When I develop marketing strategies, I always keep one quote near the top of my mind,
“A rising tide lifts all boats.”
Similar, but a bit different, is one you might be more familiar with, “What’s good for the goose is good for the gander”.
The first, for me, is all about the idea of finding single, achievable objectives that can raise the performance of all areas for a business or with marketing specifically.
If you can invest in something, say a new video, and use it across marketing channels, the return on your investment would be far greater than just using that video to post on social media. You can repurpose it for your website, for a commercial, for presentations to clients, etc.
Sometimes, it means taking care of the big stuff – plugging the holes in your boat – before you focus on individual or smaller objectives.
If I were flipping a house, I’d fix the leaky roof before I invested anything on the interior – otherwise, my other investments would be ruined in the next rainstorm.
Making the Most of your Marketing Efforts
With online marketing in particular, this can go both ways. For one, if you are spending tons of money sending potential customers to a website that functions terribly, you’ll be wasting money. But, if you get the site to a place where it has a good enough conversion rate, spending too much time and money trying to increase the site’s conversion rate from 15% to 16% is far more wasteful than spending that same money to double your traffic.
It also works in a cycle. So, when making the most of your marketing strategies, you can’t always work linearly. Because, especially for startups, there’s usually a runway of funding (you have to lift off before you reach the end or, well…) sometimes you have to get to “good enough”, utilize the system to start generating revenue, and then continue to invest and build upon what you started.
The tide can rise with the implementation of a single addition to your marketing mix. For instance, remarketing to previous customers or website visitors is one of the most important aspects of a digital marketing mix. If you spend money to get them to your website or landing page and they don’t convert – it should never be the end of the story. Most customers will not make a decision, fill out a form, or purchase your product on their first visit. This happens for a variety of reasons.
However, if you reach back out to them – continue to persuade them with content – many do eventually purchase the product. And most remarketing techniques cost a tiny fraction of what it takes to get the original visitor.
So, if you can spend 10% more by implementing a retargeting campaign, and it doubles your conversion rate – wouldn’t that make sense?
This retargeting campaign just rose the tide for all of your ships.
Regardless of how you originally attracted the visitor – pay-per-click, newspaper advertisement, social media ad, a billboard, etc. – the return on all of those investments will be greater because you added a single element: retargeting these visitors so that they come back for a second look, remember your name when they’re actually ready to buy 3 months later.
Finally, you can raise a tide by taking action. If you made door-to-door sales, and you only closed 1 out of 10 houses, how do you make more sales? By knocking on more doors!
Yes, you could spend hundreds of hours and thousands of dollars on training to get better and close 2 out of 10, but that’s a long-term investment (and it’s a completely good one, for the right situation). If you have an unlimited runway – go for it. But if your runway is short and you need to pick up your income, knock on more doors! Make more sales and your runway will grow longer, giving you the resources (time and money) to take the time away to improve your skills so that when you return, you can close 2 out of 10.
My challenge: What is the easiest way for you to start raising the tide in your business today? What one, reasonably achievable thing can you do that will have a positive impact on your entire organization?
It’s probably smaller, simpler, and easier than you think.
Need help figuring it out? Send me a quick email and let’s get started on that high tide.