Nicky Minh, Author at Jenfi

Measuring The Advertising Effectiveness Of A Marketing Campaign – 8 Vital Metrics For Marketers

Measuring the advertising effectiveness of a marketing campaign is the foundation for growth marketers. Using ad metrics reasonably, we can determine how well our performance is and what factors it needs to drive better results.

So, how well do you understand the advertising metrics? Explore 8 critical advertising KPIs in this article with Jenfi Capital.

What Are Advertising Metrics?

Advertising metrics, also known as KPIs (Key Performance Indicators), are standards used to measure and track the performance of digital marketing campaigns.

These indicators are measured with exact values. Through that, the marketing team will determine whether their marketing campaign has brought significant results or not.

With the explosion of social networks, various marketing methods, and many separate tools, advertising channels, and techniques, determining advertising performance metrics is paramount to defining the victory of marketing campaigns.

The Importance Of Using Advertising Metrics

It is very easy to lose time and money in digital marketing if you do not know clearly your goals. This happens when you use many advertising tools but do not collect and analyze metrics in each stage.

Deploying a series of advertising activities takes up as much financial as human resources. Understanding and managing advertising indicators will help us measure efficiency and use the money wisely.

Advertising metrics also help businesses determine the progress of running marketing campaigns. Also, they help figure out which campaigns are performing well and which ones need to be reevaluated. Eventually, it ensures your company is spending valuable budgets in the right way.

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According to The CMO Survey, 72% of marketing chiefs said the "importance of marketing" has grown in their companies over the last year, but only 39% rate their strategies as effective.

Digital Marketing takes place on many platforms: Facebook Ads, Google Ads, Google Analytics or Google Sheet, CRM, etc., and each platform will have different metric standards. If you are doing online marketing campaigns on a few of them, then a good knowledge of ad indicators will help you to maximize your efforts.

8 Important Advertising Metrics For Any Marketers

If you want your business' marketing campaigns to be effective, you need to pay close attention to the following 8 KPIs (Key Performance Indicators).

ROI - Return On Investment

ROI (Return On Investment) is an indicator that measures the ratio of profits earned to the costs spent on a marketing campaign. In other words, this is the ratio of the profit made to the initial cost of the investment.

ROI is one of the most important KPIs to measure the effectiveness of marketing campaigns. This is strictly the first number that you need to know. This metric helps you measure the sales revenue based on your business's budget.

Almost every effort in marketing campaigns has the final purpose: The craving to increase the profit on the cost spent.

If the positive ROI is high, your marketing campaign is doing well. On the contrary, you need to find the right solution to immediately adjust your marketing campaign.

CPM (Cost Per Mile) – Cost per thousand

CPM (Cost Per Mile) is a metric reflecting the cost per one thousand impressions/ views on an ad. Simply speaking, if the CPM of a particular keyword is $1.00, that means you must pay $1.00 for every 1,000 impressions to show your ads for this keyword.

CPM helps you measure the performance of your campaigns within and across different platforms. For instance, if you want to place an ad banner on website A, but then you discover that website B has more potential, then you can use CPM to make cost comparisons between these media (at both stages: preparing and reviewing stage)

CPL (Cost-per-Lead) – Cost pay for 1 potential customer

CPL (Cost-per-Lead) is a metric that helps measure marketing campaigns' effectiveness based on the leads generated. CPL focuses on the number of potential customers from marketing campaigns. The price per lead depends on the type of strategy you use for each lead generation channel.

Cost Per Lead (CPL) = Total Marketing Spend / Total New Leads

To achieve the most accurate measurement results, the CPL needs to be combined with other factors affecting the business's profitability. Cost per lead enables you to set the sales goals, calculate potential ROI, and determine advertising budgets.

CR – Conversion Rate

CR can be understood as the conversion rate from visitors to customers. CR is critical because it allows you to lower your customer acquisition costs by getting more value from the visitors and users you already have.

For example, if you need $1,000 to double your website traffic at the CR of 2.5%, but you only need $500 to improve the CR from 2.5% to 5%, then the second choice makes more sense.

