Low ROIs? Think RIYCs
By Sarah Carlson SOFA
The Society for Financial Awareness
Well, I don't know about everyone else but I am so tired of hearing about these great marketing programs that promise the moon and continually fall short time and time again.
Like direct mail ploys where 2 percent is considered a fantastic return. Where else in life is it acceptable to commend 2 percent? I find it so frustrating, knowing that I am willingly throwing 98 percent of the money I'm spending directly into the garbage.
What about cold Internet leads or the dreaded dinner seminars? (yes, some very gifted people can still make these work and see a decent ROI. However, the majority are in the boat of "too much money spent to feed unqualified people" and many see no ROI on these events at all.) All of these marketing programs are seeming to be less and less effective, and are creating smaller and smaller ROI's.
After being in marketing for several years now I think I figured it out ... and guess what, it wasn't so much figuring it out, but being reminded by someone much older than I about the basic principles of business.
RIYCs stands for: relationships in your community.
The best marketing principle ever is the theory of running for mayor — letting everyone in your community know who you are and what you do. Helping the people; becoming a resource; being known as the go-to-guy. Following the old business practices of the customer is always right and customer service first.
You know — the key founding elements of good business that seem to have fallen by the wayside over time and the advancement of technology.
The concept is simple — the more RIYCs you have the better your ROI. You don't build relationships through cold marketing, that's for sure. (again there are always exceptions to the rule and phenomenally charismatic people that can do that, but let's be real — most of us cannot).
You build relationships by being in the forefront of your community serving and creating a unique presence separating you from your competition. That is a necessity to creating, sustaining and maintaining a successful business.
The concepts are simple — it's just a matter of knowing how to implement them, and luckily, I've got that part figured out.