Specializing in Marketing Services for the Learning and HR Solutions industries

Archive for April 2015

Tracking Marketing ROI

Is your marketing budget investment delivering the expected return?

Every business monitors the return on investment (ROI) of marketing funds. Implementing a marketing measurement model so you know what your breakeven point and profit margins are is vitally important to properly track this important budget item. When sales and accounting departments work together in setting realistic goals regarding the marketing budget, profits will increase. When planning a marketing budget it is vital to consider both the short-term and long-term ROI on allocated marketing funds, as the long-term sales impact the core of your marketing program.

A common ROI calculation notes that for every $1.00 spent on marketing, the business needs to generate $4.00 in gross sales to break even. Depending on the product or service being sold, most businesses look for this ratio to be at $6.00, $10.00 or even $20.00 in gross sales for every $1.00 spent on marketing to meet the desired profit margin. Cox eLearning Consultants can assist with additional metrics or determining your expected ratio.

Tracking sales sources is another vital component to accurately predicting and reporting marketing ROI. Direct sales are the simplest to track, while influenced and referred sales are not as clearly reported. Sales that are influenced by a previous marketing campaign as well as referred sales need to be accounted for correctly to get the most accurate ROI calculation. While difficult to do, it is not impossible if you know where to start. Temporarily outsourcing an expert in this area, such as Cox eLearning Consultants, is something to consider if you don’t have the resources or expertise in-house.

When you strategically invest your financial resources and time into developing a marketing measurement model, you position yourself for future success.  You’ll optimize your marketing program arsenal and fine-tune individual high-producing programs to increase profits and market share.

Working with Start-up Companies

Who says it is difficult to work with start-ups? There might be disadvantages to work with a start-up company; however, once compared there are more advantages than disadvantages. There is a lot to learn and gain. Here are some of the benefits to working with start-ups.

 

  • World to Explore – While working with such companies you have to do a lot of research, and when it comes to research, you have your own thoughts and world to explore. You get more chance for brainstorming and discussions with your peers and a better chance of having your work recognized.

 

  • More interaction at every level – It is not as difficult to approach top management. They are more available to guide you, discuss problems with you, and remove your mind blocks. They give new direction to your thoughts and are true innovators.

 

  • More responsibilities to be served – You will be given more opportunities and responsibilities, which will lead to hard work and ownership. In the end, your confidence level increases and you become a better, more valuable employee.

 

In summary, you will find yourself working in an awesome atmosphere with more autonomy and you can exercise your creativity, which also develops your personality. This type of structure, or lack of, is more difficult to come by if working in big companies because the guidelines are typically predefined and you often have to follow them blindly.

For more insight and guidance to any of your business and marketing consulting needs, Cox eLearning Consultants is here to help.

LinkedIn to Acquire lynda.com

LinkedIn, the world’s largest professional network on the Internet with more than 300 million members worldwide, today announced that it has entered into an agreement to acquire lynda.com, a leading online learning company teaching business, technology and creative skills to help people achieve their professional goals.

3 main reasons for outsourcing services

There are just a few companies out there that can afford the luxury of having separate internal teams for anything outside of their core-business. Increasing number of companies are opting to outsource a service and form strong bonds with vendor companies.

What are key advantages of outsourcing a service?

  1. Vendors offer out of the box, ready to use solutions.
  2. Entire process is cost and time efficient, compared to alternatives.
  3. Companies can now focus on core-business activities, and leave these satellite projects to experts in their respective filed.

Instead of going through the painful and time consuming process of hiring and training, companies are now able to outsource pretty much anything. Most popular outsourced activities are related to learning management, human resources and marketing related services.

Vendors, like COX eLearning Consultants, provide a ‘ready-to-use’ solution adapted to your business needs. This way, the project is executed at a lower cost in a shorter period of time, when compared to traditional internally build process. Vendors also offer better chance for a successful roll-out, as they already have aggregated experience from a given field.

There are many additional reasons for outsourcing a service. Ultimately, outsourcing also helps professionals to better understand their business needs and even grow the company.