Hey there, marketers and business owners! Today, we're diving headfirst into the world of calculating Marketing ROI, aka. Return on Marketing Investment. Get ready with us to uncover the ins and outs of this essential metric. But don't worry, we're keeping it light and informative for you. So grab your coffee and let's embark on this ROI adventure together!

What is Marketing ROI

Alright, let's start with the basics. Marketing ROI or ROMI, standing for Return on Marketing investment, is a metric that measures the return you get on your marketing investment. 

According to Wikipedia: “Return on marketing investment is the contribution to profit attributable to marketing (net of marketing spending), divided by the marketing 'invested' or risked.” 

Simply, it tells you how much sales you're getting for your marketing buck. It's like a superpower that helps you measure which spending on marketing contributes to profits.

Why you need to calculate Marketing ROI

Now, let's get serious for a moment. Why should you bother calculating Marketing ROI? 

Well, my friend, it's all about making informed decisions and maximizing your marketing efforts. I bet you don’t do all those marketing tricks just for fun. We all need the results. 

By measuring your ROI, you can identify which campaigns are hitting home runs and which ones might need extra effort. It's like having a secret weapon that guides your marketing strategy and helps you allocate your resources wisely. 

What you need to calculate Marketing ROI

Now that we know what Marketing ROI is, let's explore what factors contribute to this magical number. We'll dive into key components like revenue generated, customer acquisition costs, and even the intangible benefits of customer loyalty. 

Based on the above, we provide you a simple formula that you can fill in your business information. 

Note: This is the simple formula, you can add in more factors that have an impact on your number.

• Revenue: The total revenue generated from your e-commerce business includes the sales revenue from your online store, including product purchases, subscriptions, or any other revenue-generating activities.
• Cost of Goods Sold (COGS): COGS includes the expenses directly associated with producing or acquiring the products you sell, such as manufacturing costs, wholesale purchase costs, or drop shipping fees.
• Additional fees: Apart from COGS, these are other relevant expenses specific to your e-commerce business, such as shipping costs, packaging materials, website maintenance fees, payment gateway fees, and customer service costs.
• Marketing Cost: This includes expenses for digital advertising campaigns, social media marketing, email marketing software, SEO efforts, content creation, influencer partnerships, and any other marketing-related expenditures.

How to calculate Marketing ROI

Here comes the main character! I bring you the ROI calculator - a handy tool that will make your life much easier. Trust me, it's as satisfying as finding the perfect GIF to express your emotions.

Note: Set a time frame for gathering data. For example, you can calculate ROI in Q1 2023.

What’s a good Marketing ROI?

Ah, the million-dollar question (pun intended): What's considered a good Marketing ROI? Well, the answer can vary depending on factors like your industry, business model, and marketing goals. But fear not, we'll explore some benchmarks and industry standards to give you a general idea. After all, every business is as unique as a snowflake (but hopefully without the melting part).

Source: https://firstpagesage.com/seo-blog/digital-marketing-roi-statistics/

Conclusion

Congratulations, my guys! You've successfully navigated the world of calculating Marketing ROI. We've covered the basics, explored the factors, discussed benchmarking, and highlighted the importance of ROI.

Remember, ROI calculation isn't just about the numbers; it's about optimizing your strategies and ultimately achieving your business goals. So, grab that calculator and let the magic unfold. 

P.S. If you need extra guidance or want to share your ROI triumphs, we’re all ears here. Let's keep the conversation going and support each other on this ROI adventure. Cheers!  

In the previous part, we gave a shout-out to the savvy retailers who really know how to handle the Black Friday rush. But what if you're feeling a bit more adventurous? What if you're curious about trying something totally new and surprising? Well, my friend, you're in luck because this blog is just what you need. Get ready to hear some fascinating stories about people who have taken a completely different approach to Black Friday. Let's dive in and learn! 

Bucking the Trend: Working Year-Round, Relaxing on Black Friday

As a store owner, what are we likely to do when it comes to Black Friday? Reduce the cost to the minimum. But what did these stores do? They increased the prices! Weird, right? With the purpose of protecting the environment, they enter the “anti-sale” team. While it sounds like they are throwing away the chances to boost revenue, it actually has certain benefits. Besides learning their creative strategies, you'll also find out about the tools these top Shopify stores use to work smarter all around the year. 

Apparel & Accessories:

1. Hiut Denim:

Hiut Denim, the brand that proves a small Welsh town can make a big impact in the world of denim. With a stellar reputation among store owners, Hiut Denim is known for their stylish, durable jeans that are as comfortable as they are cool. Thus, Hiut Denim employs an intelligent and valuable email marketing strategy that is worth studying.

