Thanks to the internet, good marketing results and rising sales incomes can be bigger than merely incremental.
Like other investments that compound, good marketing should expand and multiply itself exponentially over time.
When you truly determine, define and tap deeper into your market, an extremely powerful business asset materializes. Think virality.
Question: Do you feel your company’s marketing should be producing better than it does?
If so, you may have become a member of a very old club no company should ever join today.
About a hundred years ago, a John Wanamaker, founder of Wanamaker's General Store and considered to be a pioneer in marketing said:
Obviously, marketing that disappoints has been around since advertising started.
Although Wanamaker struggled with marketing effectiveness a century ago, the waste remains prevalent and antagonizes most companies today.
In fact, a majority of managers know (or at least have an inkling) that their company’s marketing waste's a significant amount of time and money today, but don’t know what to do about it.
Sound strategic marketing principles deliver superior results and getting good at, if not mastering them, is as important as the need to attract new customers itself.
They are as joined at the hip as can be.
Good marketing results won’t manifest without solid principles.
Optimizing your company’s marketing practices will maximize investment returns and increase your top-line sales revenue.
Part of the reason for so much squandered time and money is that marketing and advertising are inexact art and sciences.
Though art can never be made perfect, increased and measurable returns on marketing investment (ROMI) are always attainable.
Creative advancements (the art), new forms of content delivery (media) and extensive analytics development (the science) make standout results possible.
Today is truly the age of the consumer.
Customers define markets like never before based on their own perspectives and experiences, beginning with how well product marketing and advertising speaks to them and how they feel about the company and product offering.
If your company can empathize with people, the opportunity to make your marketing performance more precise and effective than ever before has arrived.
If this sounds like superhero stuff, that’s because it truly can be.
Increasing sales while using the same budget tends to have a superhero effect.
As it should.
The even better news is that improved marketing, once tested and published, begins delivering positive results almost immediately.
Like most things, ROMI improvement does take incremental steps.
But more effective market connections tend to begin delivering returns before very long.
The opportunity and starting point is to decide that you can and are determined to optimize your company’s marketing, so it will perform and produce as well it possibly can.
Now is a great time to begin working towards that success goal.
"Only 8% of companies say they can determine ROI from their social media spending.”…CMO.com
How much of your company’s money and time wasted today from ineffective marketing?
No matter the size of your business, your marketing budget is a precious commodity.
It must produce for you.
It’s your investment back into your own company.
You need it to help you grow.
You don’t want to just survive; you want your company to thrive.
If your marketing disappoints, today is the perfect day to stop tolerating and accepting this.
So what are the ways you can finally enjoy good marketing results?
The real opportunity is not to just trim waste.
Your objective is to turn an investment of time and money directly back into sales income; the reason why you execute marketing in the first place.
Does your company adequately manage and track your marketing and its performance every day?
If not sure, this list will be a great place to begin your evaluation
Has our company developed clear and complete buyer profiles (personas) that identify researched insights-driven demographics, income levels, interests, behaviors (including internet), what prospects read, watch, listen to, where they live and go, and more, for purposes of reaching ideal customers and clients?
Do we currently measure, record and archive the effectiveness of all published marketing content, routinely abandon or fix the poor performing offenders and optimize (exploit) those that do well?
Does our company perform marketing effectiveness audits to quantify the true return on our marketing investments and identify how we can transform the segments of ineffective budget spending into new sales revenue flow?
What platforms (direct, indirect, organic, paid) do we use (social media, Email, print, direct mail, paid ads, etc.)? How are we monitoring and measuring the ROMI of each? How can we evaluate, reform or dismiss initiatives when they don’t perform well?
Does our marketing staff think of marketing from a scientific perspective? What meaningful metrics are we using?
Knowing there is a good chance that 40-60% of our marketing budget is being wasted, what is our overall strategy going to be to Make our investment of time and money do its job better?
How good are we at attributing our marketing activity directly to our sales revenue results?
What marketing measure tools and techniques are we using?
What are the one, two or three things the marketing department should stop doing immediately?
How are we marketing to our current customers and how are we encouraging referrals?
“What we measure improves.”
If you (the team) had a magic wand, what would you change about our marketing department?
What do all of us ultimately want our company’s marketing results to look like and to do…always?