Feast on Profits: Discover the Best Marketing Channels with Our ROI Recipe

As a business owner, you may be wondering which marketing channel is the best for your business and how soon you can start seeing results. It’s a bit like choosing a meal at a new restaurant, isn’t it? You want something that not only tastes great but also offers the best value for money.

The truth is, there’s no one-size-fits-all answer, but don’t worry! We’re not just going to throw up our hands and say, “It depends.” Instead, we’ve cooked up something special to help guide you through this maze: a detailed ROI Matrix for Digital Marketing Channels. This handy tool scores each channel on speed of results, cost of investment, effectiveness, and the effort required on your part, so you can make a well-informed decision without all the guesswork.

So, grab your favourite beverage, and let’s dive into how you can maximize your returns with the right marketing choices for your unique business. Let’s get you set up for success!

The Digital Marketing Channels ROI Matrix

Scoring Criteria:

• Speed: How quickly results can be seen (1 = slow, 5 = fast)
• Cost: The investment required to see results (1 = low, 5 = high)
• Results: Effectiveness in achieving desired outcomes (1 = low, 5 = high)
• Effort from Business Owner: The amount of involvement needed from the business owner (1 = low, 5 = high)

Everything below assumes you are hiring a specialist to get it done for you.

	Speed	Cost	Results	Effort
Email Marketing	⭐⭐⭐	⭐⭐	⭐⭐⭐⭐	⭐
SEO	⭐⭐	⭐⭐⭐⭐	⭐⭐⭐⭐⭐	⭐
Local SEO	⭐⭐⭐	⭐⭐	⭐⭐⭐⭐	⭐⭐⭐
Paid Ads (PPC)	⭐⭐⭐⭐⭐	⭐⭐⭐⭐	⭐⭐⭐⭐⭐	⭐
Social Media Marketing	⭐⭐⭐	⭐⭐⭐	⭐⭐⭐	⭐⭐⭐
Content Marketing	⭐⭐	⭐⭐⭐	⭐⭐⭐⭐	⭐⭐⭐
CRO	⭐⭐⭐	⭐⭐⭐	⭐⭐⭐⭐⭐	⭐
Video Marketing	⭐⭐⭐	⭐⭐⭐	⭐⭐⭐⭐	⭐⭐⭐⭐
Affiliate Marketing	⭐⭐⭐⭐	⭐⭐	⭐⭐⭐⭐	⭐⭐

Explanation of Expectation Scores

Email Marketing:

Email marketing plays a major role in getting customers who are familiar with your brand to buy from you. An important factor is to stay consistent in emailing your list and to focus on providing them value via their inbox.

• Speed (3): Results can be seen relatively quickly once a campaign is launched.
• Cost (2): Generally low-cost compared to other channels.
• Results (4): High potential for ROI if done correctly.
• Effort (1): Minimal effort required from the business owner after setup.

If you are looking to level up your own email marketing, I highly recommend the Email Marketing Membership by Liz Wilcox. You’ll be able to write a newsletter in less than 20 minutes. At the time of writing this June 2024 the membership is only $9 USD a month.

SEO:

SEO is the channel where you need to have a long term thinking and budget. An easy way to view this is SEO helps people find your site on Google while they’re either looking to solve a problem or specifically looking for your brand. The latter generally happens after seeing your brand on social, or paid advertising.

• Speed (2): Takes time to see results as it involves organic growth.
• Cost (3): Medium cost, mainly in terms of time and expertise.
• Results (5): High potential for long-term results.
• Effort (1): Minimal effort required from the business owner once established.

Get a clear understanding of just how much SEO can cost.

Local SEO:

If you ever were looking for a date night with your partner and typed in Google Maps “Sushi Near Me” or had an emergency plumbing issue and typed in Google “Emergency Plumber Near Me”. Well, my friend, the results you were given are Local SEO. Simply put this is where you fight to show up first in your city.

• Speed (3): Faster results than general SEO due to local targeting.
• Cost (2): Relatively low-cost, especially for local businesses.
• Results (4): Effective for local businesses.
• Effort (3): Some effort is required from the business owner throughout the campaign.

If you are currently doing the work yourself and are looking for guidance on how to improve, I highly recommend checking out Darren Shaw’s content from White Spark. They got an AWESOME Local Platform that helps you manage your Google Listings for only $1 USD a month per listing. Also, make sure to take a look at their YouTube channel, here you will find some dope and actionable content for your business.

Here is a short read going over the importance of Local SEO marketing campaigns.

Paid Ads (PPC):

Paid ads follow a simple motto, “You have to spend money to make money”. I will say if you are just starting out it is best to save your money for a few months before embarking into Paid Ads. Too many times businesses see a lack of results due to not having enough budget to run ads.

