Do you feel your company’s marketing should produce better than it does? If so, know that it may have become a member of a very old club no company should ever join…It is time to revoke its membership.
Just about a hundred years ago, John Wanamaker, a successful merchant at the time (think Macy’s) and considered to be a pioneer in marketing said this:
“Half the money I spend on advertising is wasted.
The trouble is, I don’t know which half.”
Some things never change and this seems to be one of them. But in the 21st century, that doesn’t need to be, nor should it be the case for you.
Obviously, marketing that disappoints has been around since advertising itself was born. Though John struggled with this a century ago, the waste still antagonizes and remains prevalent for most companies today.
That’s right, most companies.
In fact, most managers know (or at least sense) that their company’s marketing fritters away glorious amounts of time and money today, but don’t know what to do about it.
Do you believe your financial and time investment in marketing should return more than it does?
Sound marketing principles deliver superior results and getting good at, if not mastering them, is as equal in importance as the need to attract new customers itself is. They are as joined at the hip as can be.
Optimizing your company’s marketing practices will maximize investment returns and increase your top-line sales revenue. Guaranteed.
Part of the reason for so much squandered time and money is that marketing and advertising are inexact art and sciences. Though art can never be made perfect, increased and measurable returns on marketing investment (ROMI) are always attainable. Creative advancements (the art), new forms of content delivery (media) and extensive analytics development (the science) make standout results possible. […]
Today is truly the age of the consumer. Customers define markets like never before based on their own perspectives and experiences, beginning with how well product marketing and advertising speaks to them.
If your company can empathize with people, the opportunity to make its marketing performance more precise and effective than ever before has arrived.
If this sounds like superhero stuff, that’s because it truly can be.
Increasing sales while using the same budget tends to have a superhero effect. As it should. The even better news is that improved marketing, once tested and published, begins delivering positive results almost immediately.
Like most things, ROMI improvement does take incremental steps. But more effective market connections tend to begin delivering returns before very long.
The opportunity and starting point is to decide that you can and are determined to optimize your company’s marketing, so it will perform and produce as well it possibly can.
Now is a great time to begin working towards that success goal.
Some interesting industry data:
- “Our marketing specialists found that up to 60% of digital spent is wasted every year globally. Up to 35% of all web activity is fraudulent or artificial and 54% of online ads are not even seen by a human due to viewability issues.”…Proxima
- “Billions of digital marketing dollars are being wasted as online advertisements miss their intended targets entirely.”…CNBC
- “Advertising for cars fares poorly, with only 45 percent reaching their intended audience, followed by ads for computers and electronics and shopping and retail (all near 49 percent). The best-performing sector is travel, where still only 65 percent of online ads reached the right people.”…Nielsen
- “93% of CMO’s say they are under increasing pressure to deliver measurable ROI.”…Leapfrog Marketing Institute
- “Only 8% of companies say they can determine ROI from their social media spending.”…CMO.com
- “50% of companies find it difficult to attribute marketing activity directly to revenue results.”…CMO.com
- “40% of marketing departments think their companies’ marketing is ineffective.”…CMO.com
- “81% of companies would increase spending on digital, mobile and social channels if they could better track ROI.”…Proxima
Marketing That Disappoints Is Common
Is too much of your company’s money and time wasted today? No matter what volume of business, your marketing budget is a precious commodity.
It must produce for you. It’s your investment back into your own company. You need it to help you grow. You don’t want to just survive; you want your company to thrive. If your marketing disappoints, today is the perfect day to stop tolerating it.
So what are your opportunities for improvement?
The real opportunity is not to just trim waste. Your objective is to convert financial decay directly back into sales income; the reason why you execute marketing (and read this) in the first place.
Do you adequately manage and track your marketing and its performance today?
If not sure, this list will be a great place to begin your evaluation (PDF version for print):
TEN QUESTIONS TO ASK YOUR MARKETING TEAM
- Has our company developed clear and complete buyer profiles (personas) that identifies researched insights-driven demographics, income levels, interests, behaviors (including internet), what prospects read, watch, listen to, where they live and go, and more, for purposes of reaching ideal customers and clients (precise market targeting)?
- Do we currently measure, record and archive the effectiveness of all published marketing content, routinely abandon or fix the poor performing offenders and optimize (exploit) those that do well?
- Does our company perform marketing effectiveness audits to quantify the true return on our marketing investments and identify how we can transform the segments of ineffective budget spending into new sales revenue flow?
- What platforms (direct, indirect, organic, paid) do we use (social media, Email, print, direct mail, paid ads, etc.)? How are we monitoring and measuring the ROMI of each? How can we evaluate, reform or dismiss initiatives when they don’t perform well?
- Does our marketing staff think of marketing from a scientific perspective? What meaningful metrics are we using? In what ways? To what extent? And to what degree of depth?
- Knowing there is a good chance that 40-60% of our marketing budget is being wasted, what is our overall strategy going to be to: Make our investment of time and money do its job better!
- How good are we at attributing our marketing activity directly to our sales revenue results?
- What marketing measure tools and techniques are we using? Which ones need to be retired? What can and should we do to evaluate and acquire updated tools and techniques for our company?
- What are the one, two or three things the marketing department should stop doing immediately?
- How are we marketing to our current customers and how are we encouraging referrals?
“What we measure improves.”
Additional open-ended questions for your team:
If you (the team) had a magic wand, what would you change about our marketing department?
What do all of us ultimately want our company’s marketing results to look like and to do…always?
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