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Every marketing dollar should make you at LEAST $1.15

May 14, 2008

What’s your ROI (return on investment) for the marketing dollars you’ve spent so far this year? Don’t know? Why not? Those are your hard-earned dollars!

If what you’re doing and what you’re spending money on isn’t working, then STOP DOING IT! Of course you need to be marketing yourself and your company in order to create interest for sales, but if what you’re doing isn’t paying for itself and then some, it’s time to change your strategy.

One of the biggest questions I get from clients and potential clients is how to figure out ROI for marketing dollars.

The answer is: Each thing you do is going to be tracked differently, but the key here is TRACKING. Are you tracking where leads are coming from? If you ARE tracking leads, but most of your answers are “word of mouth,” are you digging deeper with those folks to find out how their friends (the person who told them about you) heard about you? It can be tricky!

And not everything can be tracked in black and white, cut-and-dried formulas. For instance, you may have simultaneous campaigns running on radio and in print. Did you know that each of those campaigns will support the effectiveness of the other? So just because someone remembers seeing your print ad (which is what they tell you) it doesn’t mean they didn’t also hear about you on the radio. That radio ad could be helping them retain YOU in their brain.

Here’s a cool tool to get you started:

Use this calculator to determine the marketing ROI (Return on Investment) for any direct mail or e-mail campaign. Just enter your program costs and projected program results under Input and click Calculate to instantly calculate the estimated ROI and other pertinent details like cost per piece, cost per new customer, and more. Use this tool to test different sets of assumptions to see how your program results might vary with different response rates and different conversion rates. This tool is free from Marketing Today, no registration is required.

One Comment leave one →
  1. June 3, 2008 3:29 am

    I like your website.and I know blogging is a better way of keeping your clients uptodate and also for search engine ratings – keeping news new and website fresh.

    I like your website and it was pleasant visiting with you today.

    Wishing you infinite peace and abundant prosperity in your journey,
    Until we meet again….

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