While providing the value your customers seek is one of the most important parts of your marine business, it is important that you invest in other activities such as marketing to generate leads and nurture them until they are ready to convert. Here we cover why Marketing return in investment (ROI) is important to assess the success of your marketing initiative and how it works.
Why Should I Care About My Marketing ROI?
We’ll keep this one simple. A high Marketing ROI means your marketing efforts have resulted in business opportunities that brought more profits than the amount of money you spent initially. Measuring this ROI is a crucial step to understanding the impact and effectiveness of your marketing initiative.
By analyzing it closely, you will be able to learn about what is working for your business and what needs to be improved or changed in your marketing plan.
Understanding Return on Investment
It’s one thing to say a higher ROI will increase your profits, customer base and help you grow, but it’s another to prove it. Understanding how to measure Marketing ROI is important to understand how it works so well to measure a dealership’s growth.
For example, your marketing campaigns should be bringing qualified leads that once converted into customers will have a higher value than the amount of money you are currently expending on these initiatives. This will help you track the effectiveness of most of your boat dealer marketing initiatives. Unfortunately, when it comes to the impact of brand awareness, it is harder to be tracked by ROI initiatives as it is a more abstract concept compared to actual conversions.
A great way to measure your Marketing ROI is by your “conversion rate”. Your conversion rate is the number of people who see your boat marketing campaign compared to the number of people who buy a boat from you. So, if 2,000 unique prospects visit your website and 20 of those people buy a boat, then your conversion rate is 1%. Now that you know 1% is your starting point, you can work on a campaign to improve and track your return on investment.
Increase Your Marketing ROI
When it comes to digital marketing, make sure you are getting your money’s worth. At Boat Marketing Pros, we will analyze your current conversion rate, create a plan based on your past performance, and guide you through the different steps we will be taking to improve your boat dealer Marketing ROI. Our strategies include:
- Website Design: to help you turn your visitors into prospects and then customers.
- Search Engine Optimization (SEO): so customers can easily find you on search engines.
- Pay-Per-Click: to help you beat your competitors on the Google keywords that matter.
- Social Media Management: to engage with prospective clients and increase brand awareness.
- ADA Website Compliance: to allow your website to be more inclusive for all and avoid legal repercussions.