Now that you’ve mapped out your marketing plan, you need to figure out what worked and what didn’t, in terms of attracting customers to your business. It’s important to determine which funds are being spent the right way in order to make sure you get as much return on your marketing investment as possible. There are a few ways you can do this, which we’ve outlined below. Be sure to take the time to do the research to determine your ROI, allowing you to tweak your marketing methods to maximize your presence in your target demographic.

The first and least expensive way is to survey your customers to find out how they learned about your business. When you are meeting with your customers, or when they are at the register, just simply ask “How did you hear about us?”  There are also other methods, such as web sites and software that allow you to survey those who go to your website. An example is Survey Monkey, a low cost online survey program which enables you to select the best plan for your business based on the number of online surveys you might want to send out over the course of a year.  Some of these methods do cost money, but can easily help you determine how effective your campaigns are.

Additional, inexpensive ways include:

• Video monitoring and clipping services to determine TV viewerships
• Setting up special web pages that are for the specific purpose of radio ad promotions so that you know which customers came from your radio listenership
• Setting up Google analytics for your website
• Setting up Facebook Insights for business or fan pages
• Using Twitter to see how many followers you have and how interactive you are

Be sure to maintain a positive viewpoint along the way. This is a learning process and it may take a bit of tweaking to get your ROI just right. Try to think of ROI in other ways instead of the definitive “Return on Investment,” such as:

• Re-Organizing Identity
• Releasing of Information
• Recognizing our Industry
• Realizing obtainable income
• Retiring old itinerary
• Rewarding our interests

Soon enough, you’ll be on the path to your perfect ROI marketing equation.
Share your personal definition of ROI that you came up with by leaving a comment!

Have a question about business planning, products, or services? Contact Business Development or leave a comment below.

This is a good time of year to examine your cash flow. Even if your sales are good, you still have to make sure the money is actually coming in on the schedule you need to meet your expenses and, hopefully, build up cash reserves.

If your cash flow could use a boost – and let’s face it, you would have lots of company – First Financial has several options you might want to consider. One is a line of credit. A very helpful option that’s there when you need it, many businesses access lines of credit to stem the effects of slow receivables or other short-term cash flow issues.

Personal credit is also an option for many business owners. You will need three years’ worth of both business and personal tax returns, and lenders will definitely take a keen interest in your business plan – since that tells a lot about how prepared you are to maintain business success and put yourself in a position to make your payments.

The good news here is that credit unions don’t simply pass judgment on your business plan. We help you with it. Our members are our owners, and we’re here to help make them more successful. So if we see issues with your business plan, our priority is to help address them so you can be more successful.

If you have a commercial mortgage, you might also consider refinancing it at today’s relatively low interest rates as a way of freeing up some capital on a month-to-month basis. That could make the difference in your ability to make crucial capital investments – perhaps an important piece of equipment or a technology upgrade that will allow you to win or successfully execute an opportunity for growth.

As the economy rebounds, many companies have a need to make fresh investments in employees, products and technology. Often, the state of your cash flow determines whether you can make these investments or will have to hold off. Talk to us about customized lending solutions that will allow you to shore up your cash flow and strengthen your business. We’re here to support your success!  Contact Business Development at business@firstffcu.com.