Archive for February, 2008
ROI IS NOT THE SINGLE MEASURE OF MARKETING SUCCESS
Everyone loves to talk about ROI. The benchmark has firmly planted itself in the soil of marketing doctrine, widely accepted as a measure that makes it simple to evaluate marketing programs and gauge spending levels. “Return On Investment” enables financial types to evaluate marketing initiatives with the same approach they use to evaluate capital expenditures and acquisitions.
There is a fundamental problem with overemphasizing ROI as the single measure of marketing success: It is often impossible to accurately quantify the impact. Although the world of marketing has come a long way in terms of analytic capabilities, applying financial numbers to the marketing equation is not always possible or preferable.
Take branding, for example. For many companies, brands are their most valuable assets. Determining the precise value of a brand at any given moment is nearly impossible. If the value of a brand cannot be precisely calculated, then it’s impossible to solely use ROI to evaluate the decisions that impact the brand.
Click Here to read this article in its entirety, written by Dr. Tim Calkins and Dr. Derek D. Rucker for AdAge.com. Dr. Tim Calkins and Dr. Derek D. Rucker are both professors of marketing at the Kellogg School of Management.
MARKETING ISN’T A DEPARTMENT
It simply doesn’t matter how much marketing and media you produce… If the clerk at the end of the line fails, everything fails.
The buyer [client] doesn’t return, and tells all of her friends about her experience. Marketing is EVERYBODY’S job. Review every step from how your receptionist answers the phone, to the message at the bottom of your invoices.
Every act is a marketing act! Every employee is a marketer for your company!
POWER-SHIFTING TO REVERSE
It’s easy to calculate the investment cost for marketing… since it’s always at the bottom of the invoice. But how much is it costing you for failing to market your businesses to its maximum potential? Consider this “reverse-analysis” case study.
ASSUMPTION
Let’s assume a business sells its average product/service for $5,000, and that a new website to market your business costs $10,000.
QUESTION
What is the “least” number of new clients that would call, email or visit your doorstep… if your were to invest into a new website that was fresh, visually stunning, inviting, relevant, easy to navigate, up to date, a truer reflection of your brand… and more effective at shadowing your competitors?
FORMULA & RESULTS
If you were to only add 1 new client per month, at an average rate of $5,000 per each new client, you’d be adding $60,000 of newly found revenue over the next 12 months. If you were to add 2, you’d be adding $120,000 of new revenue. If the investment for your new website is $10,000, and the potential revenue from a new and more effective website ranges from $60,000 to $120,000… then the minimum cost of “not” upgrading your website is between $50,000 to $110,000 to your business over the next 12 months.
SUMMARY
Marketing is essential to the success of your business… and in this technology age… your website plays no small part in your marketing strategies. While counting the investment cost for your new website, brochure or any other marketing effort… be sure count the cost of “not” investing into your marketing and brand. You’ll inevitably find that it’s considerably more expensive to do “nothing” than it is to do “something.”
Computers, paperclips and office furniture are merely an “expense,” but your website and marketing efforts are an “investment” that deliver large financial dividends when executed effectively. How much revenue have you already forfeited in 2008 alone? Be a smart marketer.
OOPS, WE DID IT AGAIN!
Tags: Dailyslurp.com, LOUD! Creative, Mostinspired.com
We’ve done it again. Our brand new website is one of today’s (Feb. 5th, 2008) featured sites at DailySlurp.com. This is now the 8th time we’ve been featured between DailySlurp.com and MostInspired.com. Our sincerest gratitude to both of these wonderful sites.
SITE DOES MATTER!
Tags: Dailyslurp.com, LOUD! Creative, Mostinspired.com
I’m pleased to announce that LOUD! Creative website designs have been featured on 7 different occasions between MostInspired.com and DailySlurp.com. MostInspired.com and DailySlurp.com simply feature and acknowledge websites that are original, highly creative and technologically innovative.
We’ve even been honored enough to have our website designs featured as “Site-Of-The-Day” on more than one occasion.
We believe your website matters. Your website is the world’s portal and first impression into your business. It’s important to make it count. Stunning visual graphics, clear and compelling communication, tasteful motion, simple navigation and search engine optimization are the recipe for a successful website. How does your website stack-up?