As a business owner seeking growth, there may be nothing more important to you than increasing your return on investment (ROI). The more you can get for your time, energy, money and efforts, the better off you are. And better yet if you can do with with small tweaks in what you are already doing, right?
Let me share a few things I’ve done that have added more without spending a ton of time or money.
Leverage means using a tool to gain an advantage. As a business owner you have several tools at your disposal which you can leverage into more, including
- Business relationships and partnerships
- Current customer communications
- Knowledge and skills
- Marketing tactics
- Policies and procedures
For example, if you have an association with a graphic designer and you’re a writer, you can leverage your relationship and provide more services to your clients. You can leverage your partnership and cross promote. You can leverage your partnership into a referral reward system. There are many opportunities to leverage your current business relationships and partnerships.
Another example might be leveraging your current customer communications. Maybe you have an existing newsletter. You can use that newsletter to gain new customers with just one small tweak. For example, you could host a sweepstakes – announce it in the newsletter. For every subscriber who forwards their newsletter to five friends, they get an entry into the sweepstakes. This motivates current subscribers to spread the word about your business.
Your current data and analytics are marvelous tools for increasing your return on investment. You can use this information to dig deep and determine what strategies are working and which ones are not. You can then use the information to fine tune and optimize the strategies that are working.
For example, I used data to make the decision to eliminate my ezine all together. The numbers told me that people weren’t opening it. And when I polled my readers, they said they loved it, but often put it aside as a resource to ‘get to later’ instead of reading it right away. I also found just sending solo emails had better open rates AND better clickthru rates. So when I got rid of my ezine and started sending just solo emails, my profits soared. (And that’s a great ROI.)
#3 Current assets
You already have a product or service portfolio and you also have a wealth of published content, right? These are assets. Your skills and knowledge may also be considered assets. You can use these to increase your return on investment.
For example, let’s say you paid a ghostwriter $500 to write a 50-page report. That report is something you’re giving away to boost your opt-in list subscribers. If you just stop there, you’ve not maximized your ROI. However, if you use that same report to create blog posts, articles, email messages, online courses and even Tweets, then you’re truly maximizing your assets. You’re getting a ten-fold return on your investment. This tweak is something Michele PW & I talk a lot about with our Complete Online/Offline Marketing System.
Take a look around you. What can you leverage? What assets do you currently possess that can be utilized? What data are you collecting and are you using it to the best of your ability? There are opportunities all around you. Take a look at the small tweaks your can do to increase your ROI, create a plan and take action!