CRR – Customer Retention Rate

CRR is an indispensable advertising measurement indicator to evaluate whether a marketing strategy is successful or not in many ways.

Customer retention measures how successful a company is at acquiring new customers and how successful they are at satisfying existing customers. It also increases ROI, boosts loyalty, and brings in new customers.

If the CRR is higher, your campaign is well enough to satisfy your customers and vice versa.

RR (Run Rate) – Goal achievement rate

RR (Run Rate) is an indicator that reflects the speed of completing the goal of the entire campaign compared to the original overall plan. RR helps marketers identify precisely how much budget they have spent to accomplish a part of a goal. Then, decide to add a method to accelerate or maintain the growth momentum.

CLV – Customer Lifetime Value

CLV (Customer Lifetime Value) is an indicator that reflects the lifetime value. In other words, this indicator tells you how much profit a customer will bring to you over their lifetime.

CLV analysis helps businesses see which marketing activities are the most useful in bringing in the best customers.

Customers' economic value is not just in 1-time purchases. It lasts as long as they are buying from your company. Knowing CLV, companies can determine which customer groups will bring the most value to the company, which products customers want the most, and then fine-tune the company's effort to retain these high-value customers.

Social Media Reach

Marketing through social networking platforms has solid viral power. If you have creative ideas that drive customer actions, the cost of social marketing is insignificant compared to the potential results.

Platforms like Twitter, Facebook, LinkedIn, and Pinterest have very high conversion rates. Using Social Media Reach metrics helps businesses measure how effectively social media contributes to online conversion rates.

In addition to these indicators, you also need to pay attention to others, such as Impression (Display Index), CTR (click-through rate); CPC (Cost per click); CAC (Cost of finding customers), etc.

Important Notices In Measuring Digital Marketing Campaigns

Do not be complacent with "appealing" indicators

Marketing is the overall combination of many different activities. Sometimes, the indicator is stunning, but in reality, the effect it brings is trivial. Without experience in analyzing metrics, businesses are easily misinterpreted that their campaigns are running well, but the results obtained do not bring considerable impacts.

For example, a low CPL is great, but it does not mean that the potential leads can be converted into actual buyers. It just means how much money you are getting leads, and there will be many further activities to bring these leads to qualified customers.

Break down your goals into phases

An overall marketing campaign will be divided into several stages. Each stage can be organized into a small campaign. It is necessary to clearly define the overall goals and the sub-goals for each stage.

Selecting a reliable data source to measure marketing effectiveness

Many social networking platforms allow running digital ads, such as Facebook, Instagram, Youtube, Google Ads, Google Analytics, etc. These channels have different ways of calculating metrics.

Because of the data source, each channel's metrics are different. If your business is running on Omni-channels, you need to find an experienced marketer to measure the effectiveness of your marketing in the most accurate way.

Limit the use of unnecessary data

With a massive amount of data available with a few clicks, marketers need to determine which metrics their business is interested in. Which metrics matter to which campaign.

Regularly checking the metrics in the overview report will give you an accurate view of the status of your marketing campaign.

Choosing the right metrics really matters in digital marketing. We hope this article's information on advertising metrics will reconcile your marketing efforts and the available budgets to reach the maximal results.

Seven Strategies For Business Owners To Run Low-Cost Advertisements

Marketing campaigns play a critical role in brand positioning and a company's success or failure. Big brands are now spending a lot of money on marketing campaigns and expect the best results. Is there a way for business owners to run cheaper ads for their marketing campaigns?

Seven Strategies to help business owners run low-cost advertisements

Here are seven tips to help business owners run low-cost ads and optimize marketing campaign costs. These suggestions are appropriate for both startups and SMEs.

Social Media Marketing: Marketing via social networking sites

If you survey today's digital gurus, 95 percent of the experts will say, "Social network is the most effective marketing channel today."

Social media platforms with many users and interactions, such as Facebook, Tik Tok, Instagram, Gmail, Blog, Twitter, and others, have become essential in people's digital lives.

