Compound interest theory for better digital marketing results
Albert Einstein said “compound interest is the eighth wonder of the world”, he thought it was pretty important. That might be a slight paraphrase but you get the gist, right?
For us, this is the primary focus in the short term to getting some really quick wins for our clients. This is all about:
- How do we get 2% growth from SEO?
- How do we get a 4% uplift from Google Ads?
- How do we get your website converting 3% better?
- When that phone rings how do you engage 4% better?
- How do we nurture customers 2% better?
Of course, every business and customer follows a different journey, but the focus is on how do we get little wins in all different areas that ‘compound’ too much bigger results.
This isn’t a 4% growth. It’s 4% on 3 % on 4% on 2% etc, so it’s pretty quick to get to a 26% growth coming through your business. It’s a multiplication of growth, not an addition.
By simply tweaking, improving, changing and adapting; that is what this process is all about. It’s not about getting 9000% explosive growth. That is hogwash, a misconception.
This is about ‘how do we get a little bit better, a little bit better, a little bit better…’
Which ends up with quite significant growth for your business. All these other marketing companies say ‘here’s how to get explosive growth’. Are they just leading us astray? Yes, of course, they are.
They’re not misleading us if you go from nothing to something right? If you have never run Google ads before and you get stuck into it and you do it well, you’ll get some really good growth quickly.
But that’s if you have never done it before. If you’ve been doing for 5 years and you have got 85%/90% of the market covered, you can’t get 300% growth on that. That is not how the world works.
This is all about, how do you improve what you are doing? A company like Due North cannot create for you, we can enhance what you do and how you do it.
That is why this process is so important: little improvements over time make a big difference.
The other aspects to consider are; as a business can you handle 300% growth next month? You don’t have the time, resources and people, which in turn could start to negatively impact the growth. For example with things going wrong, products not on time, overworked staff; you’ve blown any growth you can get long term.
This is all about sustainable and scalable growth.
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