by Susan Dunn, The EQ Coach
MROI means Maximizing Return on Investment. How do you do this in marketing? Track, measure, analyze, strategize. Get the data and massage it when you plan your marketing strategy. Here are some questions you should be able to answer.
* What are the historical patterns of behavior of your clients or customers? Do they respond more in the fall? At New Year's? Gear up for these times in the coming year.
* What clients have brought in the most revenue? These clients are "worth" more. (Remember the 80/20 rule: http://www.topten.org/public/AG/AG328.html ).
Where did they come from? Why did they choose you?
* What else might these high revenue-driving clients like to buy from you? Distance learning? Ebooks? Tapes? Promotional products?
* What contacts brought in the most business? A particular ezine? Something on your website?
* What products, services, or programs have brought in the most revenue? Replicate these!
* Where have your referrals come from? Remember the 80/20 rule -- 80% of your referred clients probably came from 20% of your referrers. Reward the people who refer to you. Find more like them.
* What are your customer demographics? What sex, age, income, education, occupation, hobby? Put your ads and promotions in places where these people go.
* Can you verbalize the formula? Know precisely what drives traffic and revenue to you. For instance, mailing X number of flyers yields X new clients, costs $X, and takes X hours.
* Did you factor in your time? If giving one teleclass yields less clients than the above tactic, but only takes 1 hour and costs less, it's more cost-effective for you to give teleclasses.
* Are you still creative? Making your marketing more business-like can't be done at the expense of your creativity. Both are necessary.