Facebook currently has about 3 billion users, Instagram has 800 million users, and Twitter has reached 300 million. This figure is bound to rise.

Therefore, don't pass up the chance to run low-cost ads on this platform.

Social media marketing, in particular, has the potential to generate powerful viral effects— going beyond space and distance.

Social media marketing is a cost-effective and practical solution. You can run an ad campaign of short videos at a bargain cost.

The greatest strength of social media marketing is the spreading speed. When a single user is influenced, it can significantly affect many customers, their relatives, and friends.

The most significant advantage of using social media platforms in marketing is providing a massive and intricate user database.

Marketers can learn about their customers' preferences for products or brands, how frequently they visit a website, how much they are willing to pay, and their customer's priorities and consumption habits by conducting surveys or observing user behavior.

Then they can determine the number of potential customers and design appropriate communication approaches.

Social media marketing is also an excellent way to build and maintain customer relationships.

You can create a company's fan page, a community group or a hashtag, etc., to build a community of brand supporters. You also can help or advise in answering questions and promoting more remarketing.

SEO (Search Engine Optimization)

SEO is an abbreviation for Search Engine Optimization - optimization of search tools, unquestionably one of the center activities in online marketing.

While traditional marketing can distract and attract customers, SEO is more sustainable as this approach relies on search keywords to direct users to websites.

SEO can generate a large number of customer leads. When you optimize SEO, the credibility of your website skyrockets, as does your company's reputation.

Content Marketing

Content marketing is also one of the best ways SMEs can use to run low-cost advertising campaigns.

You may choose creative, trending content to market your products to the market.

Marketers using content Marketing should assume that potential customers will be interested in their products due to "curiosity," this can help to boost the conversion rate to a higher level. These potential customers will then move from the "curious stage" to the "desire to discover more stage" if your content appeals enough.

Video Marketing

Video marketing is a huge trend now, happening across many platforms such as Tik Tok, YouTube, and Facebook platforms.

Statistics figured out that users are spending up to 1 billion hours on YouTube every day. This figure is multiple times higher than Tik Tok and Facebook. The potential for growth in video marketing is undeniable.

The best part of it is that video marketing is not expensive. The original idea and unique presentation are what set you apart from others.

A good tip in making videos for marketing is using stock footage to cut the cost, and using short-length videos can help you save tons of money. You should then upload the video directly to the company's social media accounts or free social media.

Video marketing is unquestionably one of the most cost-effective advertising methods for businesses in the golden age of streaming marketing.

Banners ads marketing

Banners ad is a traditional marketing strategy that is still useful today.

A well-designed banner strongly affects your potential customers. You will entice the customers to enter your store by using a great design banner with a meaningful slogan and CTA sentences.

Banners ads can also help in branding without breaking your wallet. You invest one time and can use it for a long time. In the long run, this is also one of the most affordable advertising options that leave a lasting impression on customers.

Partnership marketing

The explosion of social media has led to the development of partnership marketing, happening between brands and brands, or brands and KOCs.

Marketing collaboration between two brands allows both to access each other's customers and takes advantage of other benefits: such as distribution network, infrastructure, or brand identity.

An example of this strategy is brand sponsorships for popular TV shows and game shows.

When the MC introduces a game show and mentions sponsors, it is a marketing collaboration.

When visiting restaurants, shopping malls, etc., you will also see logos of delivery Apps such as Grab, Gojek, and Now. It's also called co-marketing.

Partnership marketing uses both parties' marketing resources for mutual benefit, which is one of the low-cost advertising options for companies looking for cost-effective solutions for their marketing campaigns.

Email Marketing

Email marketing is one of the most affordable and cost-effective forms of advertising that has existed. While many companies have exploited their email lists to convert general audiences to customers, many are still leaving email marketing on the table.

