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One of the main misconceptions about implementing high ROI marketing tactics is that it's a hefty investment. And yes, the claim can be valid. After all, a poorly optimized PPC campaign does run the risk of costing a pretty penny, without actually bringing in the necessary results. But that's not to say that good marketing isn't available to low-budget and startup businesses. It's now possible to market like a big business, even if you have a small budget.
With the right strategies and a bit of elbow grease, anyone can implement high ROI marketing tactics. Sometimes, even without having to spend a single cent.
Thanks to the increasing number of powerful (and often free) tools, marketers can base their advertising decisions on reliable data. Moreover, they can quickly adjust strategies when needed and follow insights to boost performance further. And, if they mix research with creativity, they may just be able to drive conversions at a rapid rate.
So, if you're on a budget, but are looking for high ROI marketing tactics, the following are the top strategies that deserve your attention.
Content marketing
Content marketing is one of the most common low cost, high ROI marketing tactics to grow your business. If we were to speak in cliches, we'd say that content is king. But that's not how we're going to approach this. Instead, let's look at the numbers.
According to Demand Metric , content marketing isn't just 62% cheaper than its traditional alternatives. But even more, it brings in three times as many leads. And the absolute best thing about it? A content marketing strategy is simple to implement.
You can decide to focus your energy on the (now standard) blog. Or invest in social media. You can even choose the more creative path of producing podcasts or videos. But, whichever of the tactics you go with, you're sure to find that this type of marketing works. High-quality, original content positively impacts brand authority , reach, and engagement, and you can do it for free (or at a low cost).
When creating content, however, do your absolute best to make yours unique. Look for ways to entertain, engage, or educate. For example, you can take a look at what Drink LMNT is doing with their blog posts regarding electrolytes . Instead of taking a sales-y approach, they're educating their target audience about the benefits of electrolyte drinks and how they can be combined with different dietary restrictions.
SEO
One of the main characteristics of great marketing is that it helps you get results, even when you're not actively going after new clients. But how exactly can you do that? Well, the answer is search engine optimization.
Essentially, SEO is a practice that focuses on securing the best possible position on search engine result pages (SERPs). It relies on several different tactics to build the authority (and reach) of your brand and does this by directing high-quality traffic to your website.
The great thing about SEO is that, with a little time on your hands, you can take the DIY route . By covering the basics, such as choosing the right keywords for your business, you can start small and boost organic traffic without having to spend anything on PPC campaigns. And best of all, once you do reach that coveted #1 spot on SERPs for your targeted search terms, you'll be enjoying the highest CTR amongst your competition.
Social media
As of May 2020, there are more than 3.96 billion active social media users worldwide . That means that more than half of the Earth's population is spending time on a social media platform. And that's not all. Internet users spend an average of 144 minutes per day on social networking. That's not just a lot of users, but also a lot of time to engage with them.
So how do you make the most of social media?
Well, first things first, you've got to be there.
Do your research, and find out what platforms your target audience is using . Once you know where your potential customers are, make sure you're there as well.
To get the absolute most out of your efforts, follow these simple tips:
Post consistently. It doesn't have to be every single day, but make sure your profiles are regularly updated with new (or repeated content). Tools such as Buffer can help you schedule your posts, cutting down on the time you spend on your chosen platforms.
Engage with your audience. Employ social listening techniques, and look for ways to build conversations with your potential customers. Engagement leads to familiarity, and familiarity leads to sales, so make the absolute most of all available channels.
Provide an excellent user experience. It's not a bad idea to extend your customer service efforts onto your social media profiles. Being approachable and helpful is one of the main things that will drive sales. And, it costs absolutely nothing, so that's an automatic high ROI.
Drive traffic to your website. Of course, don't forget that you can easily combine SEO and social media tactics, and drive organic traffic to your site. The most basic way to do this is to share your original content.
Influencer marketing
Influencer marketing When it comes to getting the word out about your business, nothing works better than word of mouth, especially if you consider that 74% of purchasing decisions are influenced by it.
This is a clear indicator that making social proof part of your marketing tactics is something you should be considering. The easiest way to do it would be adding a reviews section to your website.
