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For 2021, digital marketing is dominating the markets. Business spending on digital marketing has increased dramatically in the last few years. In 2018, 99 percent of businesses planned to increase their digital marketing spend in the next year.
Fast forward to 2021 and there are some businesses that even allocate 100 percent of their marketing spend towards digital marketing. However, most experts recommend not looking at digital marketing spending as an expense but rather an investment – one that can produce astonishing returns.
However, to get the best returns from your digital marketing spend, you need to approach digital marketing in the right way – including choosing the right digital marketing tactics with the highest ROIs.
The Importance of Measuring Your ROIs In Digital Marketing
Tracking your marketing spending and performance allows you to adjust your strategies and optimize your effectiveness. For instance, marketers that track their content marketing ROI enjoy a 72 percent success rate compared to others.
Regularly and consistently tracking the ROI on your chosen marketing also helps you get the best marketing mix. This is because it enables you to track the individual performance of specific marketing campaigns and strategies – presenting opportunities for isolation of problematic areas.
Content Marketing Continues To Lead Engagement
Engagement marketing has long been one of the best tools employed in marketing. In recent years, engagement boosting content market strategies like user-generated content and social media content have worked well for companies across the globe. In fact, 72 percent of marketers boost their engagement with content marketing, according to recent studies. According to Neon Ambition, content marketing is also a great way to create a compelling brand story and is easily adaptable if your brand has multiple target markets.
Finally, it has also been shown to generate 3 times more leads than paid advertising and can form a key part of a customer retention strategy. As for your budget, content market strategies can also be lower costing. With numbers like these, it is not difficult to see why content marketing now accounts for up to 26 percent of the marketing budget.
Email Marketing Reigns for Return On Investment
When it comes to digital marketing strategies with the best return, email marketing has held the lead for years. Estimates by Smart Insights average the return on email marketing to be $40 in revenue for every $1 spent. On the other hand, SEO generates a ROI of $22.24 for every $1 spent.
When done correctly, email marketing can help your business connect with customers – a key driver in purchasing decisions. It is also extremely cost effective.
Video Marketing Boosts Conversion Rates Offline And Online
As of 2021, 86 percent of businesses were using video as a marketing tool. When it comes to its return and effectiveness, 89 percent of marketers claim that video produces a good ROI.
For small business worried about achieving a high ROI, video marketing and dynamic video retargeting has proven to be influential on both social media platforms and the business website.
Related | 5 Reasons Why Video Marketing Can Revolutionize Your Marketing Campaign
According to EyeView Digital, adding video to your business website can boost conversion rates by 86 percent. Visual marketing tools like infographics are also 3 times more likely to be shared than other forms of content.
The ROI you get from video marketing will also depend on your implementation of a great video marketing strategy including the strengthening of the link between your SEO and video marketing strategy and connecting with the business’ core audience.
Wrap Up
When employed in the right way, digital marketing can be one of the most rewarding investments you make into your business. With so many up-and-coming digital marketing strategies out there right now, it can be difficult to decide where to invest your marketing budget. The best guide is to listen to your consumers.
Invest in research to build your buyer personas and spend time aligning it with your business goals. The better informed you are, the better marketing choices you can make and greater the return.
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