3 Ways to maximize ROI (Return On Investment)
There is a famous 3rd Law of Newton which states, “ Every action has a reaction.” Return on investment is more or less the same, it describes the efficiency that can be achieved by the particular investment. The credibility and benefit that an investment produces is called ROI.
The irony is everyone wants the best ROI for their business but not everyone is willing to put that much strategy into the business. Here are 3 ways to maximize ROI without too much effort but before we dive into them, let us reiterate the steps to broaden the horizon of marketing.
- Who is your audience?
- How can you attract an audience?
- How should you reach your audience?
These are the prime steps that build a foundation to get you a higher ROI. Let’s hop into them.
KNOW YOUR AUDIENCE:
Who are you going to sell your service/ product? This is a question many people tend not to ask themselves and what they do is make their product so general to the public that the public can not even differentiate who it is for.
Her are some steps you can follow to narrow down your audience:
- Choose a clear Niche that states your business.
- Divide the audience on 2 big metrics i.e gender and age.
- This will help you build a buyer’s persona.
- Take an analogy to understand it better. You don’t want to sell baby diapers to the parents not having kids. They are not your focus rather those parents are who have kids. Another example is that you can’t sell your toy cars to Motor Dealers of the city, the audience here is kids.
- Targeting the right audience will save both your energy and resources.
Business owners can sometimes confuse fame with the right audience, getting famous does not mean you are available for everyone rather it means your services should reach the proper people who need them.
ATTRACT YOUR AUDIENCE
Attracting your audience can be a matter of psychology more than it could be of marketing. People want to resonate with you on the level of their needs and care. The 2 best factors that play a part in attracting your audience are:
Your customers are already in a need of something, they are searching for the particular thing that will solve their problems. There can be nothing sweeter than empathy that can catch someone’s attention in times of need. Empathy simply relates to the sense or realization to help someone and show worrying concerns about them.
This is something that attracts very human nature because everyone loves to be taken care of. Showing the audience that you are here not to just make money rather to help them out too will bring you long-run loyalty and a maximizing ROI.
Stories are the best way to resonate with your audience, some of the perks stories provide your business are:
- Customers feel going through the story themselves
- Stories create your bond with the audience
- Stories stick to the audience’s subconscious mind, reminding them of your business at particular decision points
- Stories create your business a brand
Your customers don’t say this but what they want is