With email marketing, you can easily impress potential customers and build long-lasting relationships with them in a direct way. A great way is using automated mailing tools to send general emails such as: thank you emails, successful transaction notification emails, payment reminder emails, promotions emails, etc., to save the effort. With personalized emails, you need to have a great writer to write impactful, highly converting emails to cater to the need of each potential customer group.

These days, a lot of e-commerce sites are doing an excellent job with this type of low-cost advertising. Email marketing is affordable, yet the conversion rate is worth using.

A remarkable notice when running an email marketing strategy is that you should personalize the sent emails.

In other words, different customer segments should receive distinct content which gives a more professional impression and makes customers feel more valued than mass alike emails.

Furthermore, statistics show that emails with business domains are frequently rated higher than personal emails.

Don't pass up running this low-cost advertisement while it's cheap and effective.

Suggestions For Lowering Marketing Costs

After each marketing campaign, many businesses expect to optimize costs to maximize ROI (Return on Investment). It would be best to keep the following things in mind to ensure that your overall marketing campaign is successful.

Optimize advertisement delivery

Before developing a marketing strategy, you need to analyze the data gathered thoroughly.

It would help if you first determine your target audience, including demographic details like age, gender, income, purchasing habits, etc. The more information you have, the more detailed your plan will be.

The more specific the target audience is, the more targeted the campaign can be. This aids in avoiding financial waste and cutting the cost for non-targeted audiences.

In addition, regularly reviewing the ads' performance allows you to understand the insight and adjust the target to reach your potential customers at the lowest cost.

Identify the right potential customers

Identifying the right potential customers is a critical skill in marketing. No company wants to waste money advertising products to people who don't need them.

Take advantage of marketing trends

Creativity is always an essential factor in marketing. Those who have the latest, better impressive ways of acquiring customers will be the ones to attract more customers.

Tips To Help Business Owners Run Low-Cost Marketing Campaigns

April 16, 2022
by Nicky Minh

Digital marketing has evolved into one of the most beneficial tools for businesses. Digital marketing technologies improve corporate performance while also assisting in developing brands. Paid advertising tools are constantly changing to meet the needs of reaching target customers on social interaction platforms. So, how can businesses use low-cost advertising to boost their bottom line?

The Primary Purpose Of Running Advertisements

First, businesses must understand why they need to run advertisements. As previously stated, the goal of running ads will typically fall into one of two categories: business performance and/or branding.

Running performance-based ads will include promotional activities directly aimed at increasing revenue. These marketing activities will have a direct impact on the sales team.
Brand advertising will include activities that increase brand awareness, brand identity, or brand sentiment on social media channels. These activities are often planned and are linked to the business's branding strategy.

What exactly is low-cost advertising?

Running cheap ads is defined as running ads so that the cost per result from the ad is as low as possible.

There are various ways to measure an advertising campaign depending on its goal. When it comes to business performance advertising, the metrics to keep in mind are typically CPL (cost per lead), CPI (cost per installation), CPC (cost per customer), and CIR. (cost to income ratio).

Meanwhile, brand development ads will be measured by CPR (cost per reach), CPE (cost per engagement),... or other interaction metrics.

Tips to help business owners run low-cost advertisements

Investigate and select the most cost-effective advertising channel

Currently, all advertising providers allow for multi-platform and multi-channel campaigns. Every company should take the time to learn about the benefits of advertising providers and the advantages and disadvantages of the tools they provide. Businesses can then plan to select appropriate advertising channels. In running advertisements, companies will save a lot of money if they do their research ahead of time.

Advertising content optimization

Each type of advertising will allow you to create unique content. Here are some examples of what might appear on your ad:

Text: Include all editable text, such as titles, headers, and paragraphs
Icons: Include signs that demonstrate nuance and draw attention to your article.
Image: Consists of purposefully designed static and animated images consistent with advertising objectives.
Videos: These are short videos.

Optimizing advertising content requires businesses to see their target customers and what message they want to convey to them and build content accordingly. Companies must harmoniously combine the elements above to form a complete advertisement to achieve this.

