Many happy returns

With the state of the economy, the rising cost of living and ever-climbing gas prices, it’s evident that people are trying harder than ever to get the most out of every dollar. Who wouldn’t want to maximize their return on spending? No one we know.

The same principles apply to the marketing/advertising blend you choose for a promotional campaign. When it’s time to determine how to allocate your marketing budget, there are a few core questions you should always ask—with an eye towards ROI.

#1. What has worked for you in the recent past?

Chances are that if a particular method of outreach worked a few months ago, and you are targeting the same audience, that method will work adequately for you again. It would be a good idea to apply part of your budget for something you know will produce results.

#2. Are your results measurable?

For example, web-based methodologies like splash pages or web banners  provide access to hard statistics on how many people visited your site, how long the average person stayed there and how many people clicked on your links.

If you are using media outlets that are not as easy to track (print advertising, billboards, television or transit advertising), do you have a way to gauge the response level by finding out how people heard about you? Or will you monitor your website statistics for the time period your other products were active to see if they correlate?

Having measurable results will make it easier for you to determine what approaches are and aren’t working, and will help guide you when planning your next marketing effort.

#3. Have you considered trying something new?

If there is a product, media or service that you haven’t used in the past, you might consider trying it during your next campaign and seeing what you get for results. You may find out that it works better for you (or is more cost-effective) than the areas you are currently budgeting for. Playing it safe is a good way to maintain the status quo—but in a competitive situation, you must be willing to explore new avenues and approaches if you want to continue reaching and influencing your target audience.

 

Until budgets swell to the point that you can make use of every marketing and advertising product in existence (which should occur roughly around the same time that pigs fly, hell freezes over and the Red Sox win the World Series), planning, strategy and analysis will always be your best friends when it comes to developing a campaign and maximizing ROI.

 

Written by Meaghan LePage, Traffic Manager at The Albion Group