Maximize Your Profit By Using Ferengi Rules of Acquisition
Ferengi Rules of Acquisition #3: "Never pay more for an acquisition than you have to."
Greetings hew-mons! It is my pleasure to take over this blog series (Rule #13, Rule #194) and educate you on how to maximize profits the Ferengi way. Let's begin with one of the fundamental Ferengi rules.
Rule number 3 as quoted in the Deep Space Nine episode "The Maquis, Part II," states that you should never spend more for an acquisition than you have to. Your knowledge and application of this rule determines the profit potential of your product and service.
Let's use your business's marketing spend, for example. How much does your company currently spend annually on marketing?
When it comes to spending money on your business you, like all Ferengi, are looking for the best return on investment or ROI. Someone in your marketing department may have already mentioned to you about the power of Inbound Marketing.
Here are some recent statistics involving Inbound's superiority over traditional Outbound:
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The highest performing agencies and vendors spend the most time on blogging, SEO, and content promotion -- the Inbound activities that drive the greatest ROI.
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Marketers who have prioritized blogging are 13x more likely to enjoy positive ROI.
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Companies that lean on guests and freelancers to create content are more likely to have greater ROI year over year than those that don't.
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More than twice as many people cite inbound as their primary source of leads versus outbound (45% of respondents vs. 22% of respondents).
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84% of inbound marketers (compared to only 9% of outbound marketers) cite organic, top-of-funnel sources (like social media, blogs, SEO) as rising in importance.
All this leads to the best statistic of all and that is that:
Inbound leads are cheaper than outbound leads for all sizes of North American companies.
As a savvy business person, you should always be looking for ways to maximize your profits. That's why it's important to remember Ferengi Rule # 141: "Only fools pay retail." This rule means that you should never pay full price for anything when there's an opportunity to get a better deal.
When it comes to your marketing budget, this rule is especially important. Don't waste your money on outdated, ineffective marketing techniques that cost a fortune. Instead, switch to Inbound Marketing and get the most out of your marketing dollars.
Inbound Marketing is a proven method for generating leads and increasing conversions. By focusing on activities like blogging, SEO, and content promotion, you can drive the greatest ROI for your business.
So don't be a fool and pay retail for your marketing. Take advantage of Rule # 3 of the Ferengi Rules of Acquisition and get the most out of your budget by switching to Inbound Marketing.
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