Sort and optimize the target customer database

Customers' consumption habits will differ depending on their demographic characteristics. As a result, businesses must tailor their advertisements to each distinct audience segment. Categorizing and continuously optimizing customer files will assist companies in recognizing differences in their purchasing behavior and developing a plan to build content accordingly. Here are some common demographic factors that advertising tools frequently allow businesses to optimize:

Age
Gender
Location
Interests
Behavior

Avoid technical blunders

You might not realize it, but advertising tools always require time to optimize ads, even if you are the creator and directly run them.

Typically, your ads will be delivered to the most targeted customers within half a day of going live. So, you'll have to spend time and money editing and rerunning another ad for every technical error.

Analyze and improve ad campaigns regularly

As previously stated, the ad running process is complicated by numerous factors. As a result, businesses must constantly monitor and analyze their advertising campaigns' effectiveness to maximize the cost per dollar spent.

Platforms That Allow For The Running Of Low-Cost Advertisements

There are currently many social platforms that allow paid advertisements to be placed. The most well-known are Facebook Ads, Google Ads, Zalo Ads, Coc Coc Ads, and the newcomer Tiktok Ads. As a result, each platform offers a unique set of advertising options.

Facebook Ads is an advertising service offered by the social networking platform Facebook, which has over 1.9 billion daily visitors. Facebook allows advertisers to reach users through a variety of channels, including the News Feed, Messenger, Videos, Stories, and cost per impression (CPM). Furthermore, Facebook owns the social network Instagram and allows advertising on both platforms.

Google Ads: This is an advertising service available to all users of the Google.com search page, which is an effective advertising channel because the users have some demand for the product/service. Unlike Facebook, Google Ads uses a cost-per-click (CPC) billing model, which means businesses only pay when someone clicks on their ad. Furthermore, Google Ads allows display advertising on other Google social platforms such as YouTube or affiliated websites.

Zalo Ads: Like Google Ads, Zalo Ads is a cost-per-click (CPC). Currently, Zalo Ads is not an effective advertising tool compared to the two giants mentioned above. Still, in the future, Zalo Ads may be able to capitalize on the potential of some new channels because Zalo has the advantage of owning a phone number.

Tiktok Ads: As a rising star in the advertising industry, the Tiktok social network is rapidly expanding. Tiktok, launched in 2016, now has over 1 billion visitors per day and is still growing, making it a fertile ground for advertisers. Tiktok Ads currently charges for cost per 1000 impressions (CPM).

Ads are now almost an essential part of any business. With the numerous advantages that online advertising provides, every company should devise a strategy for making the best use of advertising. However, this is still a cost-effective method of increasing efficiency, so businesses must focus on the appropriate use of financial resources and continuous improvement to achieve advertising effectiveness. Remember that running cheap ads means the lowest cost per result from the ad, not the least amount of money.

Types of Expenses That Should Be Cut To Optimize Profits That Managers Should Know

Profit optimization is always a problem that needs to be solved throughout the business process. Simply put, optimizing profit means increasing the balance between cash inflows and expenses.

Keeping a healthy cash flow is crucial for SMEs and startups to face arising market challenges. To successfully optimize profits and increase revenue, the managers need to pay close attention to existing costs to determine the most appropriate direction.

Are all business expenses necessary to maintain?

Business expenses are divided into two categories:

Fixed costs are fees that are not affected by any business life cycle effects and
Variable costs are fees that increase or decrease depending on a specific time.

In particular, fixed costs are more difficult to cut because they are closely linked with business activities such as rent, tax, insurance, loan interest, etc.

The costs will be divided into management costs and production costs for raw materials, factories, and many more for manufacturing businesses.

It seems that all fees are essential for the business to operate. However, with the current volatile economic situation, managers need to be very alert to manage these costs well.

So, what costs can be cut to maximize profits?

Excess production or service costs

A company with many non-key products can easily cause a surplus of raw materials. Although this does not significantly affect the cash flow, if we can reduce what is not needed, the business will save a considerable amount of money, and consequently, the profit is also optimized.

