For many entrepreneurs, the impacts of coronavirus on their business have been devastating. But all hope isn’t lost. When the going gets tough, the tough get going. During times of instability, building a leaner, meaner business is crucial. Fixing your business fundamentals will improve your marketing ROI. We’ll show you how.
Investing in marketing is still vital, despite the business impacts of coronavirus.
When the economy becomes unstable, and business slows, many entrepreneurs will cut back on marketing. Or even stop their marketing efforts altogether. Intuitively though, we understand that marketing works when done correctly. We’ve all been successfully marketed to.
But when times are uncertain, and we haven’t seen a healthy marketing ROI yet, it’s tempting to cut corners and save a few bucks. The first to get the ax is often the marketing budget. But studies don’t support this.
Research from Penn State College of Business has uncovered that the slow times are ideal for aggressively increasing marketing spend. Further studies have also indicated that companies that dedicate 10% of their revenue for marketing activities are industry leaders.
The Keys to Producing a Healthy Marketing ROI: The Six Pillars
If your current marketing efforts aren’t producing an ROI, it’s frustrating. Accurately diagnosing where marketing is going wrong can be overwhelming because marketing is such a massive activity. It encompasses many different channels and strategies. And, every marketer seems to have a different idea of what’ll work.
At inThink, we’ve been helping business owners improve their marketing ROI — on budget and on time. What we’ve discovered is that the business fundamentals are the key behind reliable and effective marketing campaigns.
So, what are these business fundamentals? We’ve broken them down into six pillars. These six pillars are like the foundation of a house, and a strong foundation is key to longevity. Without these six pillars, your business won’t be strong enough to withstand times of instability.
While coronavirus is the current crisis, another crisis will unfold in the future. Times of change and flux are inevitable. But investing in these six pillars will give your business the foundation it needs to grow and remain healthy. Let’s explore how these six pillars can provide your business with a robust marketing ROI, despite the impacts of coronavirus and other economic uncertainties.
We’re living in the digital age, and new tools and technologies will continue to be unveiled and launched. Failing to invest in convenient and useful tech tools will harm your company’s ability to remain competitive. For marketing efforts, especially, implementing specific tools can streamline processes, reduce customer acquisition costs, and the time it typically takes to see a return on investment.
There are tools to automate social media marketing and email marketing. All-in-one marketing tools, like HubSpot, give you the chance to enjoy a full service, user-friendly marketing hub with customer support. Loom and Zoom can improve your ability to communicate internally with your team and externally with your customers. Technology advances and enables functional areas of your business, and any department, employees, and customers, can all benefit.
The processes, equipment, people, and systems required to keep your business functioning are collectively referred to as business operations. When an area of an organization’s business operations is weak, the others will falter. Shaky business operations can increase overhead costs, jeopardize a budget, and harm customer relationships.
Your business needs to run smoothly, like a well-oiled machine. Improving and strengthening business operations has numerous benefits for your business. Streamlining business operations allows you to expand and grow your business. But it also makes marketing easier and improves the chances of getting a healthy marketing ROI.
Turn on your social media feed. Take a peek at your inbox. Flip on the TV — it’s a noisy world out there. Standing out from the competition is a crucial component of marketing ROI. So what will help you stand out from your competitors? It’s branding.
Consistent branding can increase revenues by up to 23%. Creative is the business pillar that will make your brand stand out from the noise. It’s the expression of your brand. Creative is the piece of the puzzle that forges a connection with your audience and elicits the desired reaction from them.
4. Customer Success
People are what drive your business. You’re not selling products or services to rocks and robots. Without a customer success strategy, marketing efforts will fall flat. Sure, you might acquire a customer with your marketing. But without customer success strategies to bolster your marketing efforts, you won’t retain that customer. This will impact your ROI negatively.
Customer retention is far cheaper than customer acquisition. A customer success strategy is the ultimate tool behind building trusting, loyal customer relationships, brand advocacy, and audience growth. Taking the time to understand and map the buyer’s journey to a fandom destination is something that will also aid your marketing efforts.
Marketing is a part of the foundational six pillars. It’s a broad category, and marketing can mean many different things to business owners. But the essence of marketing is to create value for your customers. Entertaining them, educating them, connecting with them, are all fundamental parts of marketing. The key is tying your marketing efforts to your overall business mission and vision.
There are dozens of marketing programs. But the only ones that matter and that’ll give you a healthy ROI are those that deliver value to your customers while supporting your business goals.
Underpinning the other five pillars is your business strategy. Strategy is your vision, along with the ideas and processes for how you’ll reach your goals. Overall, every business’s strategy will look different. It takes intellectual horsepower and experience to fully process and map out a business strategy aligned with the company’s specific goals. Having a reliable, sound strategy established helps each of the other pillars fall in line, including your marketing campaigns and, ultimately, ROI.
Fix your business fundamentals. Improve your marketing ROI. We’re here to help.
If a tree falls in the woods and no one hears it, did it really fall? Your business is similar. If no one hears about it or sees it, no one will know it exists. Marketing puts your business in front of the right people and helps you build a tribe of fans and loyal clients. But without strong business pillars, marketing efforts can fall flat. You’ll miss out on a healthy ROI and sustained business growth.
What’s the solution? It’s a thorough audit of your six business pillars. Here at inThink, we’ve got the experience and skills to really dig into your business fundamentals. We’ll create a Growth Plan and business strategy for you that’ll empower your brand and give your company a competitive advantage.
We’re looking forward to meeting you and learning more about your business. Reach out to us today, and let’s grow together.