Ten Ways to MROI--Maximize the Return on Your Investment in Marketing

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MROI means Maximizing Return on Investment. How do we do this in marketing? Track, measure, analyze, strategize. The more data you get, and the more you massage it, the more you learn, and the smarter your marketing is going to be.

Here are some questions to ask yourself when you plan your marketing strategy for the new year. (Substitute customer for client.)

1. What are the historical patterns of behavior of your clients? Do they respond more in the fall? At New Year's? Gear up for these times in the coming year.

2. What clients have brought in the most revenue? These clients are "worth" more. Where did they come from? Why did they choose you?

3. What else might these high revenue-driving clients like to buy from you? Ebooks? Tapes?

4. What contacts brought in the most business? A particular ezine? Something on your website?

5. What products, services, or programs have brought in the most revenue? Replicate these!

6. 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. (For 80/20 rule see www.topten.org/public/AG/AG310)

7. What does your clientele look like demographically? What sex, age, income, education, occupation, hobby? Match your ads and promotions to where these people will be.

8. What's the 'formula'? Can you verbalize it? 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.

9. 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.

10. And are you still creative? Making your marketing more business-like can't be done at the expense of your creativity. Both are necessary.