Most of us know ROI as:
Return on Investment = (Incremental Profit - Marketing Investment) / Marketing Investment
But you can take it soooo much further!
I would argue that you can’t have a great ROI calculation without a great…
Results Oriented Idea … or ROIdea
So, how do you get a great ROIdea?
Objectives
Every Result Oriented Idea starts with desired RESULTS. At MarketMatch, we always say that there are a thousand things you CAN be doing as a marketer … what are the handful of tactics you SHOULD be focused on?
Cause & Effect:
Your work needs to make something happen to reach your objectives. Make your target feel something. Encourage them to interact with your brand and product. Motivate them to make a decision and get off their couch.
Less You … More Them
Yes, your communications needs to be about your brand and product. But more importantly, it should be about your audience. If you want to cause momentum and generate results, you need to speak to your target’s needs, wants, desires and dreams … then tell them how your brand fits in. This philosophy fits from ad messaging, to point-of-sale communication to staff training.
Scare the Hell Out of Them
In my ad agency days, we had a creative director that expected his team to, “Give ‘em one idea that will scare the hell out of them.”
Keep in mind, your audience will see more than 5,000 advertising messages today! What will make YOUR’S stand out?
If it doesn’t scare you a little bit – it’s likely a cookie-cutter, boring, non-impactful idea … clearly not results oriented.
Measure, Measure, Measure
To be successful, all Results Oriented Ideas need … well … results. Now is the time to see if you’ve impacted those objectives that you laid out earlier.
- Was there a sales lift over the months prior to the campaign? How about the same months of the previous year?
- What was the difference between increased applications and increased new accounts?
- Did growth come from existing customers or new? Which did you want?
- Would the community name you in the top 3 in an unaided awareness survey? Would they name you first? How does that compare against a pre-campaign baseline?
I believe that outstanding results trump a shelf-full of awards. When you sit down to plan your next big idea, make sure that it is a Results Oriented Idea.
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We bring these marketing philosophies to community banks and credit unions nationwide, and would love to bring them to your institution too. Contact us to see how.
MarketMatch is also a nationally and internationally requested speaker. Contact us to bring our marketing ideas to your next conference.
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MarketMatch is a marketing firm, dedicated to the credit union and community banking community. We utilize knowledge-based strategies to help you FOCUS on the right story that will generate the greatest MOMENTUM and prove the best RESULTS with our written ROI Guarantee.
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