You Can Lead a Horse to Water – 3 Lessons to Increase ROI

There is an old saying, “You can lead a horse to water, but you can’t force him to drink.” In advertising this is often associated with a brilliantly designed ad or marketing campaign that delivers plenty of traffic but disappointing sales.

Here are 3 lessons we have found can help businesses and brands ensure great campaigns correlate to strong sales.

1. Average Closing Ratio - It’s surprising how many businesses we find have no idea what percentage of potential customers become paid clients. Without this critical data, it’s almost impossible to determine if your ad message is targeting the right clientele (those most likely to buy). By establishing this basepoint, you can take steps to increase your closing ratio and ensure maximum ROI from your ad campaigns.

Example: While it has faced its struggles, the automotive industry has perfected the art of determining closing ratios and their correlation to sales. (Contact Connectivity HERE for information on establishing a baseline closing ratio for your brand.)

2. The Over-Promise – Nothing frustrates consumers more than feeling like the offer advertised is not exactly the offer they get when they are  in the store. It can be really tempting to stretch the truth a bit when it comes to making claims about your brand. Consumers, however, really want honesty! While you may lose some foot traffic, ensuring that you truly deliver what is promised in your advertising will increase sales for those looking to purchase.

Example: Dominoes recently ran an ad campaign highlighting complaints about the flavor of their pizza, letting consumers know they were taking steps to provide a better product. The result? An almost 50% increase in sales!

3. Potential Client Retention – If your company does not utilize a program to try to recapture possible lost sales, you are missing a big opportunity to dramatically increase your closing ratio. If someone took the time to call, e-mail, search, stop in a store location and DIDN’T buy, there’s a reason. Sometimes something as simple as a follow-up call, e-marketing message or personalized piece of correspondence can easily convert a possible lost lead into a paid client.

Example: Connectivity recently designed a multi-point Client Retention Program for Gold and Diamond Source, designed to increase the return ratio of their out of state gold buying kits.  The result has been increased sales.

Utilizing any of these 3 steps should help you drive more thirsty horses to your business!

For more information or for a free one hour media and marketing consultation from Connectivity, click HERE.