You are probably wondering:
How can I do this and boost my own marketing ROI?
Well, today, I am going to show you how to generate enormous ROI from your marketing activities with a simple tweak.
Let’s get started.
There are lots of discussions about marketing return on investment i.e. how much revenue you generate from marketing. Marketing ROI is closely tied to what you can measure in your marketing strategies.
The truth is, there are many things you can measure and there are many more things you can never measure, especially on a quarter or yearly basis. For example, you can measure lead generation activities but you'll have a hard time understanding all the elements that went into that lead being generated in the first place.
Where did they see your brand?
Who unfluenced their purchase decision?
Did they see my advertisements?
Was it word of mouth or word of mouse?
In today’s world, marketing strategies may not necessarily generate revenue for months, years or even decades. This poses a real problem with trying to measure marketing and judging how well things do.
So, the question is, how do you measure marketing ROI today?
Because there ARE short-term and long-term tactics that you can use to measure your ROI in marketing. So let’s take a look at the two important marketing tactics.
A short term marketing tactic is any tactic that can help you to drive results immediately.
For example, sharing content on social media and using other advertising methods can quickly generate results for your business. But will probably need to be coupled with overall long term brand building.
Long-term tactics, on the other hand, require strategy and tactics that will generate results in a long time to come. For example, implementing a content marketing campaign for your business is a long term marketing tactic. They are great in that they lessen your reliance on advertising as a growth strategy but they take time to gain steam.
However, there is a need to balance both the short-term and long-term marketing tactics. For example, you can use short-term tactics like Facebook or Twitter ads to generate leads for your business. Then, you use long-term tactics of content marketing (blog posts, video, e-books, webinars, etc) and email marketing to build a solid relationship with your audience.
This will make it easy for your audience to trust you enough to buy from you when they are ready to buy.
The truth is a lot of companies are failing at short-term marketing tactics. The reason is that most of them are stuck in the old ways of advertising and marketing. They find it difficult to adapt to changes. They prefer to build golden ship campaigns. These are campaigns that take months or even a year to build. This is a fundamental problem in the structure of how companies do marketing today.
This is how a golden ship campaign works:
The company comes up with a core idea or insight and then they pay an agency to help to execute it or they do it internally. They spend months building it. Some of it is founded in real data and in insight. Some of it is tested, but most of it is not.
When those campaigns are eventually released, many fail, but some do get amazing results. But here's the problem... even the ones that fail - companies want to hold on to that golden ship because they have spent a lot of time, energy and money on it, even though it doesn’t work and it is failing. They are desperate to make it work.
There is a belief in marketing that no campaign should fail. This is the total opposite of the way digital marketing is done today. Digital marketing today is done in quick releases, in very short sprints using smaller tactics and stuff that adds up to bigger things in the future and not in golden ship campaigns.
The truth is, even though you have the qualitative and quantitative analysis, it is difficult to know how the market is going to react to your campaign until it is out there.
This raises two big questions:
How do you stack the deck in your favour?
How do you build a marketing campaign that will do well and bring in sales?
The answer to the questions above is …
The thing is, creating a successful marketing campaign is all about testing your marketing strategies. It involves putting it out there and seeing how your audience reacts to it.
A lot of people will produce a white paper or an e-book that takes many months to develop and release them to their audience. Then, they sit back and wait for downloads or leads to start pouring in. Truth is, that may never happen.
The next thing they do is to keep pushing it by advertising to get it out there while nobody wants it.
But here’s the kicker:
All you have to do is test your marketing strategies first. You can decide to post on social media using the core tenets and ideas of that e-book or white paper before you even write it.
For instance, let's say you sell webinar software, you can take the core ideas of the e-book you would like to build for lead generation and test it. It could be “Top five reasons why you should do webinars” and then post it on your social media channels for testing.
If that piece of content does well on social media then you’ve got a winner. You've got an idea that you can actually turn into an e-book.
You have tested the idea and know if it will generate results or not before you jump into the water.
The truth is a lot of marketers need to start dipping their toes in the waters versus diving straight in without a life jacket on and drowning.
This is because they did not bother to test if that was a good idea or not and this is a fundamental problem in marketing these days. It will be to the detriment of companies because they will continue to lose money, awareness, and equity.
This is because they refused to be in the game of testing, checking, and publishing content and ideas to see what sticks and what doesn't.
Then if something does stick, you need to milk it for what it is worth.
If you run a webinar and it does amazingly well, then do it again. You already know it works. You don’t have to stop despite the level of success you achieved. It's very likely there is still a massive amount of people that you need to reach. So just run the webinar again.
The problem is that marketers, once they experience a level of success with one campaign, they stop. Don’t stop, do it again and keep it going.
Here’s a good example. When Hollywood makes a movie that is successful, they go ahead and make a sequel, and if that does well they make another sequel. And if that does well, they make prequeals!!! See my point?
They milk the film for what it is worth. You may argue that this crap, but it puts people's interest first and that sells tickets fast. That is the Hollywood method! Know it, and do it.
You know what?
Marketers need to adopt that method and start looking to see what is done well and do it again repeatedly.
Don’t be afraid of seeming like you are just doing the same old thing. Nodoby sees all the content your company creates. They can only see maybe 10% - 25%. Nobody sees 100% of what your company publishes all the time.
Don't be rigid! Be agile. Be flexible. Keep changing your marketing into a machine that does not produce golden ships, but rather produces tiny sailboats that can float.
See what works and what does not. Build on the ones that do work. Milk it for all it is worth.
Implement the Hollywood method when it comes to marketing.
Don't be afraid to fail and don't keep flogging a dead horse! If that content or marketing is not working, put it aside. Come back to it again in a year or six months because it might work then.
It is all about testing, experimenting and not building things that you don't have any chance to test.
Stop building campaigns for months and months that you think will do well and when it doesn't do well, you waste even more money and time on. It is not the right approach.
You need to be quick. You need to be agile in order to get the best ROI from your marketing strategies.
I would love to just beam my knowledge into your head without the use of email. Unfortunately technology isn't there yet. Until then, sign up for my newsletter to get exclusive content not found anywhere else.