Getting The Best ROI in Marketing

Transcription

1 Getting The Best ROI in Marketing Google Adwords Edition Table of Contents Getting The Best ROI in Marketing 1 Table of Contents 1 Introduction 1 Researching Your Marketing & Initial Setup Preparation 1 Know And Understand Return On Investment 3 Tracking Your Marketing 4 Customer Acquisition & Acquisition Through ReMarketing 5 AdWords Launching & Management 6 Optimizing Your AdWords 9 Introduction Management guru Peter Drucker said, "Because the purpose of business is to create a customer, the business enterprise has two--and only two--basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business." Marketing is important. But marketing is also incredibly complicated. However, simple yes/no questions are not complicated. This paper aims to help your business answer the simple yes/no questions regarding your marketing efforts. This will help you understand the short term and long term goals you should accomplish for profitable marketing. To Your Success -- Joe, Owner of Lead Finder Legend Yes No 50:50 idk/maybe Yes, your business is using this No, your business has not done this Your business is kind of using this I don t Know, maybe your business has it Page 1 of 10

2 Researching Your Marketing & Initial Setup Preparation How you run the race - your planning, preparation, practice, and performance - counts for everything. Winning or losing is a by-product, an aftereffect, of that effort. John Wooden Preparation, knowing your audience, and knowing who is a qualified customer in your audience and having those details written down improves your probability of a sale Marketing Question Does your business know the difference between targeting high intent and low intent individuals and is this in your marketing? Has your business put your conversion tracking in place? Does your business know what type of marketing materials would benefit your customer? Does your business have a CRM to capture leads and track lead interactions? Is your CRM accurately tracking lead-by-lead interactions & integrating with other softwares to streamline your business? Has your business automated your lead capturing tools to decrease data entry time and so that leads are put into your CRM automatically? Does your business have reports and dashboards customized to give you leading and lagging indicators of your marketing success on a daily, weekly, and monthly basis? Is your reporting automatically sent to relevant stakeholders so stakeholders can see and understand necessary metrics? Has your business done the math to understand what is your target sales growth for the next 12-months? Has your business done the math to understand what marketing that will help your business hit or exceed your target sales growth? Page 2 of 10

3 There are countless ways to market your business including but not limited to SEO, Facebook, Review websites, Google AdWords, Social Media, Video Advertisements, Remarketing, Marketing, and Niche-Audience web Advertisement marketing? Does your business know what marketing will give you the best chance for an ROI based on (1) the cost of the advertising and (2) the likelihood of reaching your target customer? Does your business have marketing assets in place and ready to go to reduce the cost of marketing, scale your marketing, and hit your sales growth goals? Does your business know what keywords are action-based in your marketing efforts to drive consumer action? Organizational effectiveness does not lie in that narrow minded concept called rationality. It lies in the blend of clear headed logic and powerful intuition Henry Mintzberg Effective Marketing requires knowing your audience, knowing who is a qualified customer, and - very importantly - having those details written down. Know And Understand Return On Investment And organizing marketing efforts to reach your ROI goals Marketing Question Does your business know what marketing is leading to what sales currently for your business? Is your business linking AdWords Activity to Actual Sales? Is your business calculating Return on Investment in marketing and advertising? (ROI = [Rev - Cost of Ads] / Cost of Ads) Does your business know your average sale amount? Does your business know the quantity of website and social media conversions that are needed to get a sale? Page 3 of 10

4 Does your business know your value of a conversion? (Avg. Sale / # Conversions before a sale) Is your business calculating Return on Ad Spend (ROAS)? (ROAS = Total Rev / Total Ad Cost) Has your business segmented ROAS by campaign type, client type, or service type? Has your business calculated how your company profit relates to ad spend? Or does your business know how many sales you have to get in order to get a profit that includes business expenses and includes the cost of marketing? (Estimated Sales / % Profit Margin - Cost of Marketing > 0 for profitable marketing) And does your business know how to adjust your needed sales after marketing based on recurring revenue customer accounts? An investment in knowledge pays the best interest Benjamin Franklin The point of marketing is to make money and get a return on investment (ROI), this section describes what are the good questions to ask to measure ROI. Tracking Your Marketing Manage by numbers because you don t have enough time to not manage by numbers Marketing Question Does your business know the target marketing numbers you need to hit to achieve revenue and growth goals? Does your business have a centralized dashboard summarizing the valuable metrics in all your marketing activities? Is your business using Google Analytics? Is your business using tracking to understand how usage is helping or hurting marketing effectiveness & sales effectiveness? Page 4 of 10