• Speed (5): Immediate results once the campaign is live.
• Cost (4): Can be costly depending on the industry and competition.
• Results (5): High potential for immediate results.
• Effort (1): Minimal effort required from the business owner once the agency sets up and manages the campaigns.

Of all the channels you want to hire someone, this is DEFINITELY the one. Do not waste your time trying to learn it yourself; you have more important matters to deal with.

Learn more about the benefits of Google PPC for your business.

Social Media Marketing:

Not much to explain here if you are reading this, then there is 9 in 10 chance you are already focusing on social media. The best piece of advice I can give here is to learn how to repurpose your content.

I’m sure you have probably noticed that many creators and businesses will take a longer clip and cut it up into shorter videos and share them across multiple platforms. You can also do this across months, and repost in August what you shared in February (unless it’s a Valentine’s Day post of course :p).

• Speed (3): Moderate speed in seeing engagement and results.
• Cost (3): Moderate cost, can vary based on ad spend.
• Results (4): Good for brand awareness and engagement.
• Effort (5): Requires regular content creation and some engagement from the business owner or team members.

If you’re looking for information on how to repurpose your content, I recommend the book Create Once, Distribute Forever by Ross Simmonds.

Content Marketing:

Imagine you’re at a party. Instead of just talking about yourself (which, let’s be honest, can get boring pretty fast), you share interesting stories, give helpful advice, and maybe even crack a few jokes. By the end of the night, people find you charming and insightful. That, my friend, is what content marketing is all about!

To put simply, content marketing is all about creating and sharing valuable, relevant, and engaging content to attract and retain a clearly defined audience.

• Speed (2): Long-term strategy takes time to build momentum.
• Cost (3): Moderate cost and time-intensive.
• Results (4): Effective for building authority and trust.
• Effort (3): Consistent effort required for content creation, especially if the business owner is heavily involved in producing content like videos or blog posts.

The effort put in is well worth the benefits, as it builds trust, boosts visibility, engages the community, drives traffic, and is cost-effective. Imagine it as hosting a block party where everyone loves your tips and keeps coming back for more!

I’m sure you’ve realized that content marketing easily rolls over into Social Media, Email Marketing, SEO and more.

CRO:

CRO, or Conversion Rate Optimization, is like being a master chef in your business kitchen. It’s all about tweaking and perfecting your website’s copy and design to make sure visitors don’t just browse, but that they take action! Whether that’s signing up for a newsletter, making a purchase, or booking an appointment, CRO helps turn casual visitors into loyal customers.

• Speed (3): Results can be seen relatively quickly.
• Cost (3): Moderate cost for tools and expertise.
• Results (5): High potential for improving conversion rates.
• Effort (2): Minimal effort required from the business owner once the specialist interviews and finishes making changes to the site.

This is a step you’ll want to take later in your business marketing journey or if you are A/B testing different landing pages for your paid ads. Generally, in the case of Paid Ads, the person you are working with will include CRO.

Video Marketing:

I’m going to age myself here but The Buggles had it right when they said “Video Killed The Radio Star”. As humans, we are visual creatures. The best thing you can do is create videos. I know what you are thinking, but I don’t have a fancy camera, WRONG! All you need is a cellphone from the past 9 years, and a quiet room. Nobody is asking for a Spielberg Production level.

Here is an example of how a low grade production can bring in 3.5 million views. He is answering a question I had a few months back on how to unclog a toilet.

What questions should you create videos about? Simple, think of the top 10 questions potential customers ask when they either visit your location for the first time, or call your business with an inquiry.

• Speed (3): Moderate speed in seeing results as videos gain traction.
• Cost (3): Medium cost for production and promotion.
• Results (5): High engagement and conversion potential.
• Effort (4): High effort required from the business owner for video creation.

Yes, I will be creating a video to accompany this post you are reading. This isn’t a “Do as I say, not as I do” scenario.

Affiliate Marketing:

Affiliate marketing is pure gold. It’s like having a network of trusted friends who spread the word about your services. This strategy can increase your reach, bring in more customers, and you only pay for results. Plus, it helps build strong relationships with influencers and other local businesses, making your community stronger and more connected.

• Speed (4): Fairly quick results once affiliates start promoting.
• Cost (2): Low cost as you typically pay for performance.
• Results (4): Good potential for sales and traffic.
• Effort (2): Minimal effort required from the business owner once affiliates are onboarded.

