What’s working and can you do more of it?
Those are the questions that you need to know the answers to if you want to create marketing campaigns that scale.
A simple ROI analysis should tell you which marketing programs are outperforming the rest. The companies that are able to grow effectively year in and year out have figured out how to do this consistently. They know what metrics they need to watch and when to pull the plug on a marketing campaign that’s not working for them.
When you find a campaign that is working, that means it’s making you money. It is bringing in more in sales than it is costing you to advertise. And when you find those campaigns, you have to determine whether or not you can grow them.
Can You Do More of It?
Not all marketing programs are scalable. Some channels are just too small to make a significant difference for your business over the long term. Others may work on a small scale, but as soon as you pump more money into them, all you see is your costs go up.
For example, your company might be working toward a social media advertising program. You might test the waters with ads on Twitter and LinkedIn, Facebook or Pinterest. And you might find some early success there, based on your targeting and creative assets. But just because it’s working at that level, does not mean it will work when you start adding to the budget.
The only way to know for sure is to test. Identify those channels or campaigns that are working, and slowly add to the budget over time. If you see that your acquisition costs are relatively steady, that means you have found something scalable.
Scalability is the Key to Growth
The companies that succeed in a growing market are the ones that are quick to identify opportunities to scale their existing programs. It’s too hard – taking up too much time and money – to continue to find small pockets of growth here and there. So it becomes critical to your success as a marketer to seek out and execute the biggest opportunities.
Whether it’s search or display, social or content, television or outdoor, discounts or referrals, or any of so many other marketing efforts, the key to growth is to find out what works and scale it up as quickly as you can.