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.