How Does Hiring a Digital Marketing Firm Increase Your ROI?
Marketing is essential for all businesses, especially digital marketing, because most interactions happen online now. Unfortunately, the issues of funding your strategy and expecting a good return on investment (ROI) mean taking extra caution with any form of digital marketing.
Enter a Chicago digital marketing agency that knows exactly what to do to help you.
This guide looks at how hiring a digital marketing firm increases your ROI, including:
- Five ways your business sees a higher ROI with a digital marketing partner
- Three signs that you need to hire a digital marketing firm immediately
There’s a lot to discuss, so get ready to take notes.
Are you looking for a full-service digital marketing agency? See the DAP difference below!
5 Ways a Digital Marketing Firm Increases ROI
Outsourcing is not a decision to take lightly. You are handing over major responsibilities to a third party, which is understandably concerning. Among other benefits, however, hiring a digital marketing firm unlocks the potential for a better long-term return on investment (ROI).
1. Know the Best Strategies for Your Business
The concept of digital marketing covers a wide range of strategies and best practices that you can use to grow your online customer base. Publishing high-quality content is one of them, as is posting on YouTube, to double your online visibility. Here is a breakdown of marketing strategies:
- Content powers your website, so naturally, it is an important asset in drawing traffic.
- Pay-per-click (PPC) ads give you an immediate boost and make you more visible online.
- Email marketing is a powerful and efficient way to reach and convert leads to customers.
- Social media is an excellent brand-building tool for connecting with your customers.
- Local marketing taps into your surrounding area for leads through local business listings.
2. Unleash the Power of AI-Powered Marketing
Chatbots are not just some fancy novelty. Artificial intelligence (AI) has a genuine place in your marketing strategy. Through conversational marketing, you harness the potential of AI in digital marketing. Put bots on the front lines to interact with customers and answer basic questions.
Other AI-powered strategies that you can expect from a digital marketing firm include the following:
- Using automation to speed up mundane and repetitive processes, such as ad bidding.
- Deploying dynamic ads to intelligently match viewers with ads that most appeal to them.
3. Identify Marketing and Sales Qualified Leads
Knowing where to find leads is good because you want to know that your marketing efforts lead to an ROI. Finding marketing-qualified leads (MQL) and sales-qualified leads (SQL) is even better because, based on certain factors, these people are most likely to become customers.
This is where outsourcing companies, such as a Chicago digital marketing agency, excel. With their knowledge of and experience in all forms of digital marketing practices, you need only wait for the leads. That is when you start working on converting them to paying customers.
4. Have a Customer Retention Strategy in Place
Making one sale or selling one subscription does not equal an ROI. Out of thousands of leads, only a handful are likely to convert to customers, which equals a high investment. With the amount you spend to run the marketing campaign, you also have to guarantee that clients stay.
Fortunately, any good digital marketing plan includes a customer retention strategy. Continued support and constant contact after conversion, whether through emails or social media, are necessary. Drops in customer experience (CX) lead to drops in satisfaction, which turns off customers.
5. Lower Your Business’s Cost-Per-Acquisition
Reduced cost-per-acquisition (CPA) results from all of the above-mentioned business benefits. An added benefit is when you realize that customers who have a good experience with your business will likely recommend it to their friends and families, for free.
Essentially, a digital marketing firm helps your business by finding new customers and retaining existing ones, ultimately reducing costs and allowing it to grow. By lowering expenditures, your business starts to see a better ROI, which is the goal of a digital marketing firm in the first place.
3 Signs You Need a Digital Marketing Firm ASAP
There is no right or wrong time to hire a digital marketing firm, only a better or worse time. If you want to know whether you should find one for your business, look for signs that you need assistance outside of yourself. It might not always be obvious, though, so start with these three:
1. Your Business Fails to Pick Up Online Traffic
If you follow search engine optimization (SEO) best practices that are similar to what a Chicago digital marketing agency might do, then your website should naturally perform better over time. It takes a while, but it should happen. If online traffic stagnates, it may be time to find help.
Even with help, success is never guaranteed. However, if your website is not improving, you might be incorrectly applying techniques. Hiring a digital marketing firm should get any errors corrected quickly.
2. A Good Portion of Your Customers are Online
You might not realize it yet, but the online space is where businesses truly thrive. Just think of how recent years have shaped consumer behavior. The emphasis on convenience has allowed many companies, through social media, to step up and meet growing consumer demand.
Therefore, moving forward, digital marketing is a must for all companies. Without a well-made digital marketing strategy in place, you miss numerous opportunities to grow your business. When that happens, you’ll struggle to catch up with new and existing competitors.
3. Specialized Tasks Slow Down Your Business
A digital marketing plan has various moving parts, each requiring a different skill set to create. For instance, every PPC campaign needs ads designed for a specific business with a particular target market. Once you have the ads, someone must upload and run them.
Those are only some of the steps involved, but each is the responsibility of a different person or department, all for running a PPC campaign. You can put all of that on one person, but get prepared to wait a while before that method shows any results for your business.
In a perfect world, your ROI would only ever go up. However, the reality is that oftentimes the odds are stacked against you. The slightest shift from trends, to consumer behavior, to best marketing practices, can easily tip everything out of balance. Unless, that is, you come prepared.
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