What
Influences Marketing ROI For
Jewellery Stores
& How to Calculate It?
Every business invests in marketing and promotion activities, but the challenge is to measure the results. It is essential to measure the marketing ROI For Jewellery Stores to know the financial feasibility of the campaign. A business needs to make a profit and by gauging the success of its marketing and promotional campaigns in terms of a higher customer acquisition rate and more customers being retained. A successful marketing campaign is necessary to maximise profitability and ensure business continuity.
How do you decide on a good marketing ROI For Jewellery Stores ?
If you need to know about it, you need to be aware of the different factors that contribute to achieving a good ROI. Various parameters are used to gauge the ROI and the period for the same also varies. For example, Paid Ad advertising can generate instant results, but SEO and Content Marketing take time to show the desired results. Research is vital in developing an effective SEO strategy, well-researched paid marketing, and content marketing strategies. A business can gauge the financial feasibility of a marketing platform from the traffic it drives to the website- which ultimately brings business for you.
What are the best channels that generate the highest ROI?
Every business wants to know the most effective platform that can yield the best results. It’s better to have a closer look at the KPIs for each marketing channel. For example, if you need to evaluate SEO results, then the amount of organic traffic will denote its performance.
The KPIs will provide insights into the performance of different marketing channels.
Marketing ROI For Jewellery Stores
After knowing the KPIs, the focus should be on deciding the budget to yield the desired results. The budgeting strategy can be based on your customer reach. Some key factors that you can evaluate are mentioned below.
- Consumer Behaviour.
- Actions taken by leads to convert them into consumers.
- Customer Engagement.
- Customer Retention.
- After-Sales Support.
Effectiveness of Outbound Marketing Efforts
Similar to the Online Marketing Efforts that bring traffic to the website, businesses can utilise foot traffic attribution to know the performance of the outbound marketing efforts to get them in your retail stores. Collect customer feedback and understand your customer base via surveys and polls. CRM integration with marketing software that collects customer data, location, and pixel tracking can help in better customer engagement.
The Bottom-line:
It is not easy to know the overall effectiveness of the Marketing ROI by monitoring one marketing channel. All the marketing activities can bring customers to stores and increase online sales as well. With marketing campaigns run across different customer touchpoints, it’s difficult to segregate the traffic. Therefore, it is necessary to evaluate the marketing performance by considering the results from all the channels.
As marketing efforts on different channels can influence traffic, surveys can be a crucial source to know where the customers have heard about you, what attracted them to your business, products they’re interested in, and other vital information. Physical store visits can be influenced by offline marketing such as Billboard, TV, or radio ads. Similarly, people might visit the store after they view the social media ads or website information. So, the traffic merges the results of the marketing channels.
How to improve the marketing ROI?
If you think you need to change your marketing strategy altogether, that might not be the case. With online jewellery building systems, you can increase customer engagement and get more sales. Online deals help you reach out to the customers more effectively and bring them to the store.
It is best to hire a marketing service provider who can guide you on innovative marketing strategies and improve the existing marketing activities. In this way, you’ll reach out to more customers and get a high ROI on the marketing efforts.
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Author
Pathik Shah
CISA, FCA, CS, DISA (ICAI), FAFP (ICAI)
Pathik is a Chartered Accountant with more than 22 years of experience in jewellery industry. Be it accounting, auditing, compliance, business process reengineering, software development, or digital marketing, he possesses all-encompassing diversified expertise.
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