8 Popular Ways to Improve Your Small Business ROI

Finding ways to improve your small business ROI could be one of the toughest challenges you may be facing right now.

As small businesses struggle to survive, the prospect of growth and expansion seems feeble. As a small business owner, you know what I am talking about.

You might have had to rejig your business plan, struggled with small business financing and found it tough to stay afloat in many other aspects.

Regardless of the situation though, you can work your way through the troubled waters and boost your small business ROI if you develop the right marketing strategies.

Here, I’ve put together 8 workable ways you can incorporate into your system to improve your small business ROI in 2023.

Let’s take a look.

Learn to Boost Your Small Business ROI in 2023

As a small business owner, you’re always on the lookout for ways to get better returns on investment. Take note of these 8 tips on how you can improve your small business ROI and establish yourself in the market.

1. Set Your ROI Goals

As with all marketing strategies, you need to determine specific goals you want to achieve with your investments. When you set a relevant and achievable goal for small business ROI, it gives your team the precise direction in which they need to focus their efforts.

Setting goals also helps to monitor your marketing efforts and measure your progress. Enhanced visibility, more social media followers, website traffic, better leads, or increased revenue — determine what you want to achieve and work towards achieving it.

2. Try Different Marketing Channels and Strategies

As a small business owner, you should be ready to take risks and experiment with marketing techniques if you want to increase your ROI. One such experiment can be done with different marketing channels.

According to the Attrock small business guide, marketers can boost their ROI using multiple marketing strategies for their small businesses. They also need to monitor their outcomes to rectify any issues.

Now that you know the secret to boosting your small business ROI, go ahead and invest in the best channels to reach out to your target audience.

3. Leverage Data to Create Targeted Campaigns

Data is available in abundance and when you analyze the right data it can help optimize your campaigns.

Customer data, specifically, helps you understand the needs, preferences, and behavior of your target audience. Imagine what different data analysis can do for customer acquisition.

Data can be easily gathered through social media, website analytics, sales journey, and so on. You can use an online form builder to conduct surveys, collect responses, and analyze them as well for data collection.

These valuable insights can help you predict the behavior of your potential customers and best position your products or services to match their needs.

4. Automate More Tasks

One of the easiest means to increase small business ROI is to leverage automation with the help of AI-powered chatbots wherever you can. Several complex or repetitive tasks can easily be automated to increase efficiency and earn better small business ROI.

Everything from managing social media marketing to sending personalized emails via an email hosting platform can be automated using marketing automation tools.

Based on your business requirements, you can invest in the right tools and expect to see exceptional growth in small business ROI.

5. Invest in Influencer Marketing

Should small businesses invest in influencer marketing? Yes, absolutely.

Social media influencers can be extremely beneficial in generating visibility, awareness, and quality leads through engaging campaigns.

You can find and collaborate with nano and micro-influencers in your niche and craft campaigns to reach out to an expansive target audience. The influencer can promote special coupons, contests, seasonal discounts, and so on.

You can even have multiple influencers join your affiliate program where you can pay them a commission for every sale they generate. They’ll be motivated to promote your products and services well as that also gives them a greater commission.

This can play a major role in boosting your small business ROI.

For instance, note how PollyPark has partnered with an influencer to promote its products.

6. Simplify the Buying Process

If you are an ecommerce business, you know this challenge.

Customers have grown to expect smoother and more enjoyable shopping experiences. As a small business owner, you should take a good look at your sales pipeline to evaluate how effortless the experience is.

If customer data indicates that the buyers are getting stuck at a certain point or abandoning their cart, you’ve got an issue to fix. Remove the stumbling blocks to improve sales, close more deals, and boost your small business ROI.

7. Provide Exceptional Customer Service

The growth map of your small business is directly related to how satisfied your customers are with the service you provide.

This could be the defining factor when the buyers are choosing between you and your competition.

Happy customers will not only keep coming back to you for further purchases but also could become your brand ambassadors as they recommend you to their connections. And that's a great way to outpace your competition and improve your small business ROI.

One way of doing so is using CRM innovations such as incorporating live chat into your store like HelpCrunch.

8. Equip Your Team

It’s your team that strategizes and executes every growth plan you come up with. As a leader, you’re responsible for ensuring that your team is well-motivated and equipped to do their job efficiently.

Invest in competitive recognition, change employee experiences, help them stay updated, and provide the right tools to enhance their productivity.

By providing a good working environment, you are laying a strong foundation for institutional growth and improvement in small business ROI.