In today’s complicated marketing world, too many advisors guess at their marketing strategies and often their tactics fall short. Yet, in a world that is becoming more and more digital, so much of marketing is now trackable.

Marketers should not be blindly throwing darts against a dart board, hoping they hit their target. Instead, marketing should be delivering a positive return on investment every year. In other words, it should now be more of a science than a guessing game.

The following are five tips from a new presentation I created called Improving Your Marketing ROI:

1.  Have A Plan

Before measuring ROI, know what the business goals are. How is marketing going to contribute to these goals and the increased success of the organization? The more specific the plan the better.

Mae West once said, “Knowing what you want is the first step toward getting it.”

Once there is a vision and a plan is in place, set up a dashboard to measure the goals are being met on a regular basis. That means going back to the plan at least quarterly, but preferably monthly. By creating and updating charts, not just displaying numbers, it seems to motivate the majority of us that are visual learners.

2. Improve Event Marketing

Rather than spend money on the large client appreciation event that is super expensive and brings in few referrals, consider a much more pinpointed approach.

Small client events where the clients fill the room is the secret to drastically improving the odds of closing new business. Where does it make more sense to spend money? On an event with 10 clients and one prospect or one client and 10 prospects?

To fix the client-to-prospect ratio, start with the clients’ interests first.  What will they get so excited about that they will passionately invite their network to attend?

Whatever the ideas, track the expense, which should include both time and dollars. Compare that to the new business. The good thing about measuring events is that usually within three months to a year it is clear if prospects have been converted to become a client. This makes it easy to calculate event marketing’s ROI.

3. Enhance Email Marketing

One of the main ways that advisors communicate with clients and prospects is through email, however email is going to become less and less effective as it becomes increasingly more difficult to get people to read emails, with more and more emails coming at us from more and more sources every day.

To make improvements, get scientific. Use a tool like Constant Contact that gives marketers important analytics. Know how many of your readers open emails via mobile devices. (If you do not have a mobile-friendly template, it is time to do so.)

Conduct A-B testing. By comparing different subject heads, topics, pictures, videos and more, it becomes clearer what drives the best results with different audiences. Smart marketers have higher open rates, better click-through rates and ultimately better conversions.

One email tactic that is blowing away traditional emails is personal video emails. They have a wow factor, as many individuals have not received them. This leads to better open rates, click-through rates and better business results. Learn more at BombBomb.com/ByrnesConsulting.

4. Upgrade The Website

The website is the hub to a great online strategy that includes emails and social media. It is likely time to invest in an overhaul.

The clear majority of Americans are now accessing the Internet through handheld devices. If your site is not mobile-friendly, it has to be updated.

Like it or not, advisors are now in the publishing business. It is important to not just tell people what you do, but to also demonstrate it. That means a sound content marketing strategy needs to be created that will improve search engine optimization, regularly drive more engagement and ultimately meet the business goals.

Use a tool like Google Analytics to measure the success of the website strategy. 

Additionally, create a lead funnel on the site so new business can be sourced back to the site to have no doubt that it is resulting in a positive ROI.

5. Get Help

If marketing is not your expertise, partner with an expert that can support your organization. However, do not hire a marketing agency with “fluffy” advice. Hold them accountable to help meet your business goals. 

Many firms just promise improved brand awareness, but that is hard to track and often is not effective. Instead, pick a firm that is focused on delivering positive results. Define what the desired outcomes are before hiring the outside resource. Avoid getting locked into a long-term retainer. After collaborating, measure that a positive ROI is achieved!

Mike Byrnes is a national speaker and owner of Byrnes Consulting, LLC. His firm provides consulting services to help advisors become even more successful. Need help with business planning, marketing strategy, business development, client service and management effectiveness? Read more at ByrnesConsulting.com and follow @ByrnesConsultin.