You Know ROI. Now Are You Tracking Your Business’ ROR?
If you’re anything like me, calculating the ROI of a project is an exciting thing. Figures like ROI are comforting to business owners because they draw a direct line to what’s working and help you to shift away from strategies and tactics that are lagging behind. In a world that often lacks definite answers, specific figures like this are incredibly valuable when they are available.
The challenge? They’re not always available or the figures are messy. What do you do when campaigns overlap or when multiple channels contributed to the success of a campaign? The answer isn’t to throw your hands up and stop calculating the return on investment of your marketing expenditures. That would be like a football coach eschewing statistics because he’s not sure exactly what led to touchdowns! However, modern marketing requires a shift of thinking from a direct return on investment to a better encompassing statistic that we like to call “Return on Relationships.”
Regularly, wise business owners should review the key relationships that have led to the progress of their business. These figures will often rely on your wisdom, but we find it valuable to tie monetary figures to how your time, energy, and investments paid off for you. Considering your Return on Relationships figure can do three things for your business:
- Develop an Attitude of Gratitude
When you begin to see how others contributed to your success, you’ll gain a better appreciation that you don’t tread the road of success on your own. Being grateful to others doesn’t minimize your efforts or take away from your hard work—it helps you keep a better perspective!
- Maximize Valuable Relationships
When was the last time you took time to say thank you to the people who have made a difference in your life as a leader of your business? The value that can come from a simple (handwritten!) thank you note can be exponential when it comes to letting mentors, clients, and others know what they’ve meant to you.
- Encourage the Cultivation of New Relationships
When you’re in the thick of the day-to-day of running a business, it can become very easy to forget about the forest because of the trees. In other words, you forget to prospect and plan for the future because of the day-to-day stresses. When you pause to consider how previous relationships have been valuable to you, you’ll encourage yourself to get out there and cultivate new ones!
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