Klaviyo: Email & SMS Marketing: Basic but not bland!

Klaviyo is a marketing sidekick for Hiut Denim. It specializes in personalized Email and SMS Marketing, assisting businesses in building customer connections and driving brand success. However, Email Marketing seems to be the preference of any business owners. 

Why blend emails and SMS?  With 73% of sales are made on mobile devices, it is crucial to take care of all the marketing channels that create the most satisfied experience for the customers.

With SMS Marketing, a channel that holds the power of 98% open rates and 45% response rate, it makes sure that no one misses out on Hiut Denim bewitching Black Friday offers. And yours, too! Find out more information about the benefits of SMS Marketing during Black Friday season here.

Alternative choices: SMSGem, Omnisend, Privy, SMSBump

3.2. Allbirds: 

Allbirds, founded in 2014, is a trendy eco-friendly shoe brand known for its comfy Wool Runner. They use sustainable materials like merino wool and eucalyptus fibers, and their packaging is mostly recycled. Maybe for that reason, they also go against the Black Friday sale to prevent climate change. How to go from a small start-up to a billion dollar sneaker brand? Analysis is your secret weapon.

Lucky Orange: Squeezing Success Through Smart Analysis!

Lucky Orange is the ultimate website optimization app that unlocks the secrets of user behavior. With visual analytics, Lucky Orange unveils what customers truly desire – purchases, cart additions, and checkout secrets. Heatmaps reveal the enchanted spots, while Conversion Funnels uncover where the path stumbles. Identify areas for improvement, optimize your site's performance, and ensure a seamless shopping experience that keeps customers glued to their screens.

When it comes to rocking your campaigns, analysis is an absolute must-have. Those graphs give you a quick peek into shopper visits, offer valuable insights, and help you understand customer behavior. Plus, those numbers become a goldmine for future comparison and improvement. So, let's treat them like the precious resource they are and make our upcoming years even more fabulous!

Alternative choices: Retter, Hotjar 

Make the success yours… starting today!

In the wild world of Black Friday success, these top Shopify stores have cracked the code with their secret weapon apps. From personalized marketing sorcery to fraud-fighting ninjas and loyalty program wizards, they've got it all!

But hey, hold your shopping carts! Want to unlock the mysteries behind other product categories too? Stay updated with our blog and get ready for a wild ride of exclusive insights, jaw-dropping tips, and mind-blowing app recommendations. Don't be left in the dark while others conquer Black Friday like retail superheroes. 

Alright, folks, it's that time of the year again - Black Friday is here! It's like the Olympics of shopping, and everyone's excited about it. But wait, how do we ensure this Black Friday is a super-duper hit? Let's take a shortcut to success by learning from the pros! There are some awesome Shopify stores out there that have made jaw-dropping sales records. We're talking mind-blowing numbers! How did they do it? What applications do they use to ace their journey?

In this blog, we’ll dive into the stories of the top Shopify stores who have already assert their positions in the market. They've already claimed their thrones in the market, and we're going to unravel their secrets.

Let’s take a look back in 2023

In 2023, we saw a remarkable surge in sales over the Black Friday Cyber Monday weekend compared to 2022. The numbers soared from $6.3 billion to $7.5 billion, marking a substantial 19% increase in sales. What's more, this upward trend is projected to persist into 2024. It is important to note these upcoming trends of Black Friday, and get ready for the most anticipated in the year! 

Likewise in 2023, the top three product categories were led by Apparel & Accessories, followed by Health & Beauty, and Home & Garden.

Unravel the successful Shopify stores Secret Recipe

Category 1: Health & Beauty

1. Kyliecosmetics

Kyliecosmetics is a highly popular beauty brand founded by American entrepreneur and reality television star, Kylie Jenner. Launched in 2016, the brand gained instant recognition for its range of lip kits that featured high-quality matte liquid lipsticks and matching lip liners. Since then, Kyliecosmetics has expanded its product line to include a wide variety of makeup products loved by beauty enthusiasts worldwide. The application which supports them to gain popularity is Automizely.

Automizely Email Marketing, SMS: Igniting Sales with Dynamic Messaging!

Let's talk about Kylie Cosmetics and their secret weapon in the wild world of online sales. They've got this nifty little sidekick called Automizely, and boy, does it know how to make things happen! Automizely packs a punch with personalized emails, cart recovery that make it a suitable tool for Black Friday frenzy tactics. 

