If you’ve been seriously considering how to increase your ROI from marketing efforts lately, then there are two main things you should be thinking about–revenue and costs. Increasing revenue + lowering costs = more profit/higher ROI. But there’s more to it.
According to the book “Predictable Prospecting: How to Radically Increase Your B2B Sales Pipeline” by Jeremey Donovan and Marylou Tyler, how much revenue you make depends on a combination of things (volume, win/close rates and income per transaction). Costs, on the other hand, can be controlled by reducing production costs or by increasing productivity. As a result, there is a series of questions to consider about your revenue and costs if you want to increase your marketing ROI sooner than later.
Questions to consider if you want to increase revenue from marketing:
1. How can I generate more high-quality content at a faster rate?
2. How can I increase my win/conversion/close rate?
3. How can I increase revenue per transaction?
Questions to consider if you want to lower your costs:
4. How can I lower the costs of my campaigns?
5. How can I lower people costs?
6. How can I improve productivity?