BroadBased Communications: Marketing, Public Relations, Graphic Design

Perhaps a better question is do you calculate the return on your investment in marketing initiatives? If so, which method do you use? Below, we offer a variety of formulas commonly used in the marketing industry.

Each of the three formulas begins with the gross profit or customer lifetime value of the initiative. From that number, you subtract the overall cost of the marketing investment (this can vary by definition), and divide the resulting figure by the same marketing investment number. Since ROI is generally measured as a percentage, you will multiply that number by 100. For example, if the gross profit was $15,000 on a marketing investment of $4,500, the ROI calculation would look like this:

$15,000 – $4,500 = $10,500 / $4,500 = 2.33 x 100 = 233% ROI

Basic Marketing ROI Formulas

1. Gross profit (GP) for units sold:

Gross Profit – Marketing Investment
Marketing Investment

2. Customer lifetime value (CLV) instead of gross profit:

Customer Lifetime Value – Marketing Investment
Marketing Investment

3. GP or CLV minus marketing investment and overhead:

Profit  – Marketing Investment – Overhead Allocation – Incremental Expenses
Marketing Investment

For more information on how to calculate ROI, please email BroadBased CEO, Jan Korb.

Posted in Marketing Planning

We are very pleased to announce that Catherine “Cat” Norton has joined BroadBased in the role of bookkeeper. In addition to A/P and A/R Cat will execute other finance-related activities. Cat earned a bachelor of science degree in accounting at the University of Oklahoma and brings more than 20 years of experience to BroadBased. Welcome, Cat!

And in intern news, the BroadBased fall design internship has been awarded to Stefanie Joseph, a senior at the University of North Florida. Stefanie will graduate in December with a bachelor of science degree in communication and advertising. We look forward to making this last semester a memorable one for her. Welcome, Stefanie!

Posted in BroadBased

A clear and cohesive plan will let you make the most of all marketing opportunities.

Yes, we said it: 2012. This year is more than half over, and as we find ourselves speeding toward Labor Day we are already working with many clients to budget for marketing activities well into next year. Maybe you have an existing marketing plan that just needs to be polished, eliminating those efforts that didn’t pay off in 2011. (How did those QR codes work out for you anyway?) Or maybe you need to develop a plan from scratch, complete with audience identification, goal setting, message creation, creative implementation, and results analysis.

The key benefits of developing a strategic marketing plan include:

• Developing a long-range view expediting decision-making.
• Building operating plans on market-driven research.
• Aligning and coordinating all efforts (print, web, radio, television, trade shows, etc.) to maximize efficiency and effectiveness.
• Identifying goals, measurement metrics, course corrections, and successful initiatives that should be considered in future marketing plans.

A clear and cohesive plan will let you make the most of all opportunities to promote your product or service in the marketplace – at the right time, using the right media, with a clearly defined product and the right promotion strategy.

Posted in Marketing Planning

Please welcome Adam Price as the newest member of the BroadBased design team. Adam joined the firm in June as a junior graphic designer, assisting in the development of client print and web materials. A native of North Florida and a recent graduate of The Art Institute of Jacksonville , Adam previously worked for the U.S. Army as a veterinary technician.

Please join us in welcoming Adam to the BroadBased team!

Another new face you may spot in our office is Katie Jo Howell, who joined BroadBased in August as a fall semester PR intern from Florida State University. A Jacksonville native and a member of the Capital Chapter of the Florida Public Relations Association, Katie holds a bachelor’s degree in studio art and is currently pursuing an additional bachelor’s degree in public relations. Welcome, Katie!

Posted in BroadBased

In August, Google reported that the average click-through rate (CTR) for banner ads dropped to .09% in 2010, down slightly from .1% in 2009.

This data tells us that most banner ads need 1,000 impressions to result in ONE click through to your website. One obvious lesson is how imperative it is for advertisers to take advantage of any performance edge they can find to increase their odds of success. The chart below presents click-through rates for different size banner ads, both static and flash-oriented.

View more results information on Google’s DoubleClick Advertiser Blog.

Posted in Marketing Planning, Web/Interactive Development

Writing for a speaking engagement is not that much different than writing for a customer, employee or investor communications piece (except for the “insert joke here” instruction). Getting in front of an audience is an excellent way to enhance an individual reputation as a subject matter expert. Of course, when speaking in front of a group, you want to have well-chosen, well-rehearsed and well-delivered words to get your message across. It’s no exaggeration the words you use to express your ideas are as important as the ideas themselves.

Speechwriting Tips

• Prepare early. Give yourself time to refine your ideas and track down facts.
• Keep it short. When was the last time you wished a speech would have been longer?
• Abandon formalities. “Friends, Romans, countrymen, lend me your ears…” Or not.
• Know your audience. Ask an organizer about the group’s interests and issues, and tailor your message accordingly.
• End strong. In speechmaking, last impressions are even more important than first impressions.
• Practice, practice, practice. This is as much for your own peace of mind as it is for the enjoyment of your audience.