Another situation is the output is much higher than the sales. This leads to the waste of materials, occupying warehouses, and even reducing the quality of products when they are in stock for too long.

Ineffective PR campaigns

PR campaigns help businesses promote sales revenue but are not always the best tactic.

For small and medium-sized businesses and startups, focusing on PR activities can increase brand awareness on the market, but a wise CEO will always know when to "burn money" and when to preserve capital.

Promoting PR activities without a specific strategy will lead to business exhaustion. Before reaping the results, the money is already burned.

Expenses for unnecessary personnel

For small and medium enterprises, the more streamlined the operating process, the more advantageous it is. Under economic volatilities, having a lean procedure will help businesses adapt more quickly and efficiently, minimizing financial waste on unnecessary "gears."

For example, the division of separate departments helps employees work best at their own duties, but it also makes the operating process cumbersome.

Therefore, at the early stage of starting a company, there should be measures to optimize each personnel position to save costs and avoid wasting resources.

Depreciation costs of excessive promotions

Promotions and discounts are effective programs to boost sales at particular times, but many companies abuse them as an indispensable sales tool.

If the market value of the service is $500, but the actual revenue that can be received is only $250, this is also considered a large depreciation charge.

Managers need to consider drawing up more innovative sales strategies to maximize revenue without spending too much on promotions to optimize profits.

Time cost

This fee cannot be measured directly in money but will negatively impact the long-term operation. If the business activities fall into a state of "pending," it proves that a waste of time is taking place.

The excess "pending state" will slow the company's business progress. Therefore, managers should consider a plan to help companies optimize working time to increase efficiency and productivity, and eventually, the profits will be more optimized!

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Must have 4+ Marketing Tools to Grow Your SME Business Today

As a small and medium-sized business owner, investing in marketing activities to raise brand awareness and sales growth is essential. Online marketing should be done now, especially when everyone spends hours on their phones and laptops rather than going out to shop products and services.

In online marketing, a successful marketing campaign can turn out to be a huge hit, boosting sales and taking your SME to the next level.

However, a common question arises as to whether any marketing tools are effective and cost-efficient?

Let resolve this problem by examining these top 4+ free marketing tools used by marketers at all levels to help SMEs grow and scale effectively.

4+ Free Marketing Tools to Grow Your SME Business Today

Hubspot

HubSpot is a US-based company whose primary function is to develop and sell marketing and sales software. HubSpot software provides a powerful marketing tool stack for inbound marketing, managing sales, and customer services.

Hubspot is currently one of the leading marketing and CRM service providers in the world today. Hubspot's full range of products and services provides tools for social media marketing, content management, web analytics, and search engine optimization.

8 outstanding features of Hubspot

Free Customer Management
Create a landing page
Create market segments
Automated email sending
Create work workflows
Online advertising management
Manage social networks
General Dashboard

SendPulse

Omnichannel marketing is no longer a new thing for brands when they always have a budget and many different departments to handle each separate communication channel. So for small and medium businesses to apply the multi-channel marketing model? The answer is yes with SendPulse.

With SendPulse, SME owners can proactively deploy omnichannel marketing campaigns without paying extra costs to hire external partners.

What you will get with SendPulse

Email Service
Mailing list
Artificial Intelligence
Email marketing automation
Email templates
Subscription forms
Statistics
A/B testing
Web Push Notifications
SMS Service

Google Analytics

Free, completely free, and much more. SMEs pay no cost for using Google Analytics in managing and analyzing data on their website data.

Google Analytics gives you insights into everything going on on your website.

From the number of visits, the time visitors stay on the website, which pages are the most popular, and which pages they leave the most after reading, along with tons of other valuable data to help businesses optimize the efficiency of their website.

Every data allows you to have a clear view of everything going on with your website. From there, small and medium-sized business owners will have a plan to refine their marketing strategies based on an understanding of the behavior journey of visitors on their website.

In particular, Google Analytics also fully integrates with a range of other free Google products, helping to create an excellent and superior ecosystem for small and medium business owners.