5 Is your business using phone call tracking across multiple marketing channels to understand what marketing channels are giving you a good ROI? Is your CRM tracking marketing efforts? Is your business tracking the time and dollar cost of different marketing efforts? Customer Acquisition & Acquisition Through ReMarketing Customer acquisition is duh necessary Marketing Question Does your business have a list written down of what is the difference between a qualified and unqualified customer? Does your business know, and have written down, the top questions your customers have when seeking your service and are they written out? Decision-making is done as a byproduct of emotions and logic, on the emotional side, does your business know, and have written down, the top fears and desires your customers have when seeking your service and are they written out? Does your business know, and have written down, the demographics of your qualified customer? Does your business know, and have written down, the psychographics of your qualified customer? Does your business know, and have written down, the real-life scenarios that lead your qualified customers to being ready to make a decision on buying your service? Does your business know, and have written down, the real-life actions a person takes when they are considering buying your service? Is your business using audience targeting to target qualified customers? Page 5 of 10

6 Has your business created value-driven non-salesy remarketing to scale re-marketing efforts and increase sales? A Look At Remarketing Efforts Remarketing is one of the best ways to acquire customers because (1) decision-makers and (2) people have a mental checklist they go through to make decisions and remarketing answers questions on that subliminal mental checklist. Plus, much of your competition doesn t have the bandwidth for remarketing and you have an opportunity to capitalize on a unique opportunity. Marketing Question Is your business using remarketing? Is your business using remarketing? Does your business have a remarketing list? Does your business have the Google AdWords remarketing tag installed on your website? Does your business have multiple remarketing audiences? People that visit website? People that submit contact form? People that previously clicked on an ad? People who like your Facebook page? Has your business optimized your remarketing campaigns? Has your business created value-driven non-salesy remarketing to scale re-marketing efforts and increase sales? Page 6 of 10

7 AdWords Launching & Management Keyword Management Google AdWords Marketing Question Does your business have a detailed approach to keyword targeting? Does your business have action based keywords? Is your business optimizing ads with negative keywords? Is your business optimizing ads with broad match keywords? Is your business optimizing ads with exact match keywords? Is your business optimizing ads with negative keywords? AdWords Tracking Google AdWords Marketing Question Is your AdWords account and Analytics accounts linked? Has your business performed quality control on your AdWords and Analytics account linkage? Has your business performed quality control on your AdWords tracking tags? Conversion Tracking in correct place? Is your Adwords account using phone call tracking? Is your Adwords account separating phone numbers based on different campaigns? Is your Adwords account tracking which phone calls are resulting in final sale? Page 7 of 10

8 Scrutinizing AdWords Campaign Details Google AdWords Marketing Question Does your business have a list of what is the difference between a qualified and unqualified customer? Does your business know, and have written down, the demographics of your qualified customer? Does your business know, and have written down, the psychographics of your qualified customer? Does your business know, and have written down, the real-life scenarios that lead your qualified customers to being ready to make a decision on buying your service? Does your business know, and have written down, the real-life actions a person takes when they are considering buying your service? Is your business using audience targeting to target those qualified customers? Is your business using ad scheduling? AdWords Bid Adjustments Is your business using bid adjustments? Is your business using device bid adjustments? Is your business using time-of-day bid adjustments? AdWords Extensions Analysis Extensions help your campaigns, provide a better return on investment, Does your business have ad extensions running for your ads? Consumer Rating extensions? Seller rating extensions? AdWords dynamic sitelink extensions with expanded text? Dynamic sitelink Extensions with only the hyperlink? Page 8 of 10

9 Social extensions? Review Extensions? Location Extensions Previous Visit extensions? Dynamic structured snippets? Callout extensions? Cost Savings in AdWords "[In business] Rule, #1 is Never Lose Money. Rule #2 is Never Forget Rule #1." Warren Buffett This is important for reducing the dollar cost of advertising Google AdWords Marketing Question To lower the cost of advertising, and improve your quality score of advertising, Does your business have a minimum of 3 advertisements per ad group? Is your business reviewing the click through rate and ad relevance for your ads? Is your business regularly reviewing the quality score of your advertising? Does your business have a step by step plan for improving the quality score of your advertising? Is your business reviewing the landing page quality of your advertising? Does your business have campaigns set up in a strategic manner to improve Does your business have ad groups set up in a strategic manner to improve Page 9 of 10

10 Does your business have keywords set up in a strategic manner to improve Optimizing Your AdWords This process takes time, and is worth the investment Google AdWords Marketing Question Does your business have campaigns set up in a strategic manner to improve Does your business have ad groups set up in a strategic manner to improve Does your business have keywords set up in a strategic manner to improve Is your business regularly accessing the Search Query Report to verify that your advertisements are reaching the correct audience? Does your business know the best position to bid for that will return the best ROI? Is your business Calculating Max CPC Bids From Your Conversion Rate And Conversion Value? Is your business Calculating Profitable Keyword Bids Based On Revenue Per Click? Is your business regularly reviewing long tail keywords that lead to (1) higher conversions and (2) customer acquisition? Is your business using AdWords Scripts to have more profitable bidding strategies? Does your business know what bidding position is the best position for a profitable AdWords campaign? Is your business running A/B Tests regularly within your AdWords account? Page 10 of 10