As you check up and analyze your marketing efforts, one thing to keep in mind is whether the effort is worth it or not. If you’re spending 1000 dollars and 12 hours creating a marketing campaign on Facebook and the ROI is not as high as you would have liked, should you do it again, should you do something else? What if it did work? Did it work enough? Let’s explore how you can choose which marketing habits to keep and which marketing habits to drop.
It’s All About the ROI
Your return on investment is the most important consideration for any of the marketing habits you’re developing. For example, if you worked for 90 days posting a new blog post every single day, all of which had CTAS, what was the payoff from that effort?
90 Blog Posts either encompasses time or money or both. If you paid someone to do the posts, you’ll want to record how much you paid. If you did them yourself, you’ll want to put a value on your time. Next, add up all the sales you made directly related to the 90 blog posts.
If you determine your return on investment is three times your expense, you’ll probably be happy about that. But what if you determine that you broke even? Is it still worth it? It might be. But what if you lost money? Then is it worth it? The only way to know is to look at your SMART goals to find out what you were shooting for. If your ROI paid all your expenses and gave you income to boot, then it’s probably worth it.
Understanding the 80/20 Rule
Another way to figure out what is working and what is not so that you can drop it is to use the 80/20 rule. The 80/20 rule states essentially that 20 percent of the work you do will be directly responsible for 80 percent of the results.
Let’s say that when you have a product launch, you always do the following:
- 10 Blog Posts
- 7 Emails
- 10 Social Media Updates to Each Platform
- 1 Facebook Remarketing Ad
- 1 Google Remarketing Ad
- 3 YouTube Videos
- 1 Launch Webinar
- 1 Webinar for Any Affiliate Who Asks Up to 10 (first come first serve)
As you go through and analyze everything, you discover that most of your money came from the 5 webinars you did with your affiliates. If 80 percent of your sales came from those five affiliate webinars, is there really any point in doing the remarketing ads? You’ll have to drill down and analyze each thing to find out if it’s worth it to you.
In most cases, you’re going to want to do less work for a larger return. It might seem hard to let go of those few sales you get from the other work, but the truth is, if it’s not paying off, you should not do it. Remember to work smart and make everything you do count. If something is not producing a return on investment that you desire, find a new way to do it.