From the course: Digital Marketing Foundations
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How to prioritize in marketing
From the course: Digital Marketing Foundations
How to prioritize in marketing
- As a marketer, you'll never be short on ideas or things you could be doing. The real challenge is figuring out what you should be doing next. Prioritization is absolutely key, especially when you have limited time and limited budget. So, how do you decide where to focus? Well, I recommend using models, like return on investment, or ROI, and customer acquisition cost, CAC, payback period. Let me break these down. So return on investment is a classic. It simply measures how much profit or revenue you generated from a marketing activity compared to how much it costs. The formula is basically your revenue from marketing activity minus the cost of your marketing activity, divided by the cost of the marketing activity, and then you multiply that by 100 to get a percentage. So if you spent $100 on an ad campaign and it generated $500 in sales, well, your ROI math would be $500 minus $100, over $100, times 100, which gives you 400%. So by calculating ROI for different activities, you can…
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