Einstein and Insanity: What will you do different in 2014 to boost your marketing ROI?

In 2013 you used certain marketing approaches to market your products or services to existing and potential customers.  How well has that worked?  What’s your ROI on your marketing dollar? If you don’t know, then you might as well stop reading because if you don’t know your starting point you can’t tell if you’ve improved or not.

Are you going to continue to use the marketing methods you used in 2013 in 2014 and expect to improve your ROI?  Listen to what Einstein said about that, “The definition of insanity is doing the same thing over and over again and expecting different results.” So are you going to act insanely in 2014 or are you going to recover your sanity.

Even if you haven’t kept track of your marketing ROI, you probably have some idea of where your customers came from in 2013.

You need to develop some rough statistics for the following two aspects of your past marketing efforts:  Where your customers came from and how much they spent.

Let’s suppose your customers came from the following sources:

Website

Direct Mail

Referrals

Magazine advertising

E-mail marketing

Pay per Click

Then estimate what the average customer from each source spent.  That will give you the average value of the customer from that source in $$.  Multiplying this $$ figure for each source by the number of customers from that source will give you an estimate of the $$ value of that source to you.

The next step is to estimate your ROI from each source. You probably have some idea of the amount of time in hours you spend on each marketing source. Multiply that number of hours for each source by your target hourly rate.  This will give you a measure of the cost of each marketing source.  Divide the the $$ value of each source by the cost of maintaing each source to get a crude estimate of your ROI for each source.

When you have completed this exercise you should have an idea of where you should be spending your marketing $$ – on the sources with the highest ROI.

That should be your marketing plan for 2014.  If it’s exactly the same as your 2013 plan you’re a genius or very lucky or you do not want to change what you are doing because you like it.

Good luck in 2014.  I’d be interested in hearing how your plans have changed.

 

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