Measuring ROI

With the end of the first quarter quickly approaching, it's important for business owners to step back and evaluate the return on investment for the marketing strategies they're using to generate new business. It's not difficult to do, but many will leave this task undone thinking they have a general idea of what's working well. Others may be so overworked, they don't have the extra time in their schedule.

What you don't know, may be hurting your business. Taking the time to formally measure ROI (return on investment) will let you know where your money is being invested wisely and where it's being wasted. Thinking you have a general idea is a lot different than actually seeing the figures on paper. The results may even surprise you!

Our marketing clients are required to ask all new customers how they heard about them. When a new customer calls or comes in, this information is hand-written on a very short form along with the gross dollar amount of the sale. At the end of every quarter, we take that information and tally it up against what they've spent on each marketing strategy.

When these clients first implemented this tracking program, they were amazed at what the data showed. Strategies they thought were bringing in a lot of business were, in fact, not performing the way they should. After six months of tracking, we were able to eliminate the strategies that weren't working and expand on the ones that were performing well.

In summary, every savvy business owner should be implementing formal strategies to measure the ROI on their marketing. When you do, you will be able to capitalize on the strategies that are performing and have more funds available to test and measure new marketing strategies.

Building Your T.E.A.M. Leader's Self-Evaluation

When you look around at your friends, co-workers, associates, do you seem them being an asset or a liability? An asset could be someone that's looking out for your or keeping you from being blindsided. A liability may stand back and giggle or say, "Watch this," when you get the news you were not expecting.

A team member would be the person that's being helpful and looking out for your best interest. Someone who encourages you and does not wear or tear you down. A non-team member might think, "I'll keep this to myself and I'll make myself look good." Some points to ponder about as you go through the day:

• Always check your motives when you make a decision that affect you and your team. Your goal should always be to help genuinely build up others and not tear them down or make them look bad.
• Pick your battles. Is this a mountain to die for or to fight on? Some mountains are worth fighting for, so pick your battles carefully.
• If there is a problem, let it be known by going directly to the source. Telling a third party can't help and may even make it worse.
• If there are corrections to be made, do it fast. Don't wait. Waiting will only cause the problem to get worse.
• Always give value towards others. When John Maxwell speaks to a group, he sees a "10" over their heads, meaning they are all 10s and go-getters. He knows he's not wasting his time because he feels the information he is giving is falling on fertile ground.
• When you do have to be critical with others, do it with a positive attitude and always finish with a compliment.
• If you're attitude was duplicated into others, how would you like the world?

In closing, it's often said, when, and not if, you've done someone else wrong, go apologize quickly. Eating crow is always better when it's warm.

Wayne Bailey is a Distributor with SendOutCards. He has recognized tremendous growth in his personal and business relationships by implementing the strategies he talks about in his articles. You can email Wayne at wayne_bailey642@hotmail.com or visit: www.sendoutcards.com/waynebailey.

Great Ways to Jump Start Sales - Part 7: A Heart for Giving

In today's environment, social responsibility is taking on a greater role and good corporate citizenship is important for the success of any business. Aligning with a non-profit with a "cause" close to your heart is an excellent way to show customer, prospects and your community that you care. It's known as "Cause Marketing," and should be part of your business' marketing plan.

A lot of business owners will give to local charitable organizations in the form of gift baskets, door prizes or monetary donations. These are good ways to bring awareness to your business, but when it comes to Cause Marketing, we're talking about actually aligning your business with a local non-profit.

If you don't have a formal Cause Marketing plan in place, you may be wondering where you should start. Here are some tips:

1. Think about the issues that are closest to your heart and find a local non-profit organization that is addressing one or more of those issues. For example, if you love animals, you may want to partner with a local animal rescue or shelter.
   
2. Contact that organization and ask for the person in charge of their marketing. The goal is to set up some time to meet and discuss how you can create a mutually beneficial partnership.
   
3. During the meeting talk about ways you can promote their organization and ask them to do the same for you.
4. Follow up the meeting with a written letter of understanding so both parties know what is expected of the relationship.
5. Begin your Cause Marketing plan.
6. Maintain communication with the non-profit organization.
   

You can provide pro bono services or undertake a promotional campaign to raise charitable funds. Just be sure that both you and the non-profit are promoting the undertaking through mailings, emails, websites and press releases. To work, it must be a partnership where you and the non-profit are bringing awareness to one another.

Remember, Cause Marketing is a win-win-win. You'll provide help where it's needed most, the non-profit will benefit from your giving, and your business will earn appreciation from customers that leads to sales.

Understanding Customer Needs

Take a look at the latest edition of our e-newsletter "Profit Driven Tips"

http://myemail.constantcontact.com/Understanding-Customer-Needs.html?soid=1101807119440&aid=VXJA0U_fUVs

Great Ways to Jump Start Sales - Part 6: Review Your Marketing Message

If you've been watching, reading, or listening to the news lately, you will notice that times have changed...and so have the buying habits of consumers. The things that motivated consumers to buy in the past, may not be the motivating factor to get them to make that purchase today. That's why it's so very important to make sure your marketing message is hitting the right chords with your target audience.

Hopefully you've been doing some tracking of your marketing investments so you know what's working and have cut out what's not performing. If not, that's the first place you need to start. Tracking is simple. All you have to do is ask your prospect how they heard about your company. If business hasn't changed or it's increased, you're in a great place. Even so, you will still want to periodically evaluate your message and advertising.

Let's say you believe business could be better. Well then, you have to start asking some questions. When was the last time you updated the content of your website? Have you read through one of your brochures lately or taken a look at how well your advertising campaigns were performing? At this juncture, it's important to take out all of your marketing tools and evaluate whether or not the message needs to be revised.

Since your website is on the front line, you should probably start there. Take a look at how your site looks. Is the design outdated or is it a site you put together on a tight budget many years ago? Does it contain a lot of flash components? How old is the information on your site? Is it easy to navigate? Since first impressions count, your website's appearance is a crucial tool in creating that trust factor between you and your prospect. If it's old and outdated, it's time to seek the help of a professional.

If you're not sure where to begin, consult the advice of a professional marketing consultant. Companies like Eagle Soars Consulting have the expertise needed to help small business owners get the exposure they need to succeed.