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Strategy To Launch a New Product Online that will provide Positive ROI

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Strategy To Launch a New Product Online that will provide Positive ROI

In order to increase the percentage of return on investment, you must consider how and where you invest your resources. The idea is to use the budget very well to increase the chances of recovering the investment made. Before choosing E commerce marketing agency, pay attention to these strategies:

  1. Identify your objectives correctly before starting your campaign

Many companies do not measure the ROI of their campaigns because they do not set clear objectives. You must set long-term goals that can be met by achieving small goals like “increase conversions.” They must be SMART objectives:

  • Specific
  • Measurable
  • Attainable
  • Relevant
  • Limited in time

An example of a SMART objective to start your campaign can be “Convert 25% of prospects into customers within 6 months”. Of course, both the target percentage and the estimated time should be carefully calculated and consistent with the main objective of your digital marketing strategy.

  1. Choose KPIs that relate to your goals

To know if you approach your goals you must consider a series of metrics related to each of them. For example, if one of your goals is to increase your conversions by 25%, the sales level will be one of your most important KPIs, which will allow you to measure the conversion rate. The key performance indicators (KPI) are the ones that will help you know whether or not you are approaching your goals. The measurements will tell you if you should execute improvements in the middle of your strategy that correct any deviation.

  1. Focus your efforts towards the right audience

When starting an advertising campaign on social media platforms, companies generally want to reach their entire target audience through the same ad. However, you should know that this is not possible, because although a group of people meets the demographic characteristics of your target, you are probably not analyzing their context.

Within your target audience there are different types of preferences, aspirations and needs, in addition to being at different points in the purchase process. That is why you must diversify your ads for each audience you want to reach. It sounds complicated but it is increasingly easier to collect and analyze this type of information about your contacts. Through these tools you can build subcategories within your target that allow you to more and more personalize your campaigns such as:

Potential Prospects

New clients

Regular customers

Customers who have not made any purchases in months

  1. Perform tests to identify the strategies with the best results

Having a defined budget to invest in marketing, it is normal that you want to have all the numbers first before making any effort. Testing can help you to discover new perspectives that you had not considered improving it. It is an excellent way to detail which elements may be affecting or strengthening your marketing strategy in order to correct or support them.

Simple tests can be to change the font style of your website, its colours, the feed of your social networks and the location of your contact information. Although they seem small details they can give you clues about what may or may not work in your strategy. In this way you can identify at what stage it generated more conversions and decides to change it or keep it as it was.

  1. Maintain an attitude of constant improvement

Although it seems that your ROI has reached a desired percentage and you are ready to carry out your campaign, do not lose the willingness to apply improvements. If you must adjust your strategy do not be afraid to do so. Data and measurements will be your guide to grow your brand.

Paying attention to them will allow you to determine new trends and areas that you can develop further.  In addition, you must calculate how your campaign changes on each platform and customize it according to the user. For example, the strategy you use for mobile devices should be focused on those who use it the most, that is, young people. The same applies to promotional campaigns in person, by phone, email, etc.

 

 

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Ameyaw Kissi Debrah, known professionally as Ameyaw Debrah, is a Ghanaian celebrity blogger, freelance journalist, and reporter.

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