ROI: ROI stands for (Return on Investment) so what
type of return you are seeking from your business, there are different ways to
improve your ROI. Your returns can be measured as per your business needs it
may be increased profits, intangible benefits such as improved operating efficiencies
or increase brand awareness. Firstly, you should define your goals and settings
as many quantifiable benchmarks as possible will help you to increase your
payback on the different initiatives you take to improve your company.
Define “Return”: The first step in improving your
return on an investment is to clearly define the potential return you might get
from your investment. These may be increased revenues, profits, reduced
overhead, higher employee retention, increased brand preference or fewer government
regulations, better customer satisfaction. If possible, set multiple benchmarks
to measure your goals. For example, instead of setting a goal for whole you
should measure during a specific period of time, from a particular distribution
channel as a goal.
Calculate Your Current Return: To improve the returns on your
investments to the point that they warrant you’re not pursuing other
opportunities with that effort, you must know the return you’re currently
getting from your product or service, using a particular piece of machinery,
retaining a specific employee or continuing to do whatever else you are
measuring.
So main question how we increase ROI or achieve goal we
are seeking for
Market Research plays
an important role in every business to achieve goal that we are looking from
our business. In this research collecting
data from industry where your business stands for, using research
methodology such as primary research survey, CATI, web-based survey, screen
sharing based survey, community-based survey. Presenting data using best visualization tool so you can
analyze today and predict
your future by contemplating data and see’s where you lack and what sort of
strategy or insight consulting
you need to increase your ROI & achieve goal that you set for your business
using quantifiable benchmarks.
Conclusion
Market research can be a great tool in your marketing
arsenal. I encourage you to test the ways to maximize your ROI just showed you
above. In most cases you will see significantly bump in your ROI.
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