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It is essential that prior to investing in any marketing activity you are perfectly clear on what Return On Investment (ROI) you should be expecting. Knowing this vital piece of information will govern precisely what activities you engage in and which you don't.
Based on our experience we always aim for a five times ROI. This means for every dollar invested in time and money you want at least $5 in revenue back. We have chosen a five times multiple simply because it is the minimum of what great marketing campaigns yield. Now if a campaign can't generate this type of ROI, find one that will!
One of the most important factors in creating a high ROI is great campaign execution!
To help you with this I have detailed an 8 Point Checklist to help with your campaign implementation, as follows:
1. Get Clear On Your Marketing Objectives
How will you generate revenue from this campaign? Is your objective to have people visit your website and buy online? Is it to get your existing customers coming back and buying something new? Be clear!
2. Identify Your Activation Strategy
How will you achieve your objectives? What incentive will have your target audience leap out of their chairs? How best will you communicate this offer? Is it by TV, Radio, Newspaper, or by email?
3. Scope Out & Cost Necessary Resources
List all the resources required for this campaign. Consider: Financial, HR, Marketing, Design, Production, Technology or Legal. Cost out these requirements to ensure it's possible to generate your 5 times ROI. If not, select a new opportunity or rework your activation strategy.
4. Extras To Leverage The Campaign
In every campaign there are secondary benefits. Your marketing objective might be to reactivate lost clients. But what if you could also obtain valuable market research to understand why they left to begin with. In this example you get to both create more clients and learn how to reduce any future losses, doubling the ROI of your campaign.
5. Success Contingency Planning
Depending on the type of campaign you are implementing, there can be levels of "insurance" you can take out, to ensure the success of your campaign. E.g.: if you follow up on the recipients of your campaign, you can easily double or triple your response rates.
6. Trained, Skilled And Ready
Ensure all staff that are part of the campaign process are fully briefed, trained and have the necessary skills to ensure success and maximise every opportunity that comes their way.
7. Test Time
This is where you iron out all the unknowns in your campaign. There are many things that can be tested including: the headline, the communication vehicle, the copy, the offer and the audience. You can test these elements on your website, classified advertising, Google Adwords, in focus groups or using informal surveys.
8. Full Scale Implementation
Based on your testing, make the necessary improvements and adjustments to your campaign then begin full implementation.
Good Luck!
Daniel Rechnitzer
Founder of ChildsPlayMarketing
www.ChildsPlayMarketing.com.au |