Alternatives: Postscript SMS Marketing, Mailchimp: Email Marketing, SMSGem  

2. Colourpop

A well-known name for every beauty lover - Colourpop! It is a popular beauty brand known for its affordable and quality makeup products. Colourpop has gained a cult following for their innovative formulas and trendy color selections, making them a go-to choice for makeup enthusiasts. What makes them so successful in the beauty industry? Let’s “scrutinize” their assistants.

2.1. Signifyd: Defend against fraud, protect your happiness

As a Shopify store owner, it's a thrill to see lots of orders pouring in, especially during the exciting Black Friday sale. But unfortunately, scammers are always on the lookout for an opportunity to strike. If we let our guard down for just a moment, we may come face-to-face with a bunch of chargebacks. Chargebacks happen when customers dispute a transaction and ask their bank for a refund, claiming that their credit card was used without their permission. It's not only a big loss in revenue, but dealing with this situation is far from enjoyable.

Aware of this situation, Colourpop uses Signifyd‑Chargeback Protection as a solution. The advanced fraud detection technology of Signifyd prevented fraudulent transactions in real-time, ensuring that only legitimate customers were placing orders. Instead of wasting time and energy on chargeback disputes, you could focus on providing excellent customer service and growing her business without worrying about the financial implications of fraudulent activity.

Alternative choice: NoFraud Fraud Protection, Chargeflow Dispute Chargebacks

2.2. Klevu - AI search & filter: Search less, search better

Imagine this scenario: As a Shopify store owner and a buyer, you visit a clothing store to purchase the trending Sweater Dresses for the upcoming autumn. After spending a considerable time exploring the website, you're unable to locate any of these dresses. Even after using the search feature, all you get are irrelevant or incomplete results. What's your next move? Most likely, you'll consider shopping elsewhere for a more satisfying experience.

Solving this problem is as easy as a click of install when you have the tool - Klevu. Not only efficiently increase on-site search revenue, it helps the customers get personalized product recommendations with the aid of AI (Artificial intelligence). Which helps to make Colourpop a “paradise” of shopping experience for any visitor.

Alternative choice: Boost AI Search & Discovery, SoBooster, Rapid AI Search Bar & Filters

Category 2: Home & Decor

2.1. Confetti Interiors

Confetti Interiors is a vibrant and contemporary home decor store that caters to individuals seeking unique and stylish furnishings. With its impeccable attention to detail and eclectic collection, Confetti Interiors offers a range of products, including statement furniture pieces, decorative accessories, and modern artwork. Having a loyal customer base is crucial for any business's success.

Yotpo: Loyalty & Rewards: The shortest path to customer loyalty

Crafting loyalty is not an easy task, and Yotpo Loyalty & Rewards is the buddy for Confetti Interiors in this field. It’s more than just rewards; it’s the glue that keeps customers coming back. This agile loyalty platform gives you the power to create, evolve, and understand loyalty, all without a single line of code.

Black Friday is more than just one day. Providing Early access, exclusive loyalty offers, limited-time rewards, etc. are the tactics used by Confetti Interiors to create a successful BFCM season. 

Alternatives: Smile: Loyalty & Rewards, Rise.ai, LoyaltyLion

Going against the norm… Why not?

Sales, sales everywhere - 50% off, 70% off, buy one get one free, and the list goes on! It's a common practice to lower prices in order to boost sales. We try to cut down our profit as much as possible! But, here's a thought: could there be a different approach that yields great results? 

In Part 2 of this discussion, we're going to delve into the distinctive strategies employed by other successful businesses. We'll explore these strategies in detail to help you elevate your own business. Let's get started on this insightful journey! 

Elevate Your Business: QR Codes Redefined! Discover 7 game-changing uses, create instantly with our free generator. Dive in now and lead the digital wave!

The digitalization wave has made us rely more on smartphones for everyday tasks like shopping, ordering, payments, and accessing information. As a result, businesses are finding creative ways to engage customers on these devices. This is where QR Codes come in, helping you reach customers where they spend a lot of time - on their phones.

This trend started in 2020, with QR Code usage doubling to 25% due to the pandemic's convenience and safety benefits. This trend has persisted beyond the pandemic as digitalization continues. According to eMarketer, scans are projected to increase from 83.4 million in 2022 to 99.5 million in 2025. Clearly, QR Codes are assuming a bigger and more important role in our dynamic digital world. 

Explore the article below for the top 7 ways businesses use QR Codes to inspire your strategies. Also, benefit from our free QR Code generator – a tool that lets you create QR Codes in seconds, at no cost.

Dive in and start reading now!

