Top Ten Tips to Get Better ROI for Businesses

Return on investment is the comparison between the amount spent on a campaign and the revenue generated from it. It is the key concern of every brand’s existence. Despite being an important metric, businesses struggle to maximize ROI. On a simple level, return on investment is the money spent vs money gained on the particular activity.

After the onset of the COVID-19 pandemic, businesses are experiencing an increase in budget cuts, which have been more frustrating than ever. According to Gartner\'s research, 44% of CMOs faced budget cuts in the wake of the Pandemic. Increasing ROI is still and will always be an imperative for businesses, but with limited resources at disposal and mounting pressure to perform, the question remains - how to improve ROI?

Technology is having a profound impact on business ROI. From streamlining the operations and improving the bottom line, to enhance the processes, there is no doubt that technology is a solid investment for any business. The monetary impact of integrating technology like moLotus into the business landscape is immediately evident. Brands across the globe have instituted innovative ways to increase ROI, especially during the ongoing pandemic. These ways include the adoption of new-age digital tools and technologies like moLotus. 

If you want to increase your ROI, here are the top ten tips to get better ROI for business and make the right moves:

1. More Lead Generation

Leads are the lifeblood of any business, and a good lead generation strategy is key to long-term growth. Businesses focused on ROI are great at acquiring more new leads. Having a return-oriented business lead generation strategy in place helps businesses turn visitors into paying customers. Research shows that mobile advertising platforms are best at generating more leads and securing better returns on investments. Mobile-based lead generation campaigns using tools like moLotus create innovative and eye-catchy messages that quickly induce customers to purchase products or services. It is noteworthy that optimized and spam-free moLotus lead campaigns are assisting businesses to attract more leads than any other tool. The platform is successfully generating more leads for marquee brands at optimum cost per lead by building trust among the consumers and increasing ROI.

2. New Customer Acquisition at Optimum Cost

New customer acquisition is imperative for businesses to earn more. However, it can sometimes prove to be expensive. On average it costs eight times the amount of money to get new customers as it does to retain an existing customer. However modern technology like moLotus has made customer acquisition more cost-effective.  moLotus customer acquisition campaigns are helping businesses in strengthening their customer base and increasing return on investment. There are many more tools like HubSpot, Marketo, etc. that help businesses in getting new customers however at significantly higher costs.

3. Better Customer Response & Conversion

Together with lead generation, high customer response and conversion contribute towards more ROI. Suitable consumer response to advertising adds to business returns. moLotus video ads are assisting businesses in getting superior customer responses leading to a better return on investment. Studies reflect that increasing sales conversion via moLotus has been the fastest and most cost-effective method to garner the best ROI for businesses even in tumultuous times.

4. Optimizing Marketing Costs

Optimizing overall marketing costs have a massive impact on profitability and return on investment for businesses. A significant way to reduce business costs is by using new technology like moLotus. After the onset of the global pandemic cost minimization has become the top agenda for brands, resulting in return enhancement. They are creating effective campaigns on an extremely tight budget leading to a high return on investment. Unlike moLotus, traditional platforms like Facebook, YouTube. etc., are gradually losing their cost-effectiveness contributing less ROI. moLotus has proved to be the most lucrative option for businesses to reach customers directly and keep them engaged on their mobile devices at optimum cost without any app download or involving data charges.

5. Personalized Communication

Studies reveal that personalization not only opens up new ways to boost business revenue and conversions, and to acquire and retain customers, but it helps businesses get more out of their existing marketing spend. Nowadays consumers expect a high level of personalization from brands. They feel demotivated when a shopping experience is impersonal. Therefore investing in personalization builds stronger customer relationships,  creating better experiences and payoffs for businesses. Brands are fast adopting disruptive technologies like moLotus to send hyper-personalized messages to their customers striking better engagement and profitable deals. moLotus hyper-personalization tailor brand messages are using customer names and relevant customer data while customer interaction. Most businesses are using moLotus to target customers via hyper-personalized recommendations, offers, and other messages to bring in more sales and return on investment.

6. Effective Brand-Customer Interaction

Customer interactions affect how customers perceive a brand. Consistent positive interactions create a positive impression in the minds of customers. Contrarily, consistent negative interactions create a negative impression for the customers. Studies unveil that a major share of business profits and ROI depends on effective brand-consumer interaction. A Forrester Research study found that brands providing consistently positive customer experiences via better customer interaction outperformed their competitors. Big brands are working deeply on interactive campaigns via innovative platforms like moLotus offering multiple interaction options like SMS, Callback, Click URL, and more. 

The platform supports many rich media formats including video, dynamic greetings, brochures, slideshows,s, and showcases. Brand stories are being created by adding product pictures, voice-over, and music, creating attractive storyboards, brochures, catalogs, and HQ videos upto 40 sec. enabling two-way contextual customer interaction. 

7. Make Purchase Easy & Convenient

Customer Convenience increases conversions and ROI. Nearly 80% of American consumers say that convenience is one of the most important elements of a positive customer experience. Therefore, brands are prioritizing technologies like moLotus that provide convenience to their customers. For instance, customers watching moLotus mobile videos can easily understand the products and services at their convenience. Recent global consumer surveys indicate that the pandemic-hit customers mostly expect digital and at-home purchasing options from brands. They can digitally access the product info and purchase them almost in a click. moLotus has revolutionized the purchasing process for customers making it easy and enjoyable. Now they need not interact at all with intrusive sales staff or visit stores. The e-commerce sales have increased due to convenient moLotus mobile purchasing opportunities resulting in high ROI for e-commerce Brands.

8. Transform Customer Processes 

During the current pandemic digital transformation has become one of the top priorities for business leaders across the globe, as brands allocate more funds to technology that will position them for better ROI. They are automating processes to improve efficiency, reduce costs and enhance the bottom line. Process automation via breakthrough transformation technologies like moLotus provides businesses the opportunity to transform their customer processes and lower cost. Industry verticals like Banking and Insurance are fast adapting moLotus to transform their customer processes achieving high ROI. Businesses are automating and transforming entire customer-related processes for the verticals right from lead generation, customer onboarding, customer support, mobile trade & commerce, outbound calls, loyalty cards, and more. 

9. Encourage Upselling & Cross-selling

Upselling and cross-selling strategies aim to increase customer demand and assist businesses to drive maximum ROI. Businesses have achieved high profits margins during the current pandemic times by running upselling and cross-selling campaigns via tools like moLotus. They have been designing innovative upselling and cross-selling campaigns via targeting huge customer databases and generating instant sales. The creation of new products and services by businesses keeping in view the changing needs of customers has further added to more upselling and cross-selling opportunities and ultimately more return on investment.  

10. Focus on Customer Loyalty & Retention

Loyalty campaigns ultimately aim at ROI maximization. Research shows that existing loyal customers tend to spend more easily on products and services than newly acquired customers. Digital technologies like moLotus have disrupted loyalty marketing adding to the bottom line and return on investment. moLotus offers innovative loyalty campaigns targeting special occasions like birthdays, anniversaries, reminders, and festivals yielding significant ROI. These campaigns are custom-branded with options for name, greeting, reward, call-to-action for each customer. 

Conclusion

From the ROI standpoint, one thing all the winning brands have in common is a focus on the problem and rapid adoption of a solution. Maximizing ROI without placing too much effort is no longer a myth. With the advent of tools like moLotus, it isn\'t difficult to accomplish. With careful strategizing and embracing technologies, your efforts will yield a good ROI to drive your business success.