1 flaw in calculating returns that costs companies fortunes!
I keep hearing about how a particular advertising method did not return positive ROI (return on investment) so it got dumped.
For many companies this piece by piece approach to marketing rather than viewing their marketing as a system is a tragic flaw costing them a fortune.
I advise the clients/brands I work with that they need to stop thinking about ROI for a given initiative (return on investment) and start thinking ROO or return on objective.
Let me explain why:
The most current studies are showing that it now takes 12-25 impressions to get a new customer!
Each "impression" influences the final buying decision.
For us marketers impressions could be a google places listing, a video, local directory, a ppc ad, a banner somewhere, a radio spot etc...
If you want to get amazing results you need to strive for a critical mass of advertising touches that will provide the necessary amount of positive impressions to get the consumer to buy.
For example we are often asked to list in various local directories at a cost. We look at the cost and think no way, I would rather run Facebook ads because I once paid for a directory and I don't think it made me any money
BUT
if you were listed on 6 directories that took up half the first page of Google and you had positive reviews on those directories can you imagine how much higher your conversions would be when the Facebook user that responded to your ad did the inevitable Google search on your company or product before buying.
I also tell clients to be very careful what they think they know!
Example: Clients says we tried email marketing and it does not work.
I look at the email and list and its great.
I do a Google search for the company product and the first page is filled with better offers or negative reviews about them. Their conclusion was email marketing does not work
but
the truth is that their "system" is broken so not much of anything will work.
Simply fix the broken part in the system (in this case their first page image) and watch what they thought did not work start to drive great sales.
The faster I can get my clients to understand that marketing is a system and that all elements contribute to that system even if its not obvious, the faster I can make them money.
For many companies this piece by piece approach to marketing rather than viewing their marketing as a system is a tragic flaw costing them a fortune.
I advise the clients/brands I work with that they need to stop thinking about ROI for a given initiative (return on investment) and start thinking ROO or return on objective.
Let me explain why:
The most current studies are showing that it now takes 12-25 impressions to get a new customer!
Each "impression" influences the final buying decision.
For us marketers impressions could be a google places listing, a video, local directory, a ppc ad, a banner somewhere, a radio spot etc...
If you want to get amazing results you need to strive for a critical mass of advertising touches that will provide the necessary amount of positive impressions to get the consumer to buy.
For example we are often asked to list in various local directories at a cost. We look at the cost and think no way, I would rather run Facebook ads because I once paid for a directory and I don't think it made me any money
BUT
if you were listed on 6 directories that took up half the first page of Google and you had positive reviews on those directories can you imagine how much higher your conversions would be when the Facebook user that responded to your ad did the inevitable Google search on your company or product before buying.
I also tell clients to be very careful what they think they know!
Example: Clients says we tried email marketing and it does not work.
I look at the email and list and its great.
I do a Google search for the company product and the first page is filled with better offers or negative reviews about them. Their conclusion was email marketing does not work
but
the truth is that their "system" is broken so not much of anything will work.
Simply fix the broken part in the system (in this case their first page image) and watch what they thought did not work start to drive great sales.
The faster I can get my clients to understand that marketing is a system and that all elements contribute to that system even if its not obvious, the faster I can make them money.
What if they're not stars? What if they are holes poked in the top of a container so we can breath?
"If you think you're the smartest person in the room, then you're probably in the wrong room."