Entrepreneurial. It’s a big word with a big meaning. Dreaming and risk-taking are something in life that can seem as unreality. Entrepreneurship is a story to tell the network of people you know. In the interest of pursuing my own entrepreneurial business one day, I attendded Matt Marvel (production fenceworks) and Brent Chandlers (Formfree financial services) interactive discussion as part of the 2011 Terry Talks series on Entrepreneurship.
How can I get investors? Lenders and banks can be used as source of finance to get you going. Sales growth, management, and financial books are important to investors. Capital investors-venture capitalists. Miran Shoals-options theory strategy, time weighted values. Banks behind the curve such as equifaz.
Is your market big enough for you to squeeze out your competitiors. Why is it good for the consumer and how does it develop their social behavior? Creating vision in new market is metric. Brett and Practical, life-living experiences. Importing business. Seach engjine-website performance. SEO.Not knowing and highly fragmentedKey challenges for ROI Marketing are thatWe don’t have the right access to data. The biggest barrier is the culture and environment.
What is the guide for marketing strategies? ROI Marketing is not just about integrating into planning, but improving effectiveness through effective profitability, financial contribution, insights to marketers, inform and change of strategies, and understanding the measurement side of what is working.
The financial components impact translates into marketing contribution, how to change targeting, influence of marketing tactics, customer funnel, additional sales, changing customer value, customer retention, acquisition, right environments, access to data, and constantly solving the challenge of cultures and environments. It is important to define measurements correctly. We need to focus on progression on building new capabilities and moving into the current level where we are today to help build support. If a business has little or no marketing measurements now, they can start small and build up by making sure they are tracking by using a basic spreadsheet. Managers need to use a “managing funnel” to see immediate benefits.
Techniques to consolidate disparate data sources include:
- An easy-to-understand model for customer data that creates lifetime value estimates
- Sophisticated approaches in identifying customers by segment and assigning lifetime value estimates,
- Metric dashboard design principles to accelerate understanding and outcomes
- Understanding of how simple visual analytics and dashboards can empower program owners to quickly comprehend success and meet objectives.
ROI marketing is more oriented to guiding marketing strategies. Integrating into planning, improve profitability financial contribution. more insights to marketers and informing people to change marketing decision and tactical plans is key. Measurements of what is not and is working should be tracked. Marketing expenses must impact into some marketing contribution.
?Questions to ask?
-How to change the targeting?
-How do we understand the marketing tactics?
-Define measurements correctly?
-Continuous improvement: what are our basic trackings and market testings?
-Where are your profit potentials?
“Customer funnel is your number one initiative in ROI marketing. Changing customer value will progress as time goes on. Yet, creating Long-term relationships through effective communication is always a success for any business.”
“Network all day long.”
- DTC Marketers: You can’t measure the ROI of EVERY conversation (worldofdtcmarketing.com)
- Marketing ROI – The Most Important Measure of Marketing Success (firstrate.co.nz)
- Kauffman Symposium on Entrepreneurship and Innovation Data (kauffman.org)
- Entrepreneurship and Growth: The Role of Policy Reforms (kauffman.org)
- Entrepreneurship Indicators Workshop: Access to Capital Measures (kauffman.org)
- Conquering Corporate Entrepreneurship (rombizco.wordpress.com)
- 7 Characteristics of a Real Life Marketing Strategy (ideasinaction1.wordpress.com)
- Creating a Restaurant Marketing Budget (Part 1) (gourmetmarketing.net)
- Jan 5, Competitive Intelligence: Do You Operate in a Perfectly Competitive Market? (more-for-small-business.com)
- my review of Entrepreneurship and Religion (schansblog.blogspot.com)