Picture this – you are watching the 1996 classic American hit-movie, Jerry Maguire, where Tom Cruise plays a sports agent, and he yells into the phone “show me the money!”. This is exactly what we are talking about, implementing a strategic outlook to provide a greater return on investment (ROI) and how to do it fast and effectively.
In all business ventures and projects, you must ask yourself, “is this project attracting sufficient money into the business?”. Time is money, which is why evaluating the amount of money generated from all projects is crucial in optimising ROI. If no results or revenue are being generated, what benefit does this provide?
What is ROI?
ROI is a strategic method to measure profitability and project effectiveness, and ultimately identifies whether a project is beneficial in the long run. This allows business managers and leaders to dictate future decisions of projects on whether they continue or not.
According to Forrester Analyst Tina Moffett, B2B firms are seeing a 15-18 percent increase in revenue by analysing past market strategies and campaign elements that are generating positive market reception. Reflecting on previous ROIs allows companies to take a more informed approach to decision making, increasing the likeliness of generating greater sales outcomes.
Below details the reasons your company should develop a more strategic methodology with ROI today:
Encourage a revenue-focused approach
Utilising ROIs prevents you from going astray and becoming unfocused from your businesses strategic goals. By providing a systematic way of thinking, ROI metrics helps businesses evaluate whether a business idea only sounds good or whether it will contribute to achieving targets. Considering campaign performance, channel performance and business impact – ROI ultimately helps you decide whether investing time and effort into your latest project is right for your company.
Evaluate channel effectiveness
While evaluating campaign performance, consider which channels have higher click/view rates and are performing best in attracting customer attention. This can be evaluated by looking at sales conversions, comparing between past and present brand awareness and channel reach.
In today’s highly competitive digital world of marketing and advertising, taking the time to measure ROIs will allow companies to act strategically based on market insights, increasing consumer trust, achieve higher budgets and attain a greater point-of-difference within the industry. Without a clear strategic methodology, achieving a high ROI fast is close to impossible.
This is where our unique and trademarked methodology, The TaurusBullseye© comes into play. We start with your fundamental business objectives and align your growth, marketing, brand and digital strategies to support these.
To find out how we can assist, reach out at email@example.com.