Post by account_disabled on Jan 21, 2024 23:11:26 GMT -5
Effective marketing is the one that makes money. The ideal marketer is one who doesn't ask for a budget. All business owners dream of this connection. But such a pattern is harmful for business, because profits cannot always be obtained without spending on marketing. If you found yourself in a situation where you allocated a budget, but there was not enough for marketing, let's figure out what can be done about it. Now we are talking only about business, because self-employed entrepreneurs have a slightly different way of earning income. From the editorial office. Proven tips and the most interesting cases - collected for you in one place! Subscribe to our Telegram channel and receive a new dose of knowledge and advice every week! It all starts with optimization To get your marketing department in order, start by assessing what you have.
There are three types of resources: Money temporary human C Level Executive List Everything is clear with money: it is either there or it is not. The first case is the subject of a separate article for happy marketers. We are considering a situation when the marketing budget is minimal or close to zero and all the bones are cut. Therefore, let's focus on people and time. Let's say you have a copywriter, SMM manager, marketer, maybe even a designer or someone outsourced in your team. Time the working days to understand: what time resource does everyone have; which actions are not aimed at achieving key results and can be changed. I think, in most cases, there will be up to 15% of time that is spent unproductively. And the same amount - for actions that do not affect the situation and can be easily excluded.
Have a strategy session It will be difficult to work without performance indicators The second step is to identify your "A" point to understand key business metrics. The revenue formula is quite simple: revenue is the product of the number of successful customers you have and their LTV for a specific period. More on this. Successful customers are the result at the exit of your sales funnel, where at each stage the conversion screened out some of the potential buyers. LTV (CLV, Customer Lifetime Value) is the lifetime value of a customer. That is, the projected total profit that it will bring to the company for the entire period of interaction with it. As when calculating any other type of profit, in LTV you need to take into account not only income, but also the costs of attracting and retaining a customer, manufacturing a product, etc. Simply put, LTV is the monetary value of a customer relationship. This metric will allow you to look into the future to see how and when your marketing efforts will pay off.
There are three types of resources: Money temporary human C Level Executive List Everything is clear with money: it is either there or it is not. The first case is the subject of a separate article for happy marketers. We are considering a situation when the marketing budget is minimal or close to zero and all the bones are cut. Therefore, let's focus on people and time. Let's say you have a copywriter, SMM manager, marketer, maybe even a designer or someone outsourced in your team. Time the working days to understand: what time resource does everyone have; which actions are not aimed at achieving key results and can be changed. I think, in most cases, there will be up to 15% of time that is spent unproductively. And the same amount - for actions that do not affect the situation and can be easily excluded.
Have a strategy session It will be difficult to work without performance indicators The second step is to identify your "A" point to understand key business metrics. The revenue formula is quite simple: revenue is the product of the number of successful customers you have and their LTV for a specific period. More on this. Successful customers are the result at the exit of your sales funnel, where at each stage the conversion screened out some of the potential buyers. LTV (CLV, Customer Lifetime Value) is the lifetime value of a customer. That is, the projected total profit that it will bring to the company for the entire period of interaction with it. As when calculating any other type of profit, in LTV you need to take into account not only income, but also the costs of attracting and retaining a customer, manufacturing a product, etc. Simply put, LTV is the monetary value of a customer relationship. This metric will allow you to look into the future to see how and when your marketing efforts will pay off.