What is ROI?
As you may know, ROI, or return on investment, is used for evaluating the efficiency of the investments. In short, ROI of the project tells whether it’s successful or not. This measurement is highly important for any type of investment since it’s one of the sides of the risk/reward aspect of the project.
Internet tools that drive ROI
We are going to discuss top internet tools that will help to drive ROI and avoiding poor investment decisions.
The most powerful internet marketing tool for promoting services and selling goods online is websites. Creating and managing websites became more available and affordable for wide circle of users thanks to content management systems, such as drupal, joomla and wordpress, or the simple and free blogspot, that allow even those people who have no tech background to run blogs, e-commerce websites and publish any content. Content management systems are extremely powerful business tools that bring great results with relatively low costs.
It’s important to remember that when it comes to internet marketing there are always some new but risky directions, but there are also those that have been working stably and effectively for many years. Such as email marketing. There are many email marketing strategies that can help driving ROI for your company, but let’s take a look at this one as an example: Shopping cart abandonment emails: Did you know that about three-quarters of visitors of e-commerce websites fill their shopping carts to the fullest and bail while checkout? Obviously, that’s not what the owners of e-commerce websites want, since they spent significant budget on designing and marketing their sites. In such situations shopping cart abandonment email strategy can be used.
Typically, this strategy includes sending three emails to the buyer who left your web store. The first one is sent within hours after unsuccessful purchase: you just remind that they have a full cart of goods waiting on your site. If the user doesn’t come back you send the second email in a week. Here you can show their cart and make a discount for shipping. If that tactic is also doesn’t help you send “last chance” email several weeks later. Statistically, this strategy helps to recover from 5 to 7% of abandoned carts.
To know whether your clients are happy with your services you can use analytics tools. Nowadays there are a lot of relatively cheap tools for data analysis that can help you understand performance of your website and improve online experience of your customers, which usually translates into both online and offline outcomes for your company.
Social media is another way to increase ROI of a company. Such websites as Facebook and YouTube offer abundant opportunities to market your business to a specific group of users. Create an impressive company facebook page to encourage customers’ engagement with your company’s products and services; or make YouTube videos to introduce your products, showcase your brands. Overall, social media can be a low cost internet marketing tool to not only help advertising your company’s services, but also improve customer service and hiring process.
Project management software
Another tool to drive ROI is the newest software solutions for your business. Nowadays project management software can not only help the whole company to work more productively and efficiently, it can also cut down on the expenses since they enable managers and employees to use them without help of IT department. Comindware workflow software is one of the examples of such systems. As you may know, creating and making changes in workflows sometimes takes knowing programming codes and having technical background. Therefore, when the changes in already active workflow must be made the whole process stops until IT specialists fix the situations. But thanks to flexible and user-friendly project management systems managers can make changes without any help. Task management software helps managing team’s time properly while customizable workflow process templates automate all the processes of the company. So, with some minor investments in software you get a powerful business tools that when used in full capacity can sufficiently boost your company’s efficiency and cut down on IT and communication expenses.
In conclusion: When you are considering strategies and tools to drive ROI, keep in mind that the most effective ones are usually those with average risk/reward ratio.
Jannet Sparts is working as an editor of Online Issues. She has worked as a project manager in several companies, writes for several blogs sharing her experience and observations.
**Disclosure of Material Connection:
Some of the links in the post above are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally or believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials.”