Exploring The Benefits Of Focusing On ROI

So what exactly is ROI?

Return on investment is basically what it sounds like. The three letter acronym is simply a short form way of asking the question “What did I get in return for what I invested my money in?” The obvious way to determine your ROI is to subtract what you have spent from what you have gained. This will provide you with the exact amount of return you have received.

Another way to calculate ROI is to divide your gains by the cost of your investment. This will give you the percentage of your returns. Naturally, a positive number indicates that you have earned money and, as a result, enjoyed a successful return on your investment. Of course, a negative number indicates that you have lost money and that you were unsuccessful in the particular business venture that you engaged in.

What are the advantages to calculating your ROI?

Well, it’s certainly important to know whether or not you are spending money in the right places. Obviously, losing money is part of no sound business strategy. If you find that you are losing money in particular areas of investment, calculating your ROI will help you to cease such ventures. On the flip side, if your strategies are proving lucrative, you’ll know to invest further in those avenues.

Marketing, for example, is one of the top methods that businesses use to grow themselves. The objective, of course, is to get the word out about your brand, product or service in hopes to have a direct impact on the buying public. When you launch a campaign, the hope is that it will generate greater interest in your company and that more customers will come your way. A good marketing strategy is one that earns a company more money than it spent on advertising.

In what others ways you can determine ROI?

Naturally, companies spend money in a variety of ways in order to boost revenue. Buying new equipment, ordering new inventory, hiring new employees and adding new departments are among them. In some cases, it can be harder to calculate ROI because of the difficulty in determining exact economic results of your move. For example, some new equipment may not directly generate new sales, but they give you the ability to run better your business.

New inventory, on the other hand, is easier to calculate. It goes without saying that you sell your products are marked-up prices so that you can easily determine your profits. However, you must take into consideration such things as shipping costs and even your advertising budget to determine if ordering and selling the new products are making your business any money.

At SIClytics, we know that calculating your ROI can make your business more successful in a short period of time. As a result, we offer Call Tracking services that specify which of your advertising methods generate the most phone calls to your business. By pinpointing which of your marketing strategies encourage the most calls to your company, you will much better understand which advertising methods are the most profitable. This helps you to better manage your overall advertising budgets, greatly improving your ROI!

For more information about our Call Tracking services, please don’t hesitate to call us at 1-877-374-6003 or email us at sales@SIClytics.com.

3 Ways To Advertise Your Small Business Online

Beautiful charming woman holding a laptop facing the camera with a blank white screen for your text or advertising

As a small business owner, one of your most important jobs is to advertise your company. Even if you’re confident that you offer the best products and/or services in your industry, it will be practically impossible to convince members of the general public of it without some sort of marketing campaign. These days, many small business owners take to social media, among other online avenues, to publicize their companies.

It stands to reason that you should do the same. And while logging in to your social media accounts to post comments and videos as well as engaging with others is always a good idea, there are some other online advertising methods that are worth taking a look into. Obviously, social media use is free. But there are some other effective paid advertising opportunities that the worldwide web has available for you.

Here are three ways to advertise your small business online:

1. Google AdWords. If you’re looking to increase traffic to your company website (and which business owner isn’t?), it’s wise to invest in this Pay Per Click marketing method. On a small daily budget, you can increase your website’s visitors by having your website pop up when online users type in specific keywords. The best part about it is that you don’t pay anything if no one clicks on your website link.

As Google explains, Google Adwords is free to sign up for. You only pay when someone clicks on your ad and visits your website or calls you. “You set your own budget, so your costs will depend on what you are trying to accomplish with your advertising,” they confirm, “Some businesses spend tens of thousands of dollars a month, and others are comfortable investing several hundred.”

2. Facebook Ads. Millions of people use Facebook every day. And, as mentioned earlier, it’s free to do so. However, as a business owner, it’s certainly worth investing a small amount into ads that will reach such a huge audience on a daily basis. With Facebook Ads, you can specifically choose the type of people you want to reach in order to deliver your ads to your target audience. This encourages better results.

Facebook also explains that advertising on their platform helps you to connect with the hundreds of millions of people who visit the site on their mobile devices each day. “More than 700 million people visit Facebook every day on their phones and tablets—and when they do, they see Facebook Ads along with stories from family and friends,” they note, “Because Facebook Ads are placed in the stream of information people view on Facebook, they’re more likely to see your ads and take action.”

3. Content marketing. This tip definitely belongs in the “practice what we preach” category as we update our blog with a new entry every week. It’s important for us to provide online users with viable information that also helps us to develop greater opportunities for our website to be found in search engines. Google looks favourably upon sites that are regularly updated with new content. Click HERE for information on how to hire a talented blogger to update your site!

At SIClytics, we recognize the importance of knowing which of your online ad campaigns are encouraging the most phone calls to your business. That way, you’ll know which marketing methods deserve more of your advertising budget. We offer Call Tracking services that are capable of pinpointing the various advertising methods that generate the phone calls that come into your business!

For more information, please don’t hesitate to call us at 1-877-374-6003 or email us at sales@SIClytics.com.

