Does Marketing have a good ROI?
This post is written with the purpose of educating business owners with information about what they are investing into and why this is so important. The majority of businesses invest heavily into marketing but the more I consult with my clients about their brand and marketing strategy, the clearer it has become how misinformed the average business owner is. The course of actions they take are poorly formed and don’t utilize all the benefits marketing can offer.
Where do you start Digital Marketing?
The first step I generally take with my clients when introducing them to digital marketing is to ensure the business owner understands the difference between marketing and sales. Those who are uninformed about this industry and field of expertise tend to think, “Wait, aren’t those the same thing?”. The common question of does marketing have a good ROI is then introduced. There is a value to marketing many business owners don’t understand. To clarify, here is a metaphor:
HOW THE HELL IS SOCCER GOING TO EXPLAIN TO ME WHY IT IS THAT WE SHOULD INVEST IN MARKETING?
The goal of an effective marketing strategy is to influence a consumer’s perception of the business it is trying to promote. Consumers will then make a decision based on the opportunity costs of the product and how it compares to other competitors. Marketing allows businesses to connect with the target audience on a deeper level but does not guarantee the business of consumer.
Compare marketing to goals during a game of soccer, simply because the ball reaches the net doesn’t necessarily mean that there will be a goal awarded after. Even with perfect strategy and coordination, the goalie can still stop the goal from happening. But does this mean the players should quit? Of course not, because it’s a competition with the other team. You must understand that by investing into marketing, pay off does not occur immediately. You must continue to try and reach that net. If the marketing strategy still fails to convert despite continuous efforts, you need to adjust your team/business. Replace the key members, add substitutes, create a different formation. Because if the opportunities are not working, the issue lies in the execution.
A sale. This is the end product that businesses hope to achieve through strong marketing strategies.
This article is brought to you by Alson Niu – Chief Executive Officer