As a small business owner, we tend to treat the money spent on marketing as an expense item. When in fact, you should consider it as an investment made by your business to make more money in return.
Hence the term Return on Investment is thrown around a lot by marketing agencies.
So, what’s your ROI on marketing? Have you figured that out yet?
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Ah, indeed. It appears you are learning something! In business, everything is an investment. If you look at something as an expense, then you’re running your business the wrong way.
As far as roi on marketing. You’ve got many different categories reaching many different types of audiences. You have to use a historical approach. Obviously, as long as you’re making more than you spent, then you’re doing okay. The goal, from that point, then is just to keep increasing that margin!
Also, don’t reinvent the wheel. Just recognize when you need to put snow chains on those Wheels and when you need to set them through a car wash and get that side wall shimmering and shining.