Getting a positive return on your investment (ROI) in all business activities is what a smart professional does. Any growth seeking business owner wants a strong return on investment or ROI.
This means that the more you can get for your time, energy, money and efforts, the better off you are. With that in mind, here are a few key ways to increase your ROI.
#1 Learn to Leverage:
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. You can leverage:
- Specific business knowledge or experience
- Business relationships and partnerships
- Current customer communications
- Experiences and skills
- Networking Resources
- Marketing tactics
- Policies and procedures
For example, if you have an association with a web designer and you’re a writer, you can leverage your relationship and provide more services to your clients by building partnerships with this other professional.
You can leverage your partnership, cross promote and even design a referral reward system. There are many opportunities to leverage your current business relationships and partnerships.
#2 Customer Communications
An example of leveraging your current customer communications is by using your site newsletter (ezine) to gain new customers. For example, you could host a sweepstakes and announce it in the newsletter.
For example, tell subscribers who forward a copy of the newsletter to five friends that 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 into your business operations 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 while letting go of those that are not income generating.
For example, if you’re spending a lot of money and energy on a pay-per-click (PPC) program, you can use your data to eliminate the ads that aren’t performing up to your standards. You can then use the data to create PPC ads that have a higher click-through and conversion rate.
#4 Current Assets
All of your products or service portfolio that includes published content are a part of your 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 $1000 to write a 50-page report that you are 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 for Twitter, then you’re truly maximizing your assets. You’re getting a ten-fold return on your investment.
Now the question is 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, create a plan and take action!