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Calculating marketing ROI is the science of measuring to which degree a marketing campaign contributes to the company’s revenue growth. When a marketing campaign, tool, or initiative doesn’t generate healthy returns on investment, it needs to be binned. Typically, companies calculate their marketing ROI on a yearly or campaign basis.
(Revenue Growth – Marketing Expenses) / Marketing Expenses * 100 = Marketing ROI (in %).
That’s the basic formula marketers use to determine how much revenue growth is tied to their marketing efforts.Is marketing ROI a good metric to judge whether a marketing campaign or initiative is successful or not?
- 35% of the leading marketers in the world claim that this metric is “Extremely Important” for their campaign goals.
- The rest of the marketers interviewed in the survey also use the “marketing ROI” metric in their campaign reports.
So, how can a marketer improve a specific marketing campaign or initiative’s ROI? That’s where the following growth hacks can help.
Marketing ROI Growth Hacks
In the marketing world, growth hacking means shaping your campaigns to be more metrics and ROI driven. Finding target customers and getting their attention for your marketing materials should not be a guessing game. If you install the right pop up banner at the right location at the right time – it will generate returns.
The following growth hacks are designed to help marketers perform banner marketing with better metrics. –
Hack #1 Install the Banner in Crowded Areas
You may design the most stunning banner in the world. But, if you don’t install it in densely crowded areas, not many will see it, let alone admire it. Choose the locations where you will install your custom pop-up banners before ordering the items. Customize the banners keeping your target audiences in mind.
For instance, if your target audience consists of middle-aged men, consider installing pop-up banners in office areas. The banners’ design should suit the locations where they are installed. Also, install the pop-ups in crowd-facing spots. Don’t install them in regions where they’re not directly visible to passers-by.
Hack #2 Use Short URLs to Track Engagement
Most modern-day pop-up banners feature website links that encourage viewers to visit. Use URL shortening tools to make the website link appear clear, small, and succinct on the banner. Redirect anyone who clicks on your banner’s link to specific landing pages. Their engagement will be recorded automatically. Plus, they may shop or learn more about your brand via the landing pages.
Hack #3 Discount Codes
Let’s say 500 people see your banner ad every day. Only 1% click on the website link printed on the banner. That’s five people which is great but not enough. To convert this 1% into 10%, give your target audiences some incentives. Offer them discounts, special deals, or other benefits for visiting the website. Assess how many people availed of the offers. Use this metric to calculate your ROI.
Hack #4 Keep Improving with Results
The last hack is simple – collect data and analyze your marketing ROI on a consistent basis. Repeat the first three steps. Use the insights you gain to re-adjust your banner marketing campaigns accordingly. “Hack” your way to banner marketing success with this guide!
