars.

Teldrip’s edge in ROI optimization

Teldrip highlights, used for fraud detection, advanced reporting and integration with CRM. So that it can easily be found to increase marketing effectiveness in similar businesses by up to 25%, as per internal research shows.

Take Action to Optimise ROI

The essence of achieving the most amount of return from the least investment an organisation can is to simply work smarter. To begin with, establish the objectives, engage mostly in the data analysis section, and then adjust your marketing plans. One should make the right investments in call tracking solutions like Teldrip so that there is no loss of opportunities that can generate more leads and therefore higher revenues.

Final Thoughts

Do not neglect monitoring and analysing of the campaigns as well as optimising them. ROI optimization is not a solution where you complete the process and stop, it is a process that never ends. If you follow the guidelines outlined here, listed above in the blog according to Teldrip experts, you would be on the right track to achieving your goals towards high returns.