3 Reasons Telemarketing Is A Viable Business-Builder

Smiling assistant using a headset in a call center

Do you ever feel like people cringe when they hear that you work in telemarketing? Don’t worry if that’s the case, because you’re not alone! Over the years, telemarketers have developed negative impressions because of their penchants for interrupting dinner. But let’s take a look at the bigger picture. Telemarketing exists – in spite of its intrusive reputation – because it works to bring business to companies that employ it as a marketing method.

Here are three reasons telemarketing is a viable business-builder:

1. It puts you in direct contact with your customers. There’s nothing like “reaching out and touching somebody”. And major corporations fail at doing this. We’re talking about the personal approach to developing business relationships here. While big businesses depend on their exuberant (read: expensive) advertising techniques such as television commercials and billboards, cold calling actually puts you in touch with potential customers.

Telemarketing allows for your company representatives to make phone calls that enable them to open up dialogue with new, untapped prospects. Before you know it, complete strangers who otherwise would never have heard of you, are asking questions about your business. What are you selling? What does it cost? How can it benefit my life? Unlike your average ad, your telemarketing efforts can specifically answer these questions for each unique lead.

2. It helps you to generate a targeted list of prospects. Not every customer you call is going to be interested in what you have to offer. Not by a long shot. But by calling people, you’ll get a much better assessment about the various levels of interest that are out there. By talking directly to members of the buying public, you’ll discover certain buying trends, likes and dislikes and what products and services are most highly sought-after.

This is very valuable information that you can use for your future campaigns. The more you know about your target audience, the better you’ll be able to prepare your newer telemarketing campaigns. Telemarketing is arguably the best “trial and error” method of gaining new customers. Within months of beginning your telemarketing efforts, you’ll be able to develop strong lead lists for various products and services.

3. It builds awareness for your brand. Even your worst case scenario isn’t necessarily bad news. As long as your phone agents are trained to speak to customers in friendly, respectful manners, you should be able to build a positive buzz for your brand even when the answer is “no” to what you are selling. Consider the fact that many of your cold calls will be met with answering machines.

It is still worth leaving messages so that, at the very least, someone new will learn of your company’s name. Telemarketing efforts require a lot of patience. Anyone who has ever worked on the phone will tell you that. However, there are great rewards awaiting those who exhibit the patience to make telemarketing work for their companies. And at SIClytics, we can help you reap those rewards even faster!

We offer Telemarketing Reporting services that enable you to report on your telemarketing team’s progress and track individual results. To be fair, your telemarketing efforts will only be as successful as your phone agents will allow. Providing them with ample training and feedback will make the most of those efforts. For more information, please don’t hesitate to contact us at 1-877-374-6003.

5 Great Ways To Maximize Your Return On Investment

Man fingers setting profit button on highest position. Concept image for illustration of profitability or return on investment

You don’t have to be the world’s greatest mathematician in order to be a business owner. However, it is of vital importance that you understand one mathematical principle: to be profitable, you must earn more money than you spend. And while everyone surely understands this, it isn’t always something that entrepreneurs are able to successfully pull off. And that’s because their money is often being spent in the wrong places!

It’s important to think your advertising budget through. You not only want to be clear about how much money you can devote to your marketing strategies, but you also want to set out a plan to earn a certain amount of money in return by launching said strategies. That way, you can continuously ensure that you’re always getting the most for your advertising dollars. So what are the best ways to maximize your return on investment?

Here are five great ideas:

1. Research advertising successes and failures in your industry. Do you due diligence and look into what has worked and what has failed for your competitors. At the same time, revisit some of the marketing strategies you’ve had in the past and attempt to recall which ones turned the greatest profits. A lot of trial and error is generally necessary in the advertising game, but you’ll want to avoid as much error as possible by acknowledging history.

2. Attend workshops and seminars to meet other industry professionals. It certainly doesn’t hurt to mix, mingle and network with like-minded industry counterparts who may also have quite a bit of experience with advertising their own companies. Not only can you learn from their experiences, but you can also develop new relationships that may help to grow the reach of your advertising efforts. Scratching certain backs can help to get yours scratched in return.

3. Select the advertising strategies most likely to attract interest from your customer base. What may seem like an obvious tip is one that should only be heeded after our first few ideas are considered. Of course, you’ll want to speak directly to the needs and concerns of your target audience, but how will you know what they are until you’ve looked into it? Television commercials, billboards, print ads, radio spots – which will work best for your brand?

4. Make strong and regular use of your social media accounts. Using the internet to advertise is a no-brainer. But utilizing your Facebook and Twitter pages, among other platforms, is practically a must in today’s business world. Firstly, it’s completely free to create Facebook posts and tweet to your heart’s content. Secondly, social media are used so regularly, it’s bound to help spread the word about the advertising campaigns you’re actually spending your money on.

5. Invest in call tracking. If you want a precise and accurate understanding of what your true returns on investment are, you’ll track your calls. At SIClytics, we provide services that measure the incoming and outgoing calls made using your telecom account. Our system helps you to determine which advertising sources are generating the most leads. That way, you can invest more into the strategies that work and less into the ones that don’t!

If call tracking is a new concept to you, don’t worry, you’re certainly not alone. We would be more than happy to provide you with more details about our advanced tracking system in order to get you on your way to spending your advertising budgets a lot more wisely. Please don’t hesitate to give us a call. For more information, dial us up at 1-877-374-6003.