Does your firm throw money at marketing initiatives, only to realize that nothing has really worked? Redesigning websites and brochures, attending business showcases and participating in other marketing efforts can be expensive, and, unfortunately, there’s no guarantee they’ll generate viable leads.
Here’s the thing, though: Even the best marketing initiative is a waste of money if you’re spending without a plan. So let’s take a look at three ways to increase your marketing ROI.
1. Think Before You Spend
Theoretically, the more you spend on marketing, the more clients you’ll have. If only it were that easy. Converting people into potential clients takes time. Many marketers believe in the “Rule of 7,” which says a prospect needs to hear a message at least seven times before they will take action to buy the product or service.
It’s a nice idea, but it’s also one of the oldest concepts in marketing. Today, you might need way more than seven “touches” with a prospect to be heard above the clutter in people’s newsfeeds and fields of vision. Today, there is no single “right” answer when it comes to how many times you need to get in front of a prospect to turn them into a client. But it does mean you need to think long term and use your marketing budget strategically.
Instead of trying to get your marketing message in front of 50,000 people one time, you’re better off reaching 10,000 people five times and segmenting your audience so you can target which 10,000 potential clients you reach and tailor your message to them.
2. Track What Matters
Your marketing budget is a means to an end. So what is the end goal you have in mind, and how will you track it?
In marketing, it’s easy to get lost in “vanity” metrics. Things like number of social media followers, number of likes and shares are easy to track, but they don’t necessarily translate into revenue. Sometimes, they even take your focus away from marketing efforts that could really make a difference.
Instead, focus on metrics that actually help your firm’s growth. For example, does content marketing improves your sales pipeline by a certain percentage? If so, what can you do to increase content production volume? Look at historical data, pinpoint any trends and use that data to flush out a detailed plan.
3. Focus on Continuous Improvement
Once you’re tracking the KPIs that impact sales and profits in a positive, measurable way, do more of what works. When a marketing initiative goes well, repeat it with minor updates.
Additionally, listen to your internal and external clients and incorporate their feedback. If you land new clients because they were excited about a certain service line, look for other areas in which you can meet their needs.
Remember, every new client should lead to a long-term relationship and expanding services. As important as it is to bring in new customers, it’s perhaps even more crucial to keep the relationships with your existing ones alive and well.
The original article appeared on the Boomer Consulting blog.
About Heather Robinson
I’m the Marketing Manager for Boomer Consulting, Inc, a consulting firm that guides accounting firms to increased performance and profitability by providing unique consulting services, peer-led communities and industry-leading intellectual capital. My primary focus is on developing the firm’s marketing strategy and brand awareness to help drive business results. In addition, as a part of the Business Development team, I provide leadership and strategic planning on marketing and communication practices for the firm.