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Why you need to receive return on investment (ROI) for your marketing efforts
What is return on investment, exactly?
A candle to see the map by: ROI and marketing strategy
Getting money to spend money to make money: ROI on marketing and the marketing budget
The objective of all marketing efforts, no matter what their form or extent, is to spread the word about your products and services to the buying public.
Marketing efforts play a crucial role in the generation of leads, sales conversions, and brand awareness, as well as brand loyalty.
Therefore, getting a good return on investment (ROI) is crucial when it comes to marketing efforts.
It’s one of the vital metrics that determine business performance, and takes some of the guesswork out of business decisions. When it comes to marketing efforts, it’s important to monitor return on investment and take steps to get a good marketing mix to ensure good return on investment.
So, when the question, “Are our marketing efforts working?” is asked, what really should be asked is, “Are our marketing efforts generating business in a profitable way?” It’s easy to generate business by spending vast amounts of money, but if there is no good return on investment, it’s pointless. Spending twenty rand to make ten just doesn’t make sense, as any business owner can tell you.
Return on investment drives company growth in the long and short term. A company that displays only poor return on investment will fold, and ideally ROI should increase as a company ages, so it’s a good gauge of how the business is doing overall. Because marketing also drives growth, ROI on marketing can be said to be especially important.
Returns on investment for marketing efforts guide marketing strategy, short and long term. Getting good returns can clearly indicate which of a company’s various marketing efforts ended up paying off – for example, which inbound marketing channels and campaigns worked best, and whether that one specific outbound marketing effort still has a place in the media mix.
ROI on marketing can be useful in tracking the relevance of a certain style of marketing – to use the same example, the ROI for inbound marketing efforts such as SEO optimisation and content marketing are often now higher than for outbound marketing such as newspaper or magazine advertisements. Young guns in the marketing field can now prove that new techniques such as SEO and social media marketing do work, and well work – and aren’t just a flash in the pan.
Return on investment guides budgeting allocations in marketing as in every other facet of business. Obviously, finance departments are loathe to do anything perceived as excessively risky for the business. But when marketing departments are able to present cold, hard analytics to show what investment in marketing efforts brought, it’s just that much easier to lobby for an increased budget. Knowing which strategies work means that existing budget isn’t needlessly spent, and presenting data that shows a good return of investment is a sure-fire way of showing which strategies work.
This is how ERCOC and the 11 Ekurhuleni Boards of Trade will utilise the services of Chamberlink to create funds that can be put towards the Political Dissent Campaign to save the South African Economy from total collapse.
For more information contact Chamberlink on 010-040 8328 or marketing@chamberlink.co.za.
Member testimonials
Maddy Streak
Silverbear Trading cc
'Few people are fortunate enough to have the chance to work with a Sales Associate as outstanding as the staff of Chamberlink. We have been very impressed by the staff, when we ask for their assistance even when it is out of their way they are very accommodating. Their level of service and standards are of very high quality. Not to mention, the bright and jovial personalities of their staff that always improved the mood in the office. I would highly recommend any Business who wants to get their feet off the ground to get help with Chamber link.'
'We have used Chamberlink for the past 15 years, and they have always met or exceeded our expectations. Their services is highly recommended. They have courteous staff that are attentive and often anticipate issues before they become problems. We aim to be a leader in our field of business, and Chamberlink has never let us down. I believe you will find their services will enhance your business.'
4 Season Caterers (Pty) Ltd
Frank Sleigh
For more testimonials visit our website: www.chamberlink.co.za
