Volume 9, Issue 6, June – 2024 International Journal of Innovative Science and Research Technology

ISSN No:-2456-2165 https://doi.org/10.38124/ijisrt/IJISRT24JUN1135

Optimizing Digital Marketing Strategy on Return on

Investment
Maduabuchukwu Augustine Onwuzurike Augustine Rita Chikodi
1.
Higher National Diploma In Marketing ( Federal Higher National Diploma In Public Administration
Polytechnic Nekede, Owerri, Imo State, Nigeria) ( Abia State Polytechnic Aba, Abia State Nigeria).
2.
Master's Degree In Business Administration
( Lincoln University, Oakland, California, USA )

Abstract:- In the business environment globally, there is a II. DIGITAL MARKETING STRATEGY
paradigm shift in the way businesses conduct their daily
functions. In the business environment, there has been an As Cox (2012) suggests, digital marketing strategy is no
upsurge in terms of digital migration. A large percentage longer just a road that is a mile long. On the contrary, it is a
of businesses globally have shifted from analog operations complex combination of decision, attitude, and strategic
to digital. The advancement in technological innovations, planning that shows the final direction to which the
coupled with increased use of the internet among the organization must go to implement their digital marketing
general public globally has forced businesses to adopt the initiatives as Yasmin puts it.Et,al, 2015). Business strategies,
use of the internet as a platform to reach their existing and which are founded in the business’ budget, the vision and
prospective customers. The current competitive market objective of the business and the personas of the customers,
environment has forced businesses to innovate more ways can be viewed as a powerful weapon that can be used to find a
to retain as well as acquire new customers, if they are to direct path towards achieving set objectives and goals. The
survive in the current competitive business environment. main idea behind a marketing strategy is, for a business
Customers play a critical role in the growth of the company, to accomplish a particular objective like increasing
business. This review seeks to analyze how optimizing the online presence (OECD, 2012).
digital marketing strategy affects the Return on
Investments for a business. Digital marketing strategy is argued as a goal-oriented
framework of actions, for which positive outcomes are
I. INTRODUCTION achieved through addressing a specific digital audience group.
In other words, this is all about regularly carrying out one or
The increased competitiveness in the business sector more fThe increased competitiveness in the business sector
globally has made business organizations realize that there is a globally has made business organizations realize that there is a
dire need to develop, manage, monitor and implement dire need to develop, manage, monitor and implement
marketing strategies in an efficient manner so as to achieve marketing strategies in an efficient manner so as to achieve
their business objectives (Bhagowati & Dutta, 2018). their business objectives (Bhagowati & Dutta, 2018).
Marketing is an important factor in any business organization, Marketing is an important factor in any business organization,
especially in the Small and Medium Size Enterprises. It is especially in the Small and Medium Size Enterprises. It is
asserted that most start-up business units fail in the first six asserted that most start-up business units fail in the first six
months, and this is attributed to failure to have proper months, and this is attributed to failure to have proper
marketing strategies. This therefore means that the success or marketing strategies. This therefore means that the success or
failure of a business depends largely on how the marketing failure of a business depends largely on how the marketing
strategies are aligned to the needs and benefits the customers strategies are aligned to the needs and benefits the customers
or stakeholders accrue from utilizing the business’ products or or stakeholders accrue from utilizing the business’ products or
services. Business organizations need to employ marketing services. Business organizations need to employ marketing
strategies that are responsive in the dynamic business strategies that are responsive in the dynamic business
environment as well as the needs of their customers (Cox, environment as well as the needs of their customers (Cox,
2012). With the advancement in technological innovations, 2012). With the advancement in technological innovations,
digital marketing has become a backbone to the performance digital marketing has become a backbone to the performance
of business organizations. of business organizations.

