What is Your Marketing Plan For 2014?
What is Your Marketing Plan For 2014?
Well it's the start of a new year, and in our business meetings we get together and talk about the marketing plans for the new year. Usually the typical scenario will play out like this; the owners will gather up all their data and charts
from the previous year and compare the different advertising sources to see which one's brought in the highest ROI (Return on Investment).
Then after looking over the data from last year, the process begins to determine where the most money will be spent to accomplish the most advertising bang for the buck. So for example, if we ran a monthly adwords campaign and tracked all the leads that it brought in and how those leads converted to actual customers, and then compare that to how much money was spent to capture new prospects and determine the overall ROI.
Now if the ROI was indeed a positive value and the leads or prospects actually converted, then the money was well spent. Conversely, if we were to look at a 1-page magazine ad that had a 1 time upfront cost and then determine how many leads or prospects that generated and then contrast that with the cost of the ad, well the ROI may seem pretty paltry.
How to determine where to spend your advertising budget.
So now the process of evaluating which ad source generated the most return, is one that has to be taken seriously. If you happen to be one of those large fortune 500 companies that has an unlimited budget for advertising, then your goal may be to simply get the word out and build the brand.
However, if you happen to own a small to medium sized business, then you are much more cautious about where to spend your advertising budget. This is where you must take control of the numbers and look at them objectively to determine the best place to advertise.
Now the answer to the question of where to spend your advertising budget to get the most leads and prospects, becomes a question of analyzing the data. Due diligence must be taken to sift through the numbers and see where your advertising converted the most and generated more revenue for your business. Keep it simple. If you discover that a particular ad was very expensive, but brought you one or two big clients that will pay off over the long term, then that type of advertising must be considered to be good.
If on the other hand, you find that you're running cheap ads that bring a ton of traffic but no conversions, then this data also has to be taken seriously. So even if you spend more money to advertise at a particular ad spot that is targeted to your customer base and generates consistent leads, then the initial outlay of money is worth it in the long run because you will pick up more valuable clients.
Then it stands to reason then, that putting more money into the same type of lead generation that produced results will make the most sense.
Don't be afraid to take risks.
If you discover a new source in which to advertise, don't be afraid to test them out and see if that specific traffic will convert. While placing another ad in the local Yellow Pages for another year might seem like the best use of your advertising resources, don't be afraid to try a new way to get the word out.
Yellow pages books are becoming more and more a place NOT to be in, simply because less people actually turn to those books to find solutions to their problems.
These days, most people who are looking for a solution to their problem want a quick fix and usually turn to the internet or their smartphones to search for a solution. So then, advertising online, or making sure your business has a website, will probably be a better use for your money. It makes sense to look at where your prospects are searching to find solutions to their problems, and get in front of them.
Getting a website for your business online so that your potential customers can find you, is a no-brainer. You need to be where people are looking for you, and the old school Yellow pages is not that place anymore. Therefore, don;t be afraid to make changes to the way you're used to advertising, roll with the changes.
That's why our business, like so many others in the 21st century, have looked at ways to generate leads through online sources. Yes direct mail still works extremely well, but advertising online is faster and can be tested at a much faster response time.
This year make it a rule to get better educated on the benefits of traffic generation to your website via both paid and organic traffic. Then track everything and see where the conversions are coming from and then simply expand more into the advertising that is generating the best results, you'll be glad you did.
Call Comtech today at 405.843.3185 and let us help you explode your sales with strategic marketing.
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