Ask any CMO how they grew their business and they can talk for hours about marketing expenses, recruiting expenses, training expenses--and the list goes on. While it holds true that you need to spend money to make money, making money isn't worth it if it requires spending almost as much. Traditional marketing techniques like cold calling and door-to-door sales are resources intensive and can cost your business a fortune to execute properly. Along the same lines, paid advertising through Facebook, Google, Pinterest, and other forms of digital media can rack up a hefty bill. Building a brand, it seems, has a steep price tag. How then can businesses scale without risking too much upfront investment? How can you guarantee a good ROI on your marketing efforts? From an internal an external perspective, here are a few solutions for growing your business while maximizing profits and returns.
Success starts from the ground floor. You can't expect to bring in business, maintain satisfied customers, and innovate without a team of ambitious, intelligent people. Never take the quick our cheap route when it comes to hiring. Make sure to engage in a thorough process of evaluating each potential hire and judge them not only on their experience but on their character, intelligence, and ability to logically reason.
One of the biggest pitfalls that companies are making today is pouring too many resources into outbound marketing. The problem isn't the investment; it's the ROI you get from that money. The results in 2016 for outbound efforts won't be pretty. Not too long ago you could open up a phone book and start dialing and close a few deals before the day's end. Today, however, buyers are cautious. So cautious, in fact, that they take many efforts to avoid sales people. Inbound marketing is the best way to reach the customers of today's world.
Radio dominated the 50s. Then it was the TV, and then the desktop. Today--it's mobile. Media is where you customers are. 60 years ago, a radio ad could do as well as the best advertisements--because this was the way to reach the greatest number of people. That became obsolete when TVs became more popular a few years later. TV ads were the best way to reach viewers, and reach them with a more intimate, interesting message than you could portray on a radio. When the internet came out, it grabbed more viewers than both radio and TV combined. Desktop was the way to advertise and market your product. In 2016, both of the two largest digital media giants (Google and Facebook) are saying that mobile will dominate. Soon, apps will make web pages obsolete on mobile. To reach the most people, marketing on mobile is key.
Providing value to prospect helps to build rapport and build trust. The goal of offering inbound content is a three step process:
Unlike Google Adwords or various other buy-instantly call-to-action Pay-per-click online ads, inbound marketing enables you to establish and grow a brand that customers can trust.
Cold calls will annoy your prospects more than entice them. If you want to build rapport and get prospects to recognize your brand, send them inbound marketing before you reach out.
Facebook ads let you choose the demographic, location, interests, and a plethora of other factors when you are choosing who to market to. While this granular filtering does an excellent job at helping you reach your desired audience, it's not enough for a successful marketing campaign. You must make sure that the bid for your ads and content is competitive. Using interactive and video content is the future of digital ads.