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ISSN No:-2456-2165 https://doi.org/10.38124/ijisrt/IJISRT24JUN1135

As Cox (2012) suggests, digital marketing strategy is no As a result of competitiveness in the global market
longer just a road that is a mile long. On the contrary, it is a environment, constant challenges and market trend dynamics,
complex combination of decision, attitude, and strategic it is important that a digital strategy adopted by any business
planning that shows the final direction to which the should be devised and developed by a highly skilled and
organization must go to implement their digital marketing competent person. Therefore, marketing leader in a business
initiatives as Yasmin puts it.Et,al, 2015). Business strategies, unit must have relevant knowledge and skills so as to ensure
which are founded in the business’ budget, the vision and that the goals and objectives of a business are aligned.
objective of the business and the personas of the customers,
can be viewed as a powerful weapon that can be used to find a It is therefore imperative that business possesses a deeper
direct path towards achieving set objectives and goals. The and clear understanding of the current market landscape,
main idea behind a marketing strategy is, for a business relevant technologies, and relevant tools and resources to
company, to accomplish a particular objective like increasing achieve the desired business’ goals and objectives (Bhagowati
the online presence (OECD, 2012). & Dutta, 2018). Globally, digital marketing has gained
presidency as a major business function in the past few
Functions like sales and marketing online via the best decades. This is attributed to the advancement in technology
available platform or suitable channel for the purpose of and the acceptance of businesses organizations to utilize
generating additional revenue streams and strengthening the digital tools in running their daily business functions. More
relations between the business and with its clients and/or importantly, digital marketing is not constrained in terms of
stakeholders. geographical and cultural aspects. Therefore, it has a
capability of reaching wider market scope within a short time,
Rowley, in the year 2011, demonstrates digital marketing its cost notwithstanding. Business organizations, with the use
as using online platforms like the Internet to market, promote of digital marketing strategies, either large or small, can have
or endorse an entity that provides products or services the ability to infiltrate and attract customers anywhere and in
(Rowley, 2011). At the discretion of the organic process, any place (Cox, 2012).
business can adopt strategies on digital marketing such as
Facebook, Twitter, Salesforce marketing Cloud (SFMC), Tuten, (2014) posits that digital marketing has in the
SEO, Website and Blog among others. Digital or online recent past become a critical component in daily business
channels are the primary tools that organizations use to functions more so in the marketing environment. This is
promote their products or services, thus, getting a wider because of the increased number of people accessing the
customer base, and also, in the process, becoming stable in the internet and the adoption of technological resources and tools
dynamic and nimble business environment that keeps on in day to da y activities like communication, acquiring
changing. Such digital marketing policies, in their turn, create government services, education, travelling, and shopping
an opportunity for businesses to segment their audiences among other daily activities. This paradigm shift in
depending on which preferences these audiences appear to technological acceptance provides an opportunity for
have, age, social and economic status. Lee and Kim (2013) marketers and business organizations to access a wider pool of
conclude that one of the advantage of digital marketing is that, customers in various geographical locations (Cox, 2012)..
it is cheap compared to the traditional ones where the startup Further, digital marketing has also enabled business
business usually send their message through various means originations to have dedicated communication channels and
such as TV, Radio, and mass media like newspapers. infrastructure with its customers in real-time. This enables the
business to understand the needs, desires, expectations,
Self-said, by Lee & Kim (2013), these digital marketing challenges and difficulties of their customers which in turn
styles are far cheaper and are more effective in terms of lead to increased customer loyalty and satisfaction and
reaching the readers than the traditional approach of therefore enabling the business to retain existing customers
advertising. However, there are a number of challenges such while at the sometime striving to acquire new customers.
as creating digital content, management, and so on (Lee &
Kim, 2013). update on sites and update customers online
regularly. It, therefore, means that businesses need to gain new
and updated skills and competencies regarding digital
marketing to realize the full benefits of digital marketing.

