An interesting question to ponder is, “How can I measure the return on investment (ROI) of my marketing efforts?” After all, you’ve likely pondered this question many times. You may have worked on a marketing plan, researched market trends, developed email campaigns, designed online stores, or launched a product. Now that your work is bearing fruit, how can you possibly know if you’ve achieved what you set out to do?
You may wonder whether focusing on a single metric will provide you with the whole story. After all, you can’t easily assess the impact of your marketing efforts without taking into consideration various channels, stages of acquisition, and demographics. While it’s important to measure the results of your marketing efforts in as much detail as possible, this shouldn’t be your only focus. As you work to develop a strategy for future marketing campaigns, it’s worth considering a few key points that will help you determine the effectiveness of your efforts. This includes identifying the right metrics as well as learning from past mistakes.
The Importance of Being Versatile
If you’ve ever tried to follow the herd and pitched a marketing plan to a single client, you know how challenging this can be. After all, the perfect client for your services might be located somewhere outside of your immediate geography. This leads to complications when it comes time to follow up on the initial contract since you won’t be able to travel to the location to deliver the goods or services. The solution? Be versatile. Learn to pitch your services to different customers regardless of their location. This will help you avoid becoming obsolete due to technological advancement or evolving market trends. As customers increase their geographic reach, marketers must evolve with them. In other words, being versatile is essential in today’s marketplace.
Learn From Mistakes
Another important tip is to actually look at your efforts from the beginning to the end. This means examining every aspect of your marketing plan, from strategy to execution. When you’re developing a plan, consider all of the channels you intend to use, all of the products you’ll promote, and everything in between. By doing this, you’ll be able to pinpoint specific mistakes you made along the way that could’ve been avoided. In other words, by examining the whole process, you’ll be able to determine the strengths and weaknesses of your plan. This way, you can improve upon your strategy and have a better chance of achieving your intended results.
The Four Stages of Buyer’s Journey
When you’re looking at the whole picture, it might seem difficult to pinpoint exactly where your efforts fit in the grand scheme of things. This is why it’s important to break down your strategy into constituent parts. In order to do this, it helps to remember the four stages of buyer’s journey. These stages highlight the different factors that influence a person’s behavior and can be used to determine the optimal time to intervene based on where you stand in the buying process. The four stages are:
- Attracting potential buyers’ interest
- Building trust and confidence
- Creating desire for a particular product or service
- Selling and influencing buying behavior
- Retaining customers and increasing sales
Each stage presents its own unique set of challenges. The crucial thing to remember is that you’ll face the least amount of resistance in some of the stages and the most in others. This is why it’s important to understand where you stand in the buying process. With this knowledge, you’ll have a better idea of what to do next. You may decide that your best chance of succeeding in the marketplace is to focus on a particular stage and work your way through it. Alternatively, you may decide that you need to move to the next stage since you’re making little to no progress near the bottom of the funnel.
Marketing Automation: The Next Generation
Depending on how advanced you are in terms of marketing automation, your life might seem easy. After all, with the right platforms and software, you can automate many of the tasks associated with modern day marketing. Unfortunately, this doesn’t mean it’s easy. In fact, it can be quite the opposite. As your strategy becomes more sophisticated and you automate more tasks, you might find that you have less time to focus on the activities that give you the best return on investment (ROI). In other words, as your marketing efforts become more automated, it gets harder to determine the precise ROI for each component of your plan.
The Evolution of Marketing Automation
Even the most sophisticated marketers have found themselves struggling with this very question. After all, while it’s important to measure the results of your marketing efforts, it’s also vital to establish a clear strategy for the future. Unfortunately, due to time pressures and the complexity of the modern market, this is often difficult to do. As you begin to look ahead, consider the evolution of marketing automation. Over the past few years, we’ve seen the rise of marketing platforms like HubSpot and Marketo that offer an all-in-one solution for marketing automation. These platforms make it easy to set up automated email campaigns, manage social media accounts, and develop webinars. What’s more, they often come with a free plan that might be sufficient for smaller businesses. In other words, these platforms make it easy for even the most small-scale businesses to get started.
Pricing And The Small Business Advantage
One of the major barriers to entry for small businesses is marketing. As a result, business owners typically have to do a considerable amount of their own marketing. This frequently means traveling to meet with prospective customers or developing marketing materials that they could use to bring in business. Naturally, this takes time. In fact, a lot of time. This is why it’s important to find a way to value your services while not being overly generous. After all, you don’t want to give away the store!
One important thing to consider about pricing is that the amount you charge should be proportionate to the amount of effort it takes to generate the business. In other words, if you’re spending a lot of time and energy developing a strategy that will give your business competitive advantage, you should be compensated for this investment. It’s also important to consider your own unique skills and how much you could possibly charge for your services. Finally, it’s crucial to do your research before putting a price on your product or service. There are countless examples of businesses that have massively over priced themselves and then had to reduce their prices to stay competitive.