How To Improve Your ROI By Thousands of Percentages
That’s what blogger Kfir Moyal is suggesting in a very interesting posting titled on PerformanceInsider.com titled, Improve ROI By Thousands of Percentages. According to Moyal, your overall ROI can increase dramatically if you’re willing to go deep on some competitive intelligence.
Here are a few of his tips for realizing this kind of extraordinary growth in your business.
Go in with an ROI Strategy
Before you get too far along in snooping on your competitors, Moyal suggests getting a firm hand on your current ROI and deciding how big you want to build it out. Though most web publishers are content to simply not lose money, there is the possibility of building out your ROI a lot further.
Without a baseline number to work from, however, you’ll never know what direction your marketing metrics are heading.
How to Increase Returns
A good chunk of Moyal’s ROI marketing technique is based on competitive intelligence. He strongly suggests sitting down and spending some quality time on your top competitors’ sites and seeing exactly where their marketing and advertising budget is going.
Not only can you get some good ideas about new techniques to try on your own site, you can also snag the names of ad networks that they’re running, and profiting from.
Do What They’re Not Doing
Digging around the competition is as much about seeing what they’re not doing, as seeing what they are doing. Moyal suggests asking yourself questions like:
- What markets are they not hitting that I could be hitting?
- Are there websites similar to the ones the competition is advertising on, but haven’t yet found?
- Be open to change. There’s no point in gleaning intelligence from another site and then sitting back and doing nothing. Just because you’ve got a campaign that’s working well, that doesn’t mean you can’t make some changes to make it work even better.
Lower Your Costs
While bringing in new dollars from new customers is always great, Moyal is also keen on finding ways to squeeze new revenue from what you’ve already got. As part of your competitive analysis, he suggests looking for ways to lower your own costs.
One really good example of this is finding out whether the ad networks you’re using are subcontracted from bigger networks. Skipping a middleman here and there can definitely help life your revenue stream.
Another way of getting more out of the money you’re already spending on advertising and marketing is by making certain that the ads you currently run are being deployed correctly.
Be especially vigilant about ads that appear in foreign markets. An English language ad won’t be all that effective in Spain, so make certain the network is giving you what you’ve paid for.
Marketing analytics don’t have to be complicated to be effective, as this take on ROI marketing proves. If you’re willing to dig around a little, you can almost always find new ways to raise revenue.
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