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III. TYPES OF DIGITAL MARKETING customers and other relevant stakeholders within all funnel
STRATEGIES segments. Moreover, it is a lot cheaper because what you will
need is the content that brings organic traffic, which is unlike
It is in the business world today where digital marketing Pay-Per-Click (PPC). A company will depend on the adoption
is of paramount importance as there is a big percentage of of quality content which therefore calls for a keen attention to
every population irrespective of their social standings look up quality of content.
either by word of mouth or by the internet, regarding specific
topics, products or services. Therefore, businesses need to  Pay-Per-Click Advertising
analyze the digital marketing strategy to adopt depending on Pay-Per-Click advertising is a digital marketing strategy
various preferences of their intended customers such as to the where business organizations or individuals pay a certain
type of digital marketing platforms they are currently on amount of fee every time their ad is clicked by the user, reader
(Bhagowati & Dutta, 2018). The modes of digital marketing or a customer (Rogers, 2009). PPC is an effective and efficient
always come in various types, and a business can now further way of generating targeted online traffic to the business’ web
widen its customer reach. A business focuses on the places pages. This is because advertisers can bid on the keywords and
where the prospects will find out about the product or services, demographics in order to reach the targeted customers. PPC is
will maybe enquire about the purchasing or buy the product or an important strategy in digital marketing because it provides
services right away. At the same time, the business covers the measurable results and also enables business organizations to
larger market share.These strategies include: control their advertising budget (Odongo, 2014) .
 Search Engine Optimization (SEO)
 Content Marketing PPC strategy to reach customers with transactional
 Pay-per-click advertising queries. These are searchers who are potential buyers of the
 Email marketing products or services the business is offering. When they click
 Social media marketing the ads, customers arrive at a landing page and see a call-to-
 Video marketing action (CTA) to convert.

 Search Engine Optimization (Seo) There are several types of PPC ads which include:
Search Engine optimization is the creation of content in  Display adverts
such a manner that search engines like Google rank an  Shopping adverts
optimized page the highest or top on the list (Odongo, 2014).  Search adverts
Search engines like Google use algorithms to decide the  Video adverts
relevance of a page as per the keywords that a user inputs. The  Social media adverts
main advantage of SEO is that it increases the brand visibility  Remarketing adverts
of a business unit. Kon the other hand, it is cost effective
compared to other digital marketing strategies like Pay-Per- PPC is thus an important strategy as it propels the
Click. business website to the top of the search results and therefore
helps the business’ search results
 Content Marketing
Content marketing strategy is a scheme in which a  Email Marketing
business entity give out channels by providing customers with Email marketing mis a digital marketing strategy which
useful and engaging content that attract and creates involves naturing potential leads, promotion of products and
connection. The mode of content delivery could comprise of services and building brand loyalty with customers through
blogs, videos, infographics, among many others. A successful email. It is a more targeted approach of advertisement as it
content marketing strategy can be something that rings with strives to retain existing customers. It is an important strategy
the reader as it helps the audience have answers (Odongo, for building brand awareness among the existing customers
2014).Most content. gives the user an overview of how to leading to repeat purchases. It is based on the theoretical
operate and use a supported device during the demonstration assumption that while this customer may not require this
session. The main aim of any content marketing plan is to give product or service, they will remember the products or service
distinct pieces of meaningful information to a specific that the company is selling when the time to make a purchase
consumer group, improve traffic between websites and bring arises (Bhagowati & Dutta, 2018). The main objective of
both the business and the customer into conversation together. email marketing strategy is to ensure that the business is in the
Technically, content marketing crafts the SEO strategy that mind of the customer while at the same time providing the
optimizes that business’ content to match searches launched customer with relevant and updated information about the
by search engines like google and thus helps the business product or service. According to Achieng, B. (2016), more
become visible online for the searches that are made (Odongo, than 80% of business organizations use email marketing as a
2014). The reason why content marketing strategy is important digital marketing strategy all the way from manufacturing, to
is that it is really strong at building better relationships with retail stores. Achieng, B. (2016) further stated that email

