For months, I was focusing on Facebook marketing only to realize one day that this activity destroys my time without generating any value for my Finxter.com users and myself.
I developed the habit of calculating the ROI for one activity every day. The result of this simple activity blew my mind and changed the whole game for my online business. I stopped doing Facebook, answering emails quickly, posting on Instagram or even creating Thumbnails for my YouTube videos. These activities had a negative ROI based on my calculations.
Instead, those activities usually have a very high ROI (at least in my business):
- Improving your product: it will reduce the return rate, increase sales and word-of-mouth marketing, increase customer satisfaction, repeat buying, and boosts your sales performance because you start believing in your products again.
- Email marketing: The ROI of email marketing is still much higher than for any other marketing activity in the online world.
- Tweaking your funnel and conversion rates: A small percentage improvement of your click-through rate and sales page conversion will add up to a regular increase in your product sales—month after month.
- Listening to your customers: This one is huge. They often tell you exactly what you should implement. Just listen and you’ll automatically end up doing high ROI activities.
There are many more insights. Just develop the habit of analyzing what you are spending time on every day and you will quickly realize that there are plenty of low-value tasks which you can replace by high-value tasks to ultimately increase your output. This is also true for non-business owners.
What are those high-value activities for you? If you don’t know, you should figure this out as soon as possible. It’s much more important than anything else so make it your priority.