But, there's another marketing strategy that allows you to generate social proof: influencer marketing. By finding the right influencers , you can reach your target audience at a much lower cost and without the risk of losing on your investments due to ad blockers. Moreover, research suggests that influencer marketing offers 11 times higher ROI than other forms of digital marketing. This makes it a tactic suitable, even for the most low-budget businesses.
Referral marketing
Of course, you shouldn't disregard any alternative ways of building an audience, especially when you're working with limited funds.
Incentives such as referral marketing offer an excellent opportunity for most small businesses.
The following are the most beneficial results of referral marketing:
- It helps you generate word of mouth. Referral marketing works by reaching new potential clients through people they already know or follow. Because these are people from their direct environment, potential clients are far more likely to trust their recommendations than if a celebrity suggested them.
- It boosts customer retention. By offering existing clients the opportunity to get a discount, you are more likely to drive them to choose your brand for their next purchase.
Email marketing
Let's get one thing straight: old school does not have to mean ineffective.
Email marketing is still one of the most cost-effective ways for brands to connect with their audience. In fact, in 2019, the average ROI on email marketing in the travel industry was $53 for every $1 invested . And in addition to offering high returns, email campaigns are relatively easy to create. All you need is access to a tool such as MailChimp, and you're good to go.
But, while creating a weekly newsletter doesn't take too much technical knowledge, this type of marketing tactic does require a high-performing approach to lead generation.
One of the best ways to capture leads on your website is to add a popup, as done in the example below by Transparent Labs . This company's strategy was to create a series of popups that would appear in different areas of their site. Some invited people to subscribe to their newsletter by offering a 10% off coupon, while others promoted a referral scheme that customers could take advantage of.
And that's not where the potential of email ends. Once you've got a strong start to building your list of subscribers, you can also create automated campaigns. These can include welcome emails, cart abandonment messages, birthday surprise gifts, customer satisfaction surveys, etc. Not only do these help you maintain a connection with your clients, but even more, they're excellent retention strategies that will boost customer lifetime value.
Press releases
When getting the word out about your products or services, it's always a good idea to seek out channels that are already frequently visited by your target audience. And getting a mention in a high-authority publication isn't just good for SEO. It's also a great way to expand your business.
But, to get the right press mentions, it won't be enough just to put together a single-page story. What you're saying needs to be interesting, engaging, and, most importantly, original.
So, if you're looking for ways to connect with relevant publications in your industry, look for ways to inject your brand's story in your press releases . Make the headline eye-catching but straightforward. Offer up information that is relevant to the publishing channel. And, of course, don't forget to add info about your company, as well as your contact details.
Once you do get some media mentions make sure to display them prominently, like for example what Zoma has done on their homepage in the “In the News” section. This is an excellent way to leverage social proof, as well as to gain the upper hand over your competition.
Paid ads
As for the last tactic on this list, it's important to note that, while it does take a more significant initial investment, it also offers the advantage of a higher ROI. So, if you're looking for the smartest ways to spend your marketing budget, definitely consider paid ads.
PPC advertising is the perfect marketing tactic for businesses that are just getting started, as well as those who are still in the research phase. Moreover, you can use them to get the word out about any special offers or sales. But in addition to helping you reach new audiences, PPC advertising also offers one huge opportunity: to optimize your website for organic conversions. However, you need to run PPC Ads carefully to stop burning your PPC budget.
All advertising platforms nowadays come with detailed insights sections. There, you can get invaluable information regarding your digital marketing efforts. From checking whether you're targeting the right keywords, to seeing what CTA button color works best, you can find numerous ways to boost your site's performance.
Even more interestingly, based on PPC analytical data, you can make the most of the rest of your marketing strategies. For example, if you find that a particular keyword performs well on AdWords, you can go on to write original content that will target that search term . Or, if you look at audience insights in your Instagram ads and find that you receive the most engagement between 7 and 9 pm, then you can adjust your posting schedule to fit your audience's routines better.
Make the absolute most of what you've got
When it comes to high ROI marketing tactics for low-budget startups or businesses, remember that you don't have to make huge investments to see solid returns. If you want to know precisely how much to invest in marketing, it's crucial to create a marketing budget for your business. Of course, any great digital marketing strategy requires effort, but you can easily DIY any of the eight tactics mentioned above. And, once you see what offers the biggest returns, you can prioritize that strategy. And until you do find that pot of gold, make sure to always improve, come up with original content, and of course, offer a user experience second to none.
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