The biggest problem is the fact that different strategies require different types and levels of investments to truly pay off. Understanding what each strategy’s investment threshold is, and what type of investment you’ll need to make (usually a combination of time and money), you’ll be better able to determine when you’ve invested too much.
If only there was some numerical metric that could tell you exactly how effective your campaign was—but wait, there is. Your return on investment (ROI) is a comparison of how much money you’ve invested in a given strategy to how much you’ve gotten back from it in the form of new sales and consumer interest. The theory goes, if you’re seeing a positive ROI, it means the strategy is worth pursuing, but if you aren’t, you should drop it.
Read MoreIt’s also worth noting that experimentation is one of your most important tactics in the marketing world. Because no two businesses and no two demographics are alike, even the most informed marketers can be surprised by how your results actually play out. No strategy is guaranteed to be effective, and there are likely some strategies you haven’t considered that have enormous potential payoffs for your brand...
