9 Ways to Improve ROI

Apr 16, 2010  |  By Civilian  |  

Times are tough. And when times are tough, we take a closer look at accountability. We want to know that we are getting what we are subscribing to, that we are receiving a good value, and that we are seeing a return on our investments.

Marketing is one of those investments, and if done right, it can have a very positive impact on ROI.

So how do you make sure your marketing investment is giving you the best return? Here’s a list of nine tips (in a rough chronological order) to help you do just that:

•Focus. What’s your overall objective? Your marketing activities should have a common goal or set of goals to guide them. You can reach for a certain ROI, number of leads, or feet through the doorway.

•Strategize. Find out how to achieve your objective(s). Who do you need to reach and how will you reach them? Avoid speaking to an overbroad or overly narrow audience. When appropriate, build on existing cultural constructs like holidays, festivals, and sports rivalries.

•Diversify. Your target market probably read more than just the local paper. Are you reaching them in enough different media to get your message noticed? Figure out what media they consume, and then get your message there.

•Coordinate. It’s easy to get caught in the trap of spreading different messages and using different visuals across a diverse mix of media. Avoid that. Speak with one voice. It’s a lot easier to hear you that way.

•Synergize. What’s better than one voice? A choir. Make your messages not only consistent, but melodiously connected across media. If you’re having an open house, promote it with email invitations, keep track of RSVPs on your website, take photos at the event, give out business cards with the photo gallery URL, and promote the next event when they download their favorite pictures. Connect the dots, and fill it in with consistent messages.

•Measure. Are you making progress toward your objective? You won’t know if you don’t measure. Watch for changes in the amount of leads you receive or the sales you make. Find ways to attribute them to certain tactics, whether it’s with tracking numbers or conversion code, the effectiveness of virtually anything can be measured.

•Optimize. One bad egg can spoil a whole campaign. So if it ain’t workin’, fix it or get rid of it. And if it is working, try something new alongside it. You never know if something might just work better.

•Track. Don’t just measure once and optimize once. Make it a chain of events. Track the changes in performance after each optimization. Note long-term trends, strengths, and weaknesses. Use this information for future strategies and optimization.

•Evaluate. Just because the campaign is over doesn’t mean you can stop working. Take a long, hard look at everything you’ve done, from research through planning and execution. What worked? What didn’t? Recap the campaign and write up an evaluation, including lessons learned. It will come in handy.

Want more advice? Need help with your marketing? Contact us and maybe we can tackle it together.

All Blogs