By: Hanah Van Borek
Return on Investment (ROI) is a term commonly used in marketing that satisfies the dollar signs in everyone’s eyes. Think of Jerry Maguire, “SHOW ME THE MONEY!” After all, that’s what the work is for at the end of the day, rolling in the profits for our clients. ROI is one way of measuring the effectiveness of a program and while it shouldn’t be the only one, it certainly carries a lot of weight because money is a language we can all understand.
It’s a common belief that in order to achieve the highest ROI in marketing you need to shell out a big investment, i.e., the more money you pump in, the more you’ll get out, but the opposite can be true as well. Millions can be spent on a campaign that turns up very little while a smaller initiative has the potential to deliver more than a budget busting campaign. That’s the beauty of Marcom!
To improve your odds and stretch your dollar here are a few of our golden rules:
Sharpen your Focus.
We’re not a fan of the “spray and pray” technique. Instead we recommend you go for the jugular. You must know exactly who you want to speak to and how to speak to them. The more effort you put in to catering your message to the right market, the stronger infiltration it will have.
Always Inspire Action.
Every material you put out, every type of outreach you engage in, is an opportunity and therefore it should always inspire action. Such inspiration may lead someone to, for example, ask around about you, look for your website, phone up your sales rep, etc. That means finding ways to embed a sense of urgency into everything, stirring intrigue in whoever comes across your message.
No matter what your budget may be, we encourage you to aim high in your endeavors; you should never discount an opportunity as “out of your reach”. If you go after your biggest goal, even the one you may think of as more of a dream, the potential for reward will eclipse your investment.