APPLYING LESSONS ABOUT LIFE TO MARKETING AND ROI
A wealthy business owner once had to take a trip overseas to work on some high-end business deals. He had three marketing assistants and decided to leave each of them with $20,000 as a project to work on while he was away.
The first marketer decided to just spend on advertising without doing any real research. All he did was boost posts on social media. He managed to get back what he had spent ($20,000), but that meant there was no actual growth.
The second marketer was too afraid to spend any money – worried that he wouldn’t make it back and ultimately end up disappointing his boss. So he buried it in the ground, protecting it at all costs, making no attempt to get something out of the money.
The third marketer set about researching the market, working on strategies and plans and implementing marketing automation to ensure he could measure and track results. He wanted to ensure that the spend would translate to sales, therefore everything was thoroughly thought out and he wasn’t afraid to spend his money to end up making more money in the long run. He saw double the return on his boss’ investment.
When the boss came home from overseas, he wasn’t too happy with marketing assistant one and marketing assistant two. Although they hadn’t made any major mistakes, they made no progress.
While the first marketer gained some visibility and market awareness for the company, he didn’t make much progress or growth in terms of ROI.
The second marketer didn’t do anything at all – therefore, he didn’t make anything or gain anything back at all either. His fear and unwillingness to invest, plan and take the leap, got the better of him. If he were to keep the same amount of money stored away for more than a year, his money would keep decreasing in value and he would end up going backwards in every area of the business.
The third marketer obviously impressed the boss. He was promoted because he used skills to see a positive return on investment.
Whether you have a big budget or not, you should always put time into researching, creating a thought-out strategy and doing the proper planning. The time and effort will always pay off.
As well as this, the greatest investment you can give your marketing plan is an automation platform. It will not only save you time in automating your processes but will also ensure that you’re able to track spend, evaluate market trends and also shift quickly to ensure maximum return on sales.
This teaches us a lot about marketing in general – and more importantly, life.
Like going the wrong way on an escalator –
Walk, and you stay in the same spot.
Stand still, and you’ll go backwards.
To get ahead, you need to hustle.
Success and growth are a product of the work we put in, and we also shouldn’t let fear hold us back. We only get out what we put in – whether that’s how nice we are to people, how often we exercise and eat healthily, or how much thought we’re putting into our marketing plans. Results come from hard work, reflection, keeping yourself accountable, and making changes when necessary.
Alexandra Donaghy – Marketing & Creative Director
M: 09 366 1665