We have seen firsthand how COVID-19 has affected our clients. In these trying times I feel a responsibility to the business community and my peers to do what I can to help. I want to open my network to you. Email me with the services or products you provide, and I will gladly pass along your information to anyone in my network. I believe you may be able to help. I would also like to share with you the main problems my clients have had to overcome and how they have done so. Lastly if you would like to discuss any issues you believe I may assist in please schedule some time in my calendar for a quick chat.
Before COVID-19 hit many of our clients were working on multiple marketing campaigns targeting different audiences with varying results. Now is the time to refocus these efforts, and clearly understand what is best serving your business. Before launching any new marketing efforts at this time make sure to understand how your bottom line will be affected, and how your marketing investment will provide positive ROI. Now is not the time to throw something at the wall to see what sticks. Before launching a new campaign ask yourself the following five questions.
1. What is my product (service) mix and what are the margins and cost of providing these products/services?
2. What does it cost to acquire a new customer (in each marketing method)?
3. What is the value of the first sale to a new customer?
4. What is the lifetime value of a customer?
5. What does it cost me to open my doors each day (break even)?
Running through these questions is a must before any marketing campaign and will help you find a realistic budget that will yield positive results. All these metrics can and should be tracked for any new marketing efforts moving forward. If you do not know how to set up tracking for your campaign to ensure you are getting a positive ROI please contact me. I would be more than happy to share the spreadsheet templates I use, and walk you through setting up the back end analytics to collect data from your campaigns.
Now is the time to maintain, build and grow customer relationships. We feel obligated to play our part in the business community by offering what we can. Please grab some time in my calendar if you would like any advice.