If you think of marketing merely as an expense, chances are you’re doing it wrong. You need to think of marketing an investment that should produce a measurable return in the form of qualified leads and bankable sales. Just as you would carefully review the return on investment for stocks, bonds and mutual funds in your retirement portfolio, you need to carefully evaluate the return on investment in your company’s marketing portfolio.
So, what type of return on investment should your marketing produce? Well, your marketing should produce a measurable return in four ways.
First, your marketing should help you attract prospects, or new customers. The key to success is targeting your marketing efforts to make sure you are in front of the right people at the right time. Search engine marketing offers an efficient ways to accomplish this, not by trying to find customers, but by making it easier for customers to find you.
Attracting new customers is where most companies spend the majority of their marketing dollars and time. This is unfortunate, because it’s also the most challenging and expensive result to achieve. It is much easier to sell to existing customers than it is to new ones, because you have already earned their trust and you have credibility. So, your marketing should also produce results by getting existing customers to:
- Spend more
- Come back more often to buy from you
- And, refer new business to you
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