Simple steps to improve your ROI

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Posted on September 1st, 2014 in Business Insight. 2 Comments.

At a recent networking event, some fella stood up and told everyone about his terrific new line of skin-care products. When he finished, the host said “great, now tell us… who would be a good referral for you?”

He smiled and answered: “anyone with skin.”

Cute, right? Sure, but not very helpful.

If your message is so generic that it applies across the board, odds are good you’re not going to move anyone to take action. That guy needed a better plan, and so do you.

What are you really selling?

When Starbucks began its vast expansion in the 90’s, it was an instant hit. Not because they were selling great coffee, there was plenty of that already available. Instead, they chose to focus on the “experience.”

Starbucks sells ambiance, comfort and consistency – not just coffee. Besides being a unique approach, this allows them to charge premium prices for a pretty standard commodity.

Just ask yourself – are you sure you know what you’re selling?

Who’s gonna buy it?

This is so important.

Imagine your service really appeals to women. Now you can spend 100% of your budget on just 50% of the population. That’s pretty good, right?

What if you also know what their average income is, have children or find reprieve at a massage parlor each week? That kind of insight lets you focus on a much smaller segment with far greater results.

Do this by looking at the demographics (gender, age, geography, etc.) and psychographics (how they feel) of your current customer base. If you don’t have one yet, make some educated guesses. Either way, you’ll be better off than if you try speaking to everyone.

Spread the word.

Okay. Now we know what you’re offering and who is interested… it’s time to deliver a message that’ll open up the ol’ pocketbook.

Everything you put out there must speak to your audience. Imagery and type, the tone itself… it all matters. Soft, cursive fonts don’t belong on cutting-edge sporting goods, and aggressive language probably won’t sell the older demographics. When people encounter your brand they should know you are talking to them specifically, and with real purpose.

Short, sweet and focused – those are the rules. Following them helps you stand apart from the competition and converts that marketing budget into a healthy profit.

Planning makes all the difference.

There are a bunch of great companies that can’t find the traction they need to keep the doors open. Don’t be that guy.

Review your current marketing approach for any missed opportunities, devise a strategy that targets the people you want to do business with and let ‘em hear what you’re offering.