Small to medium-sized businesses can benefit from looking at contact list acquisition as an investment, and then analyzing results accordingly.
At the same time, just as there are both tangible and intangible aspects to stock investing, so too are the quantitative and non-quantitative factors that go into getting marketing lists direct.
Numbers, With Limits
Some variables can be quantitatively analyzed, others are inherently non-quantitative in nature. For example, the quality and depth of the relationships successfully developed through the use of a marketing list is not necessarily subject to quantitative measurement. Neither are considerations of the type of impact the campaign will have on overall branding and business reputation.
However, taking a disciplined, 'investment-based' approach to contact list purchases does allow a focus on ROI. This is a marketing 'investment,' and it's helpful to treat it accordingly.
Range Of Scenarios
ROI analysis does rely on assumptions that you make, and the quality of your analysis is enhanced if overly rosy assumptions are avoided. Establish a 'safety margin' as a methodology is developed. Initially, a wider range of scenarios must be considered, from 'best' case to 'worst' case. As one gains experience with a particular list, those possible scenarios can be narrowed and refined.
Monitoring The Investment
A mutual fund incessantly monitors the performance of the stocks in which it has invested. Your SMB should consistently and thoroughly monitor the performance of your contact list 'investment.' This will quicken the pace at which a determination of what's working and what isn't can be made. Navigating through the stormy waters of today's business competition requires vigilant course corrections.
Acceleration Of Success
A solid ROI analysis that allows for certain intangibles as well, becomes a valuable tool in one's business. Once a certain list produces a good return on investment, you're in an excellent position to decisively act upon that success. The sizes of additional, similar lists can then be increased exponentially. Essentially, you've established a profitable formula through a disciplined methodology, and now it can be replicated on a larger scale.
The result is a winning formula that matches marketing lists with your product or service in a profitable way. So that our dedicated staff might assist you further, please contact us.