When someone mentions ROI, the first thing that usually comes to people mind is Return on Investment. We all know how important ROI is in the marketing world. However, with the development of digital marketing, Return on Investment is not the only thing you need to care about. One advantage of digital marketing is that it is highly measurable, which equals to a bunch of data. Using the data properly will help businesses gain various benefits aside from financial. The world is changing. It’s not all about the money anymore. Therefore, let’s redefine ROI together, shall we?
ROI - Return on Intelligence?
Like what we said above, digital marketing offers various benefits aside from the financial aspects. Your business can gain a lot of meaningful information via measuring digital marketing performance, which can improve your knowledge and intelligence in many aspects. That’s why, for Blayzer, ROI can also be seen Return on Intelligence.
How using Return on Intelligence can improve your marketing?
Keeping track of other information beside just revenue can add the following things to your marketing strategy:
In the past, marketers usually have to guess what their ideal customers look like. That’s not the case anymore. With digital marketing, businesses can easily see who is buying their products or using their services, and gaining some insights about their life such as where they live, what they like, how often do they make a purchase, when do they like to be contacted, etc.
Knowing these insights, businesses will have a better understanding of their audience, which allows them to personalize better, segment better, and be more relevant to the customers. In short, businesses can improve their user experience.
These days, businesses can gather information about the industry and the market much more quickly and inexpensively than ever before. Do you want to know some things? Do some research on the Internet and BOOM, you get what you want. Moreover, news and information are updated every minute with the help of technology.
Learning what is happening in the market, what’s trending, what works and what doesn’t work helps your business adapt to market conditions better. You know what you should do to find new opportunities, gain more customers and increase sales.
Digital marketing lets businesses easily monitor mentions of their brand across many different channels to find out what people are talking about them, what part of the brand they approve, what makes them dissatisfied, etc.
The astute can use all of this information to provide a better customer service, create a trustworthy brand presence, and build a good brand image.
Digital marketing allows businesses to monitor their competitors marketing efforts as well. Knowing what and how your competitors are doing, what are their advantages and disadvantages will give your business a distinct competitive advantage and make you stand out from the crowd.
The future of Return on Intelligence
The marketing world changes so rapidly that measuring the Return on Investment is not enough anymore. With Return on Intelligence, the list above only scratches the surface of what is currently possible. What will be possible in the very near future? We don’t know yet. But one thing for sure, if you don’t keep track of the redefined ROI, you will miss a handful of opportunities. So, from now on, think of ROI as Return on Intelligence instead of Return on Investment.