In today’s complicated marketing world, too many advisors guess at their marketing strategies and often their tactics fall short. Yet, in a world that is becoming more and more digital, so much of marketing is now trackable.
Marketers should not be blindly throwing darts against a dart board, hoping they hit their target. Instead, marketing should be delivering a positive return on investment every year. In other words, it should now be more of a science than a guessing game.
The following are five tips from a new presentation I created called Improving Your Marketing ROI:
1. Have A Plan
Before measuring ROI, know what the business goals are. How is marketing going to contribute to these goals and the increased success of the organization? The more specific the plan the better.
Mae West once said, “Knowing what you want is the first step toward getting it.”
Once there is a vision and a plan is in place, set up a dashboard to measure the goals are being met on a regular basis. That means going back to the plan at least quarterly, but preferably monthly. By creating and updating charts, not just displaying numbers, it seems to motivate the majority of us that are visual learners.
2. Improve Event Marketing
Rather than spend money on the large client appreciation event that is super expensive and brings in few referrals, consider a much more pinpointed approach.
Small client events where the clients fill the room is the secret to drastically improving the odds of closing new business. Where does it make more sense to spend money? On an event with 10 clients and one prospect or one client and 10 prospects?