..does anyone understand what’s working in this company?
“the best vision you can have, is insight – Malcolm Forbes”
ROI involves many things; testing, analysing, reviewing, monitoring. Let’s face it, to most entrepreneurs and business owners, these are anathema. Yet, they are vital to the long term success of any business. It is critical a business knows what is and isn’t working, and where the best returns are coming from.
This concept goes far beyond just a simple digital campaign though. It involves understanding the ROI of your sales people, your agencies (yes, even us) your products or services. Once it’s in place, it is relatively easy to manage, but it is the rudder that steers the direction of the ship.
We will make sure you have measurable advertising and communication campaigns.
The return on investment from marketing, from new customer acquisition, from retention activity and from customer relationships should be planned and measured.
Many campaigns need to be tested, to learn what works, and what does not, and to be able to measure the effectiveness of tests.
Testing makes better decision-making. Decisions that can affect the marketing programs, product development initiatives and the business as a whole. The results, from testing make you more informed about your customers as well as your campaigns. It allows for continuous improvement of the marketing program and an accountable set of metrics from which to review and improve. We have worked with clients where we have seen campaign profitability of more than 75% as a result of testing and a focus on ROI. We know it works well. Our Marketing Directors can show you how to become a forward thinking marketing business with customers and ROI at the heart of your marketing strategy.
The benefits of a part time Marketing Director to a business owner
Our marketing directors will slow you down enough to test ideas, campaigns and products to make sure something works. We like to test everything, and most digital campaigns can be tested in an instance against something else. Run 2 direct mail campaigns next to each other, then compare the results in a test environment. If the 1st significantly outperforms the second, then we know what to do.
So then testing, and testing not just of new ideas but existing things. Setting up processes such that it can all be tested ongoing. Then we make the decision.
Let’s also look at ROI in terms of resource as well. If you could sell one-third of Product A and earn the same GP as Product B, would that be advantageous to the business? You may only need to engage one person to sell Product A against 2 people for Product B, which makes Product A an even better proposition.
So it goes on – we do need to be arrogant in assuming business owners and CEOs don’t know what ROI is, if you’re reading this you understand it exactly. What we bring to the table, is an ability to work with you to analyse various marketing facets of your business, such as product or service, or advertising, or digital campaigns, so that we better understand which are performing. Then, when that is done, we can develop a strategic management plan that will enable you to better manage the ongoing performance of the ROI.