If you don’t have time to pen your next speech yourself, BroadBased offers speechwriting as part of our portfolio of services. Speechwriting is a natural extension of the corporate messaging that we perform on a daily basis. So whether you need a 15-minute talk for the company holiday party or a 45-minute presentation to a civic or industry organization, our writing partners provide a full range of services to address any topic.

Posted in Public/Media Relations

 Jan Korb , BroadBased’s CEO, was one of four panelists for the Jacksonville chapter of the American Marketing Association’s (JAMA) August event: The Role of Design in Marketing. Also featured on the panel were Jeff Spear of Studio Spear, Al Emerick of Hospital Physician Partners and Caron Streibich of OptaComp. For more information about JAMA and upcoming events, please visit its website.

You can find Jan on Twitter at @JanKorb.

In an August 2011 article in 904 Magazine, Maria Coppola, APR, BroadBased’s director of public relations, writes about basic PR strategies and tactics including information on a variety of PR opportunities and some of the pitfalls. For this business-focused article, Coppola interviewed other PR experts, a small business advisor and an advisor with the Women’s Business Center at the Jacksonville Regional Chamber of Commerce. The article also included online resources for businesses, whether they are pursuing DIY PR or looking to hire an expert.

Coppola has also been named the president of the Jacksonville Chapter of the Florida Public Relations Association . FPRA, a statewide organization, is the oldest public relations association in America and is focused on enhancing the public relations profession through continuing education, accreditation, professional development, professional recognition, and upholding its code of ethics in PR practice. As a local chapter president she will serve as a member of the FPRA state board of directors.

You can find Maria on Twitter at @mariacoppola.

Posted in BroadBased

With all the conversation about online advertising, marketers would be remiss to not include print advertising in the marketing mix. According to the Publishers Information Bureau, total magazine advertising revenue for the first half of 2011 increased 4% versus the same period in 2010. This marks the fifth consecutive quarter that magazines have posted increases in both revenues and pages, a trend welcomed by many.

According to The Association of Magazine Media three sectors exhibited double-digit page gains, driven by advertising for the following product categories:

• Toiletries & Cosmetics: cosmetics and beauty aids; hair and skin care products
• Automotive: domestic and foreign brands, driven by a mix of fuel-efficient/hybrid models, sports cars and motorcycles; also auto accessories and equipment
• Financial, Insurance & Real Estate: banks; investor consultancies and software; insurance firms

Joe White, publisher of Jacksonville Magazine, 904, Home, Bride and Taste magazines said, “Our numbers are up this year over last, both in ad pages and total ads. In a sluggish economy (where Florida ranks in the top four nationwide in unemployment), there’s something very encouraging about that. Of course, we’re a long way from the numbers of 2007. But we’re upbeat about the future of advertising in all our print products.”

“Despite the remarkable advancements in technology, advertising products and services is basically the same today as it was 200 years ago. In short, get your message in front of an audience. Technology has added new avenues to do that. But good old-fashioned print works the same as it always has. I can give all sorts of statistics and industry info to support that. However, I’d prefer to offer two simple truths we see here in Jax.”

“To every event we attend, host or sponsor, we bring copies of our publications. Very rarely do we bring those same copies back to the office. If given the opportunity to receive a quality magazine, the vast majority of people we encounter say, ‘yes, thank you.’ In addition, when we set up our Jax Mag party photo screens at a fundraiser, the line of people wanting their photo taken for the magazine starts to form almost immediately. People wouldn’t wait in line, by choice, if they didn’t see it as something worth waiting for.”

So remember, with all the online advertising options, print advertising remains a steadfast option.

Posted in BroadBased, Marketing Planning

You say your most recent direct mail effort resulted in a 1.25% response rate? And the click-through rate of your most recent Adwords ad was the same? Depending on your industry and audience, those numbers could be ample reason to toot your horn to the brass. Below, we present a compilation of common marketing response rates with which you can benchmark your own results.

Direct Mail: Depending on the industry, offer and the objective, typical B2C direct mail response rates are in the 0.5% – 1.9% range.  CRMTrends.com

Sponsored Links: The average Click Through Rate (CTR) for sponsored search engine links for all industries in 2010 was 0.051% – a decline from 2009’s 0.063%. The worst performing CTRs were for healthcare ads, which reported 0.011% CTR. 2011 Webtrends Report

Banner Ads: The average standard banner ad CTR stabilized at 0.09% in mid 2010. At that rate, your ad would need to receive 2,000 impressions to deliver 18 click-throughs. www.kikabink.com

Facebook Ads: The average Facebook ad CTR is 0.051%. www.kikabink.com

Posted in BroadBased, Marketing Planning

A recent study by Hotwire and The Holmes Report revealed public relations professionals believe senior management leaves them outside the top table in their companies.

The Holmes Report, in a poll of senior global communications executives found 59% of respondents do not think public relations has a seat at the table with top senior management.

And yet “84% of executives rate communications as the function that has the most influence on corporate reputation.”

Yes, we believe PR should be near the top of the org chart, but it’s not just about structure. We think communicators deserve a physical seat at the table in many instances such as: policy discussions, customer service issues, new services, product launches and, of course, any issue with the potential to create a media reaction. The deeper understanding your PR advisors have of your business, the more valuable they can be to you.

Posted in Public/Media Relations