- Know your customer
Market research is always going to be an effective way of streamlining your business. Focusing on you target markets and your target customers lets you know more about their wants and needs and increases your chance of selling more to them and to new customers.
- Use database marketing
Use your database for direct marketing. Database marketing is an easy way to increase your sales to people or businesses that you have already done business with.
- Start an email newsletter
E-newsletters are a fast and effective way to stay connected to your customers, and they cost a lot less than direct marketing.
- Exploit the 80/20 Rule
The 80/20 Rule states that 80% of your business comes from 20% of your customers, and that for maximum results, you should concentrate 80% of your marketing budget, time and energy on getting more business from this 20%.
- Encourage word-of-mouth business
Word of mouth happens when a customer refers other people to your business because you have provided good service or have quality products. For many businesses word of mouth is one of the best sources of new revenue.
- Switch to Social Media
Traditional advertising is expensive and makes it difficult to track ROI. Social networking sites, blogs, and viral marketing, however, allow you to connect with your customers in a more direct way.
- Make Yourself News Worthy
A mention of your company in the right media can help deliver your marketing message for cheap.
Posts Tagged ‘roi’
First Impressions are Key to Business Success
Monday, May 3rd, 2010First impressions are lasting impressions, thus effort should always be put into projecting the best possible professional business image. First impressions go well beyond personal contact, it includes the visual appearance of your store or office, signage, marketing materials, product displays and packaging, service delivery and more…
Your marketing will be effective with a professional image and thus provide you with a return on investment (ROI).
How many of you work to continue to improve this on a daily basis for your business? What do you do to keep these types of matters at the top of your staff’s minds? When was the last time you had your customers provide you with feedback on your businesses appearance?
Using Marketing ROI
Friday, September 18th, 2009Marketing ROI (return on investment) is the latest buzzword in the marketing and advertising community, but the part that bothers me most about it is the fact that it is not being used correctly. Businesses and Marketers are demanding good metrics at all times on their advertising short and long term to see if they are making an effective marketing investment or not.
Fact is, Marketing ROI is[(funds generated - funds invested)/funds invested] a short-term measurement, not suitable for assessing some marketing efforts such as long-term branding. Marketing ROI is designed to be used for analyzing short-term sales and profit. Branding is a long term investment and if invested correctly, brands can end up having values in billions (e.g. Nike, McD’s), an intangible asset.
To prevent the wrong usage of Marketing ROI, try and use the terms ‘return’, ‘short, and long term return’ accordingly.