You must calculate the return on investment (ROI) for any and all of your marketing efforts.
This crucial step builds on the previous key that we just reviewed, and the only way to truly know your return on investment when marketing is to track the results of every marketing strategy that you use. Once you know how much you are spending, only then you will know exactly how much each marketing dollar is bringing back into your business.
For example, let’s say you spend $500 on an ad in a local newspaper that generates ten new customers for you. If each new customer then spends $500 with you, your return on your marketing investment here is 1000%!
For every $1 you spent in this example, you received $10 back! That’s an exceptional return on investment by any standard and one your bank could only dream of offering its customers.