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ROI – Return on investment – This phrase is mentioned time and time again with respect to marketing processes. A successful campaign will hopefully have a high return regarding the resources that have been invested into the project.
Is this the way we should be measuring our marketing efforts? Think about it for a second. All of the money is going into advertising or special displays or the hiring of another associate or partnering with a company. Obviously, these costs need to be considered, but what if you add one more letter to this acronym.
ROIC
Return on Investment in Clients – Now this term takes on a whole new meaning.
Can you imagine being measured with respect to the following:
- Gather all client feedback and ideas
- Determine which ideas to work on and implement
- Market these ideas to other clients
- Measure the effectiveness of these changes, (increased business, new accounts, performance)
- Measure investment
Now you have taken the focus off of the company and put it back to where you need to see return, (Clients).
I am working on using this process in the first quarter of 2015 and I have already seen results. If you can service clients and listen to their needs, you will be much more effective than trying to come up with a new product/new campaign on your own.
Have you implemented similar projects and seen results in 2015?
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