Business owners and leaders have always (rightfully) been obsessed with ROI (return on investment). Throughout our careers, we have been constantly challenged about the return on marketing spend. In fact, we have had to relentlessly show the value of certain projects, campaigns or channels. To be honest, this is still a regular conversation with many clients.
Over the years, we have learnt to turn simple data into a compelling marketing story. This is essential if you want to tell your senior managers how efficient and effective your marketing strategy has been.
Time is money and it affects ROI
Whilst ROI is essential, what about ROE (return on effort)? Is this a neglected area that we need to give more attention to?
Have we neglected to remember how important the ‘time is money’ phrase is?
That is to say that there are a number of reasons why return on effort should be considered and evaluated as a priority. Whilst this might not be an equation that can be easily worked out, it is an area that we urge you not to ignore. Time is so precious and we want you to use your time in the most efficient and effective way.
- Are your team members focusing on the tasks that will bring you the most return?
- Is productivity being regularly assessed?
- Are there any easy ways you can improve processes and save time?
- Is the task you’re embarking on super essential?
Remember that the return might not be immediate but there should always be an eventual return. If not, should this even be on your to-do list?
7 quick ways to improve your ROE:
1. Remove unnecessary meetings.
Have you ever counted how many people are in a meeting and then worked out what their hourly wage would be and then calculated how much the company is spending on that meeting? Have fewer meetings. Get less people involved. Have shorter meetings. In other words, only host them or attend them if they’re essential!
2. Introduce time-saving systems when you can afford them.
Is your team struggling by managing a process manually? Has your team created tons of ‘workarounds’ to make an old system function? Are you too reliant on massive spreadsheets? Maybe it’s time to invest in an off-the-shelf system to help you manage your data and processes better and save time.
3. Outsource when you can.
Perhaps your team has recently downsized and senior staff members now need to cover the work of junior staff. Whilst you’ve saved on costs initially, this is an expensive way to get simple tasks done. Can you outsource some of the basic/smaller tasks? This would still save you money but ensure your team focuses on the advanced tasks and what they’re good at.
4. Decrease travel times.
We can probably all put a huge tick by this one nowadays, but we think it’s so important so we had to include it. Virtual meetings have shown that we can save time on travelling and better use our day for real work.
In short, is it essential to rush to catch the 7:30 am train from Paddington to Birmingham with your latte in one hand and your presentation pad in the other?
5. Focus on people’s strengths.
We all have areas of our job that we enjoy more and that we naturally are quicker at. Learn what your colleagues’ strengths are and use that to your benefit. This will have a positive impact on both your ROI and ROE.
6. Ask for help when you need it.
It might take you 2 hours to do a certain task but you know it’ll take one of your team members 10 minutes. Don’t be proud. If you can easily and respectfully pass work to team members to save time, then do it! It can often work both ways and can help build up team spirit in these challenging times.
7. Go digital where possible.
We have seen during lockdowns that for many companies that many processes and workstreams have been streamlined due to the sudden essential shift to go digital. We recommend apps like Monday.com, Calendy and Trello to help you manage your time and project manage collaboratively.
How can we help you improve your ROE?
If you don’t know Saltoria Marketing yet, we are Sally and Vittoria. We are great friends and great marketers. Put simply, we want to make your life easier. Whether you need support in drafting or implementing your long-term marketing strategy or you’re simply looking for ‘quick wins’, we are here to make sure your communications excite your audience and give you the results you deserve. Let us help you – so that you can focus on your job and what you enjoy.