How to Produce Healthy Marketing Returns

Marketing is like investing in the stock market. Here’s what you can learn from excellent stock market investing that will help produce healthy returns in marketing, too.

  • Do your research first. You wouldn’t invest tens of thousands of dollars each year in stocks that you picked out of a hat. You would take the time to research the performance trends of several different investment opportunities. You would only invest your hard-earned money in those areas that had hard data showing high potential returns. With marketing, research on the front end goes a long way to producing healthy returns for the long-term.
  • Know your risk tolerance. Some people are perfectly comfortable making high-risk investments. Others are much more conservative. On a scale of 1-4, how comfortable are you with risk? Your answer to this question will help you determine how to invest your marketing dollars. If you are a 1, you might want to hire an expert to develop an initial, conservative marketing plan that you can deploy on your own. If you are a 4, consider investing a high dollar amount to achieve your goals more quickly, and outsourcing the entire marketing strategy to one firm that can take care of everything for you.
    • 1 – Very risk averse
    • 2 – Risk averse
    • 3 – Risk tolerant
    • 4 – Very risk tolerant
  • Look long. You would never invest your money in a mutual fund for just a month or two, expecting to make your money back right away. You would make a long-term growth strategy. In marketing, it’s important to run the same tactics for 6 to 12 months to earn returns, see trends and continue to strengthen the plan.
  • Keep emotions in check. The stock market is like a boy climbing a flight of stairs with a yoyo in his hand. The yoyo will go up and down, but the boy is always climbing higher. Rather than checking your investment portfolio daily out of fear and anxiety, you study monthly statements to understand trends and growth. In the same vein, marketing should be examined on a monthly basis to prevent getting lost in the minutia – or in negative emotions.
  • Diversify. Rarely do you see an investor put all of the money on one stock and produce a good return. Similarly, with marketing, investing in several different tactics at once drives a higher and quicker return. Consider that you want a good mix of awareness, internal, online and traditional marketing tactics. You also want to be sure to include several direct marketing tactics like Google AdWords and direct mail, which get those patients looking for a dentist now right into your door today.
  • Listen to the experts. Very few investors are successful completely on their own. It’s always best to get an initial investment plan from a qualified financial advisor, preferably one that acts as a fiduciary, or truly has your best interest in mind. With marketing, be sure to invest in a strategic marketing plan that is developed by an experienced dental marketing firm. If you don’t have the time or the talent on your team to execute the marketing plan (and be honest here!) then it’s wise to leave the deployment to the experts, too.
  • Stay the course. Even when the market is down, it’s sometimes best to stay invested. You might sell a few shares of an underperforming stock and buy a few more of a higher performing one. Same goes for marketing. Never, ever, ever stop marketing.