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ISSN No:-2456-2165 https://doi.org/10.38124/ijisrt/IJISRT24JUN1135

marketing has an average Return on Investment (ROI) of 36 In today’s crowded marketplace, a strong value
dollars for every 1 dollar invested. proposition helps your business stand out from its competitors.
When you continue to deliver on the promises you make in
 Social Media Marketing your value proposition, you can build customer loyalty and
Social media as digital marketing solution aims to boost increase the lifetime value of your customers.
the sales on one hand and to create brand recognition at the
same time. Social marketing media is inclusive of all the Through this, percentage of sales of individual
social media sites including Facebook, Twitter, Instagram, businesses with respect to products/categories can be known.
Linkedin and Pinterest among others. 70 percent of enterprises Market share definition is the hair cut of the complete sales
around the world take advantage of social media marketing volume/revenue of a particular product in a particular market
strategy as a great opportunity with widespread implication by a company or brand.It provides an indication of a
because a high proportion of the global population has social company’s relative competitive position within a market and
media account hence it is a good haven for marketing to such can be used as a key performance metric to track growth or
a large population. Therefore, social media marketing is decline over time. When your digital marketing strategy is
exclusively online and something that can do this that a person connected to growing your brand’s market share, your
can use to reach a huge group of people. campaigns become more focused on the results that matter for
 Video Marketing your business (Yuniarthe, 2017).
Making videos as a form of multimedia marketing would
make it possible for a business corporation to enlarge its sales,
surge its earnings, and broaden its sphere of influence. With competition on digital channels at its highest level
Similarly as content marketing, business’s video marketing ever, there is little room for weak or underperforming
should primarily focus on developing and producing video strategies (Bhagowati & Dutta, 2018). But it can be hard to
contents aiming at informing and engaging target audience. keep everything optimized when you’re running multichannel
A few types of marketing videos include: campaigns. You need to identify the right metrics, analyze
● Announcement videos your data effectively, make informed decisions, and adapt to
● Behind-the-scenes videos changing trends. Your digital marketing strategy can help keep
● Instructional videos everything optimized and aligned to the business
● Event videos organization’s objectives.

Video Marketing targets the necessary people for your A digital marketing strategy enables a business
busines through grabbing the attention of your customers. A organization to have a clearly defined budget by providing a
brand awareness can later bring a strong sales performance. holistic view of what marketing team should work on
Video marketing that aims “conversion rate of visitors to (Chevalier, & Mayzlin 2006). This way, you can allocate
customers” becomes photo marketing that is now favoured by resources more efficiently to maximize the ROI of your
the majority of online marketers. (Wang, & Chang, 2013). marketing campaigns. When you have a clear picture of where
Besides the context of email and content marketing, videos your marketing budget is going, it’s easier to make the case
also fit so well within their fields. for higher budgets and more resources (Lee, et, al, 2009).

 Importance of Digital Marketing Strategy A clearly defined digital marketing strategy is an asset
Digital marketing strategy provides a clear direction for a for any business trying to reach more customers. It helps your
business organization and enables it to achieve its marketing marketing team stay aligned with your organization’s goals,
objectives (Lee, et, al, 2009). It is therefore important to improves marketing efficiency, and drives better decision-
understand how a digital strategy contributes to the overall making for your business
marketing objectives. On the other hand, a well-defined digital
marketing strategy enables the business to maximize their  Return on Investment (ROI)
Return on Investments. An exact marketing strategy is an ROI refers to the amount of leverage the investment
effective tool that allows a business company to interact with creates as a result of the amount of financial investment
their customers in a way that every customer feels special and (Helper, et, al. 2016). Back organizations turn to Return on
important. Thus, it becomes crucial determining channels that Investments calculations to determine the best scenario for
are appealing to a specific group since this will allow the investment and to select from different scenarios the one that
company to focus on the preferred content by these people would produce the biggest net income. As determined by
leading to greater conversions rates (Lee, 2009). section of Independent Economics (2013), ROI is an indicator
of performance that businesses use to gauge the effectiveness
of investment. Firstly, ROI is calculated by dividing the
monetary value of benefits from an investment by the total
cost and expressing the result as a percentage (Zaglia, 2013).

