CALCULATING RETURNS ON COSMETIC MARKETING INVESTMENT
Getting returns on your cosmetic services promotional campaigns is getting easier! Why? Internet marketing is the driver of most marketing campaigns and analytics are available for most of these activities. It is impossible today to plan a project for marketing and not have the majority of the funds allocated for a series of Internet and social media promotional activities. However, managing the expectations for profits remains a challenge!
Each promotional activity requires a plan, with a budget, timeline and performance measurements that can be tracked with analytic data. Observing and managing the performance data of these activities is where the calculation and analysis work starts to temper expectations.
Return on investment (ROI) is generally measured by profit on the initial investment. However, ROI can also be measured in acquisition of data use for future marketing and positive impact on selling another procedure or service.
To improve the returns on investment using Internet marketing ask these 5 questions:
- Is internet content (words, image & video) delivering results? Answer
- Will your top search results grow in the future? Answer
- Is social media a time sponge that is worth the results? Answer
- Is paid search results part of the answer? Answer
- Are inquiries converting to results? Answer
Reasons cosmetic specialists don’t get returns expected from investments:
- Selecting the wrong service or expensive device to market
- Poor timing in launching an investment in the promotion of a service
- Not allowing enough time for the marketing program to gain traction
- Underestimating the competition using Internet promotion leverage
- Expecting more marketing results from a poorly conceived Internet marketing campaign
- A failure to allocate funds for “stabbing” the marketing campaign and tracking the results
- The absence of the use of analytics to measure the effectiveness of marketing programs and the results produced by those programs