Some definite ways of maximizing ROI
If profits are what you seek and making the most of the last cent is what you want then read on. These are some sure shot strategies to boost your ebusiness profits, suggests Puneet Mehrotra.business Updated: Sep 29, 2005 19:13 IST
"It's the bottom line that counts!"
If profits are what you seek and making the most of the last cent is what you want then read on. These are some sure shot strategies to boost your ebusiness profits.
Maximizing ROI through Search Engines
Paying for performance
CPC, PPL, PPC are acronyms for cost per click, pay per lead, pay per click. Not only are these definite ingredients for success but also a tremendous cost saving. In layman's language "you pay for what you get".
The reporting systems of most search engines are very comprehensive and allow you to make fast decisions regarding allocation of funds. Bidding is in real-time which means you can increase or reduce your bids, on given terms and phrases instantly.
Overture and Google have tools through which you can find out the cost of the keyword. Pick your keyword and place your bid according to the slot you want. You will know precisely what search terms are pulling profitable traffic and which are not.
Search engine optimization is making your website search engine friendly. In this era when the biggest corporations in the world are fighting for search engines (remember the Yahoo v/s Google v/s Microsoft war) the best strategy is to have a website that can be friends with these search engines. Noteworthy is that different search engines require different optimization. I have been playing around with optimization tags for the last 5 years and for sure what works with Yahoo may not work with Google or Ask Jeeves. The bottomline is different search optimization for different search engines.
Maximizing ROI through Content
Content is king. A successful copy can do absolute wonders and can break or make a business. A lot of people I interact with lay a lot of emphasis on aesthetics, important no doubt, but definitely not as important as copy.
The power of the written word has been witnessed many a time. Products have become success stories, resumes transformed into high profile jobs, a 10 cent brochure into millions of dollars just because of the right word. It is the use of right words in product description or a catchy worded advertisement that so many times makes us 'victims' of impulsive purchasing.
Maximize ROI by patenting what counts
According to Edward Sclatter a business can maximize return on investment by patenting what counts. Blanket patenting doesn't really yield the right returns.
In Edward's words "a company must focus its patent investment on its competitors and base its strategy on how it wishes to influence their behavior, not its own. A patent is the right to exclude others from making, using, or selling the claimed invention. Since a patent is the right to exclude, a company's tactics should focus on precisely."
The full article is available on devicelink.com It's a very well documented article and every entrepreneur must read it.
Maximizing ROI through web traffic
Log files maintained on your server are like the ECG of your website. They show the actual health of your website. For example when a visitor comes to your web site, do you know where they came from? Where are they clicking around on your site? How long are they staying? Where are they going? And most importantly, are they converting? This is some the information you need to make critical business decisions and measure your ROI on various promotions and advertising.
It's fairly simple. Unless you know your visitor how can you sell something to him? Web traffic analysis provides you with just the data you need to maximize your profits.
If stretching your dollar is your mission, just apply some of these. I assure you the returns you will get will beat most other strategies.
First Published: Sep 29, 2005 19:13 IST