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This is the financial alliance that is used to figure out the co of Small businesses compete with big corporations by
investment decision outcome. It attaches financial gains from having a comparative advantage they gain by doing
investment – directly proportional to the investment gains – competitor’s analysis which is an essential in digital
with financial costs (Helper, et.al. 2016). marketing. The activity is crucial to remain dynamic and
competitive, especially as new brands or old ones, which can
What is ROI? ROI is an assessment term that focuses on renovate themselves continually, are emerging on the market.
the increase of profit due to a particular investment and on the Businesses take simultaneous approach here called
ratio of this increase to the costs related to the investment. The multichannel marketing which as a family comprises of PPC,
businesses apply this valuation comparison to review various SEO, social media, and so on (Lee, et, al, 2009). Their strategy
possible investment cases and figure out which will be more is helpful across the board for small and big companies in the
rewarding and will do good to the company’s growth. execution of their marketing plan. This brings equality in this
Additionally, this calculation can be adjusted to help consider competitive field.
the best options in terms of investment for other purposes that
may include buying cars, computers, paying for college, and Online platforms enable brands to be known by different
many more (Helper, et, al. 2016). The simplest form of the people around the globe through direct interaction with them.
ROI formula involves only two values: the fund invested Digital marketing has been the instrument of businesses to
amount and the profit in derived from the investment. The maintain their presence in the arena of a highly competitive
formula is as follows: The formula is as follows: market. It is in contradiction with big businesses’ online
marketing strategy which is meant to provide a better
ROI= Returns on Investment Gap= Income From Investment- opportunity of tapping into the competitive market and create
The Cost of Investment/ Income From Investment-The Cost of brand name amongst big companies (Oni, 2014).On the other
Investment×100 hand, strategic digital marketing enables the business
organization to increase sales which is one of the key reasons
Let multiplier be 100, then the ratio is transformed into why business organizations should embrace the use of digital
percentage. In addition, when a person decides to invest they marketing strategies. This is due as it is convenient to compute
will have the perspective of how much their money is gained the Conversion Rate optimization (CRO)in a serious time
back after a time is passed by. period (Lee, 2009. ). When the data gets distributed, the
percentage of leads that searched converts into leads of
IV. EFFECTS OF DIGITAL MARKETING ON customers who buy the product will be the action we focus on.
BUSINESS ORGANIZATIONS’ ROI With the help of tools such as PPC, SMM, SEO, affiliate
marketing you get both better ROI and the chance to engage
Many business organizations and people globally spend with your clients as a personal channel of communication. A
their time on the internet looking f or services, products or return of investment In case you want to learn what a power of
information on a particular topic (Lee, et, al, 2009). For digital media is, watch business profits and losses that are the
business organizations to benefit from the massive audience result of this technology.
base available over the internet, it is important for them to
maximize their online presence. This is where the use of ROI in digital marketing can be described as "how
digital marketing strategies come in. digital marketing enables fiscally it is worth it to pay your marketing". The thing is, over
companies to reach the right audiences at the right time (Oana, and above such measures as content or e-mail marketing, PPC,
& Adrian 2022). Therefore, business organization must have social media campaigns and SEO still can be found the most
an online platform that makes it easy for it to navigate through spectacular return on investment. It begins with the display of
the market base. This online platform has enabled brands to the most prominent metrics such as visits and bounce rate. The
build their presence through PPC marketing, social media organic traffic realized from the SEO would show 40% more
marketing, SEO, content marketing and many more platforms return on investment as opposed to any other strategies (Lee,
(Makori, 2014). 2009). Brand Reputation Preservation One of the key issues in
the digital marketing is building a sturdy reputation for the
brand. Through that the reputation turns into the base for the
brand to prosper (Makori, 2014).

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 Conceptual Framework

Fig 1 Optimizing Digital Marketing Strategy and ROI on Online Platforms

V. CONCLUSION [2]. Bhagowati, D., & Dutta, D. M. (2018). A study on

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