1. Connect with your website or social media sites

Social media and websites play a crucial role in any business. They help introduce your company and provide essential information. QR Codes act like convenient shortcuts, effortlessly connecting potential customers to your online presence. By scanning these codes with their mobile devices, users can instantly access your content without the hassle of typing in web addresses.

Strategically placing QR Codes opens up more engagement opportunities. Whether they're on menus, packaging, business cards, or posters, these codes encourage potential customers to scan and discover more. As businesses search for innovative ways to connect with customers, the captivating and easy-to-use nature of QR Codes becomes a smart choice for boosting customer interaction and getting the word out about your business.

>>>Read More: Successful Halloween 2024: Top Marketing Ideas That'll Treat Your Sales

2. Provide more information about your products and services

QR Codes offer a straightforward way for customers to quickly access more details about your products and services. No need for them to ask or search through. You'll often find QR Codes on product packaging, websites, or menus. Scanning one can lead customers to videos, pages with product info, reviews, usage guides, and promos like discounts or giveaways.

This quick & straightforward access to information provides excellent customer service while making info-sharing easier. Instead of hunting for tips online or visiting your service center, customers get quick insights as they open their purchases. This saves time for both sides, going beyond expectations. These insights help customers make informed purchase decisions and make the most out of your products.

Additionally, QR Codes enable you to track how often they're scanned and which products or services attract the most interest. This data aids in optimizing your products and services for an enhanced experience.

3. Gather feedback from customers

People value online reviews, but when the process isn't easy, they tend to skip it. That's where QR Codes come in. With their user-friendly appeal, QR Codes are commonly used to collect customer feedback. Users can just scan them with their smartphones, instantly accessing the review form on platforms like Google Forms. This eliminates the need for searching or manual typing.

4. Provide an easy method for customers to pay for goods or services

QR Codes aren't just for info – they're transforming payments too. Forget cash; now it's credit cards, bank transfers, and smartphones ruling the scene. By 2025, around 30% of smartphone users might be using QR Codes for payments.

When the QR Code is scanned, users are directed to a payment page where they can input their preferred payment details or employ mobile payment solutions such as Apple Pay or Google Pay to finalize the transaction. 

Speed and convenience take the lead. Not only does this mean a smoother customer journey, but it also translates into higher conversion rates. QR Codes are changing the payment game, and they're doing it with style.

>>> QR Codes in Marketing: 9 genius use cases to explore

5. Provide a contactless ordering process

Numerous restaurants are harnessing the power of QR Codes in a smart and efficient manner, revolutionizing how they manage menus and orders. Instead of using physical menus and the traditional process of ordering with staff assistance, they've introduced QR Code menus.

Customers can effortlessly scan the QR Code with their phone cameras to access the menu and place their own orders. The kitchen receives the order promptly, and once the food is ready, it's brought to the customers. Real-time updates enable customers to easily track their orders.

This smart contactless table-ordering solution with QR Code is reshaping the restaurant industry. It offers a safer, more convenient, and faster way to order. This innovative approach enhances the customer experience, streamlines the restaurant's workflow, and drives increased revenue.

6. Tell customers where your business is located

QR Codes offer an excellent solution for embedding or storing your location. With a simple scan, customers can easily locate your store on Google Maps. From there, they can effortlessly share it with friends or leave a store review within seconds.

7. Help customers connect with your WiFi effortlessly

QR Codes empower customers to effortlessly access your WiFi network. With just a swift scan, your customers gain instant entry to your WiFi, without the hassle of asking for or typing in passwords manually.

The bottom line

In conclusion, the widespread adoption of QR Codes has ushered in a new era of convenience and efficiency for businesses across various sectors. From seamless website access to frictionless payments, from interactive menus to instant Wi-Fi connectivity, QR Codes have undoubtedly transformed the way businesses engage with their audience.

There are many other ways where QR Codes can have a great impact. However, we believe that the top 7 mentioned above are the most immediate, beneficial, and simple use cases that you can easily apply to your business and witness their effects.

To facilitate easy implementation, we are excited to introduce a free QR Code generator tool powered by DingDoong. This tool helps you create your own QR Codes within seconds and without any charges. Supercharge your brand - harness QR Codes today!

Shopify product badges are a great way to highlight your products and drive sales. They can indicate a sale, new arrivals, limited-edition items, or anything else you want to draw attention to.

In this blog post, we'll take a quick look at what Shopify product badges are, the different types you can use, and how to add them to your store. We'll also discuss the benefits of using these product badges and give you some tips on using them effectively.