Today’s post is by Randy Russon, founder of TOPCFOS
Welcome to our Blog today! TOP CFOS offers the finest CFO services to companies anywhere in the world who want to take their organization to the top. We absolutely love being a part of your team. We also love to be the catalyst behind your firm’s soaring profits! And, for your convenience, we provide an RSS feed down at the bottom of our website so you can subscribe to our Blog. Today’s post comes from the Marketing category on our website and is entitled Hitting Your Target.
Companies around the world spend millions and millions of dollars on advertising every day. They spend this kind of money for one reason – to get you to buy their product or service. From Kristin Eberth at medium.com we learn, “Back in the 1870s, John Wanamaker, generally accepted to be the first guy to buy modern advertising in the form of newspaper ads for his department stores, said this: “Half the money I spend on advertising is wasted. The trouble is, I don’t know which half.” Whether you’re a marketing professional, a startup founder or a business owner, you can probably relate. But in this day and age, things are a little different. It’s easy to track what’s working and leading to sales conversions and what isn’t, and if you’re not making use of this knowledge then you’re wasting time and money and missing out on a lot of potential for your company. No excuses.”
Kristin talks about sales conversions in the above quote. Sales conversions are really the bottom line to hitting your target market. With any marketing strategy, the first goal is to hit your target market, but once you’ve accomplished this your next goal is to convert to sales. You want your target market to buy your products or services. Go Left Marketing also offers some great insights into hitting your target.
They ask three important questions which are:
- What are the market segments for your business?
- Which segment delivers the most ROI?
- Which segment refers the most new business?
In my opinion, the last two questions are the most important of these three. Regarding the second question, I have a client who spends large sums of money each month on a networking group they belong to. The most important question is, what is the ROI in belonging to this group? When it comes to spending marketing dollars, firms should constantly be doing a cost/benefit analysis to see what bang they are getting for their buck. The last question above is talking about getting referrals.
I believe the greatest compliment any company can ever receive is to be given a referral. This is the very best form of marketing. Happy, satisfied customers refer their friends. A company that gets lots of referrals shows that they are delivering an excellent product or service. Then, when a company knows which segment refers the most business, they can pour more advertising dollars into that segment. In the end, hit your target then convert to sales.
We hope you’ve enjoyed our Blog today. Please remember, TOP CFOS offers the finest CFO services to companies anywhere in the world and would love to be a part of your team. Feel free to reach out to us anytime. Your feedback is most welcome, and we invite you to share this post with friends and associates. Our contact information can easily be found here on our website, so give us a call today! Our next post will come from the Government category on our website and is entitled Corporate Inversion. And, thank you for joining us!