Swing for the fences: Series index
January 23rd, 2010 - Posted by tim
Introduction: If every marketing effort you pursue is successful, then it’s screamingly clear that you need help. A sky-high success rate means you aren’t being aggressive enough – and you’re probably leaving ROI on the table. This week, we’ll dig into the opportunities that come from unsuccessful marketing efforts – and not the “learn from experience” kind. The concept of learning from your mistakes is old and established: we all know the drill. Instead, I’m talking about the salient and immediate efforts of a swing and a miss.
Are you trying hard enough?: In IT marketing departments and businesses around the world, the fear of failure is endemic. Nobody wants to have to explain why something didn’t work … let alone carry the stigma of an unsuccessful attempt. This phobia, unfortunately, is costing companies ROI. As we mentioned yesterday, if you’re doing everything right, you’re really doing everything wrong. You should be stretching for bigger results. Take the risk, and you may trade a few unsuccessful for campaigns for a much higher overall marketing ROI.
Which ROI is important?: The biggest mistake you can make is to evaluate success exclusively on a campaign-by-campaign basis: it costs you a view of the whole (and some ROI). Don’t misunderstand: metrics for every campaign should be scrutinized; you can learn a lot from them. Your principal measure of success, however, should be much broader.
Define your risk profile: An aggressive approach to marketing may not be right for your company. After all, some businesses are uncomfortable with risk, while others thrive on it. What’s important, however, is that you know what type of company yours is in regards to marketing risk and return.
Plan for growth: Even if your company values a steady, conservative approach to marketing, you may have more latitude than you realize. Reflected on your recent programs, and think about what you could have done differently. Challenge yourself to identify missed opportunities. Use them as the backbone of a marketing plan that you can submit to your executive team (enter:marketing can help you put it together), and show how you could increase your company’s marketing ROI.
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