You’ve undoubtedly heard the phrase “Work Smarter, Not Harder.” And in a down economy this could be the best advice you ever get. After all, when sales numbers are down and expenses are up, your initial reaction might be to spend more time in the office, chasing after leads. Why not do something that REALLY makes a difference in your business?
Here is a 6-step plan for boosting your ROI, improving your marketing efforts, and seriously increasing your profits.
- Measure Everything
Most companies only measure ROI from online advertising, such as banner ads and email marketing. But you should be measuring everything from yellow pages to phone conversations. Without tracking ALL of your efforts, you’ll be left guessing about the success (or failure) of each of your marketing campaigns. In today’s market, there’s no room for guessing.
- Put the right measurement tools in place.
Before you can increase ROI, you must be able to measure it accurately. Having the right tools is vital to your success. While many marketers have mastered the art of tracking ROI from online marketing, most fail to track offline response rates for direct mail, postcards, or telephone conversions. Luckily, there are effective and affordable tools that allow you to easily track and measure even the most obscure marketing mediums.
- Track ROI throughout the entire marketing lifecycle
Your initial marketing piece is not the only thing that affects ROI. Perhaps your
prospects are opening their email but not clicking through. Maybe they’re calling your sales line, but are being mishandled. It’s important to track every stage of your marketing campaigns. Sometimes a campaign loses effectiveness because of a single detail. Tracking everything saves you from having to revamp your entire marketing strategy.
- Cut ineffective practices.
Once you have data about what practices are working (or not working), it’s time to take action. Don’t be afraid to cut what isn’t working. Your gut may tell you one thing, but numbers don’t lie.
- Invest in what is working.
When you discover a marketing avenue that is generating a strong ROI, stick to it. If you have the budget, shift more marketing dollars to that campaign to capitalize on the opportunity. That kind of hyper-targeted marketing is exactly what is going to propel your company ahead on a shoestring budget.
- Ask for discounts.
Negotiate (or renegotiate) with advertising and marketing vendors to get discounted rates. As other companies reduce their marketing budgets, demand for advertising space decreases. . .and your leverage increases. Now is the time to ask for bargains!
In the end, the key to thriving in a down economy is taking advantage of opportunities to increase your marketing ROI. Still now sure how to get started? Request a free marketing and ROI analysis.