5 Types of Marketing That Can Grow Your Business with a High ROI
Companies that have great marketing teams have the ability to grow at a far higher rate than those that are stuck in the 1990’s marketing mindset. Digital marketing has come to the forefront of the marketing world but a well-rounded marketing approach is still necessary. Traditional marketing forms still garner results so these tactics like that of referral marketing or direct mail marketing still deliver on ROI. Creating a multifaceted marketing campaign will take work so set goals for each facet of the campaign. Utilizing the data of previous marketing campaigns can allow a business to allocate budget in the appropriate manner. A company should not be unwilling to modify their marketing approach if it is not delivering the results needed. The following are 5 types of marketing your business to help it grow while keeping ROI in mind.
1. Content Marketing
Content marketing is a driving force in the online marketing industry as the mantra “content is king” now rings true more than ever before. Content marketing not only can help with a brand’s reputation but it can also showcase their expertise through content created. Possibly the most intriguing part of content marketing online is that of climbing the search engines. Ranking on the first page for a competitive term can allow a company to drum up through search results. Trying out different types of content to market is important as video content is more popular with certain demographics while others prefer written content. Consider podcasting as well as this can help build rapport with listeners and humanize the company to current customers and future customers.
2. Social Media Marketing
Social media marketing needs to leverage quality content much like content marketing as it is a form of content marketing. The social media accounts can have many uses including promoting content that the company has written for the blog or for related publications. Using the different platforms appropriately is important as well as a travel based business would do far better on Instagram than that of Twitter due to the ease of viewing pictures. Schedule out posts for the month on all platforms and try to get the same usernames for each as it will make it easier for followers from one platform to follow the company on another. Engage followers by commenting on industry topics and answering questions as well as complaints customers might have.
3. Direct Mail Marketing
Direct mail marketing can be a great way to close sales of those that are in the sales pipeline but never decided to purchase. These “cold prospects” could have not had the budget for a purchase or did not need a product or service at the particular time they were pitched. Sending out discounts to customers that have not bought from the business in a while can be enough to bring them back. This is done frequently by restaurants if a customer has filled entered a business card into a drawing for a free lunch. 5X7 envelopes containing new services being offered with a discounted rate can attract long time customers that have stopped buying for some reason. At times people just need a reminder about what a company can do for them and the problems the company can help solve.
4. Referral Marketing
Your current customers can be one of your greatest sales tools especially if they are happy with services your company provides. Incentivizing current customers with discounts on future business done with the company can be enough. Advertise the rewards for referring a new customer as new customers retained will grow the business for years. The cost of acquiring new customers will be far lower with this type of marketing but might not garner the volume of sales that other tactics will. A personal referral from a friend gives the new customer confidence that they will be valued otherwise their friend would not have referred them. Giving a customer a referral code can help maximize the number of people they recommend the business to as well as making it easier to track rewards whether they are discounts or cash incentives.
5. Influencer Marketing
Influencer marketing is also another form of content marketing but it differs due to the immense following the influencer has. Unlike a person reading a website daily a person following a person on social media followed them due to interest in them. A website can have multiple writers or content creators so recommendations might seem more commercial than personal. Partnering with an influencer that built trust among their followers is the best thing that can be done for ROI. Without that trust the influencer’s followers might see a post as just another generic ad that are becoming more prevalent among those with large followings.
The above 5 niches of marketing will deliver a great ROI if strategy is based on data. Take the time to see how each type of marketing could possibly benefit your company today!