We encounter many companies and people who either don’t really know what marketing is all about, or don’t understand its value. Unfortunately this is common and goes from branding, to websites and advertising. Sometimes people think that they understand it, and insist on doing it themselves because it’s cheap cheap. But if you’re doing your own marketing then there’s a good chance that you are a) undervaluing your own time, b) overestimating what you know, and c) wasting your cash.
So down to the important part. What marketing method has the highest ROI (that’s return-on-investment)? What with the constant influx of marketing we see around us, from social media to advertising and digital, it can be difficult to decide where you should spend your limited budget. So here’s a short intro.
TV, Radio, Outdoor & Print
By far the most expensive forms of advertising. These more traditional approaches reach millions of people, but that comes with a very high cost.It can be worth it, if you’re a large company with a hefty budget to spare.
The first of our digital methods, PPC (pay-per-click) has a much higher ROI than traditional methods. In general, you’re likely to be paying GHC5 to GHC10 per click for an average campaign. If your budget is GHC1000 per month, you’ll get up to 1 000 clicks. And if your conversion rate is good (let’s say 10%), then you’ll make 100 sales. Assuming each sale is worth more than GHC10, you’ve made a positive ROI! Not too shabby.
Search engine optimisation has proven to have a much higher ROI, but it takes longer to get results than PPC. Once you get your site to the top of the rankings, it generates continuous results as long as it continues to be managed well.
Surprisingly, this one is still top of the pile. Email marketing, when done right (that means you’re sending out campaigns regularly, but not too often, with the right message and strong CTAs), it can generate great brand awareness and leads. The cost is relatively small in comparison to pretty much everything else, and people respond to it.