The best part is this isn’t limited to digital venues. Visiting your local BNI club, participating in your chamber of commerce, or even just asking your best client to spread the word can be seen as affiliate marketing. Just make sure to give them their pay out of a gift to say thank you. Remember that karma is your friend.

Best Digital Marketing Channels Based on Business Scenarios

I broke down examples for you to figure out what is the best option based on your business category, budget, and time you have to invest.

Sample Business Scenario Criteria:

• Business Type: Local Service or Ecommerce
• Budget Type: Small or Large
• Sweat Equity: No Free Time or Some Free Time

Scenario	Recommended Channel(s)
Local Service, Small Budget, No Free Time	Local SEO
Local Service, Large Budget, No Free Time	Paid Ads (PPC)
Ecommerce, Small Budget, No Free Time	Email Marketing
Ecommerce, Large Budget, No Free Time	Paid Ads (PPC)
Local Service, Small Budget, Some Free Time	Local SEO
Local Service, Large Budget, Some Free Time	Paid Ads (PPC) + Local SEO
Ecommerce, Small Budget, Some Free Time	Content Marketing
Ecommerce, Large Budget, Some Free Time	Paid Ads (PPC) + Content Marketing

Explanation of Business Scenarios

1. Local Service Business with a Small Budget and No Free Time

Recommendation: Local SEO

• Reason: Local SEO is cost-effective and requires minimal ongoing effort from the business owner once set up. It helps in attracting local customers organically.
• Speed: ⭐⭐⭐
• Cost: ⭐⭐
• Results: ⭐⭐⭐⭐
• Effort: ⭐⭐⭐

2. Local Service Business with a Large Budget and No Free Time

Recommendation: Paid Ads (PPC)

• Reason: With a larger budget, PPC can provide immediate results and requires minimal effort from the business owner since the agency manages the campaigns.
• Speed: ⭐⭐⭐⭐⭐
• Cost: ⭐⭐⭐⭐
• Results: ⭐⭐⭐⭐⭐
• Effort: ⭐

3. Ecommerce Business with a Small Budget and No Free Time

Recommendation: Email Marketing

• Reason: Email marketing is relatively low-cost and can be highly effective in nurturing leads and driving sales with minimal ongoing effort from the business owner.
• Speed: ⭐⭐⭐
• Cost: ⭐⭐
• Results: ⭐⭐⭐⭐
• Effort: ⭐

4. Ecommerce Business with a Large Budget and No Free Time

Recommendation: Paid Ads (PPC)

• Reason: With a large budget, PPC can drive significant traffic and sales quickly, and the agency can handle all aspects of the campaign.
• Speed: ⭐⭐⭐⭐⭐
• Cost: ⭐⭐⭐⭐
• Results: ⭐⭐⭐⭐⭐
• Effort: ⭐

5. Local Service Business with a Small Budget and Some Free Time

Recommendation: Local SEO

• Reason: Local SEO remains the best option as it is budget-friendly, and the owner can contribute some time to optimize and manage listings and reviews.
• Speed: ⭐⭐⭐
• Cost: ⭐⭐
• Results: ⭐⭐⭐⭐
• Effort: ⭐⭐⭐

6. Local Service Business with a Large Budget and Some Free Time

Recommendation: A combination of Paid Ads (PPC) and Local SEO

• Reason: The large budget allows for immediate visibility through PPC, while Local SEO ensures long-term organic growth. The owner’s time can be used for occasional involvement in content or review management.
• Speed: ⭐⭐⭐⭐⭐
• Cost: ⭐⭐⭐⭐
• Results: ⭐⭐⭐⭐⭐
• Effort: ⭐⭐

7. Ecommerce Business with a Small Budget and Some Free Time

Recommendation: Content Marketing

• Reason: Content marketing is cost-effective, and with some free time, the business owner can help create engaging content to attract and retain customers.
• Speed: ⭐⭐
• Cost: ⭐⭐⭐
• Results: ⭐⭐⭐⭐
• Effort: ⭐⭐⭐

8. Ecommerce Business with a Large Budget and Some Free Time

Recommendation: A combination of Paid Ads (PPC) and Content Marketing

• Reason: The large budget supports effective PPC campaigns for immediate results, while content marketing helps in building long-term brand authority and trust. The owner’s involvement can enhance content quality and relevance.
• Speed: ⭐⭐⭐⭐⭐
• Cost: ⭐⭐⭐⭐
• Results: ⭐⭐⭐⭐⭐
• Effort: ⭐⭐

Recommended Reading From Yours Truly

Before you leave, make sure you know what you need to have in order in your business before you start marketing your business digitally. Enjoy the dope read below.

Pre-Digital Marketing Checklist: A Quick-start Guide for Local Entrepreneurs