Google Analytics top benefits include

Track website traffic and where they come from
Track user’s conversion and activities on your website
Segment your audience by demographic, ages, and more
Visual steps for improving your website traffic
Big data for you to download any analyze

BuzzSumo

In today's digital age, trend marketing is one of the growth tactics to reach more audiences by giving what they are currently interested in. Catching consumer appetite, combined with the right content for the target audience, will help small and medium businesses save a huge number of marketing costs, and BuzzSumo will help you do it.

The tool allows you to identify the most trending topics in your market, gain insight into how your competitors are performing with analytics data, thereby having the appropriate direction for their business approach.

BuzzSumo's most valuable features

View Most Shared Content
Content Analysis
See What's Trending Now
Find Twitter Influencers
Set Up Real-Time Monitoring

Use Jenfi Insights to optimize your marketing campaign

Jenfi Insights is a platform that integrates data sources from e-commerce sales channels, online advertising channels, marketing costs, sales, inventory... giving you an intuitive dashboard to manage your finance and marketing in just a blink of your eyes.

A powerful feature of Jenfi Insights is the capacity to find out which parts of your marketing campaigns are contributing most to your bottom line. Thereby, you can easily fix issues with your marketing funnel and improve performance.

Try out our free Jenfi Insights feature for partners by registering here.

The insights summarizes all of your financial data in one user-friendly dashboard, so you can be in complete control of your business every day without having to read boring reports from many departments.

Try out our free Jenfi Insights feature for partners by registering here.

11 Practical Tips To Help CEOs Manage Business Finances Effectively Today

Effective financial management is a crucial factor for the development of any enterprise. This includes planning, organizing, controlling, and monitoring financial resources to ultimately achieve the business's business goals.

Sound financial management helps businesses effectively use resources to promote growth, create competitive advantages, and above all, towards long-term sustainable stability.

CEOs need to master financial management knowledge and skills during challenging times. At first, everyone hears that this is a formidable job, and everything revolves around reports, data, and complicated statistical functions (Despite the harsh truth).

However, from a more clear perspective, financial management is the efficient coordination, distribution, and use of a company's cash flow.

Now, things just got easier for business owners to start managing the company's finance with these 11 practical tips.

11 tips to help CEOs quickly manage business finances

Have a clear business plan

The business plan defines the business's goals in the short term and for many years to come. It should detail how you will use your capital and how your cash flow will work.

This will make it easier for you to figure out the exact number and appropriate funding for each stage of operation and development.

Regularly monitor your financial health

The everyday work of CEOs when they wake up is constantly monitoring the progress of their business activities. This gives you an insight into how much money you have in the bank, your current sales, and your inventory.

At the same time, this also helps you easily re-evaluate the goals set out in the monthly business plan, thereby finding the most suitable strategy to optimize the cash flow.

Ensure timely payment from customers

Businesses can be in big trouble if customers pay late. To reduce the risk of late or non-payment, you should make the terms and conditions clear from the outset.

It will help if you also issue invoices quickly. Apply advanced order and debt management solutions, thereby contributing to optimizing the process and, at the same time, saving businesses a lot of time and effort while ensuring the money stream is stable.

Know your spending and always have cash ready

Cash is almost the lifeblood of businesses. Even large corporations with steadily growing profits can still be in big trouble if they don't have enough cash to cover day-to-day expenses such as rent and salaries for staff.

You should know the minimum your business needs to survive and make sure it doesn't fall below the minimum.

Always keep a close eye on all kinds of accounting documents

CEOs should continually closely monitor and update the status of accounting documents to avoid the risk of losing money due to failure to keep up with late payments of late customers to suppliers - partners mine.

Using a sound record-keeping system will help you keep track of your expenses, debts, and creditors so that you can coordinate cash flow most efficiently.

Pay taxes on time

Failure to meet tax return filing deadlines and payments may result in penalties and additional penalty interest.

These are unnecessary costs that can be avoided with a clear plan and careful preparation. Keeping accurate records saves your business time and money and prevents your business be blocklisted by Government Agencies.

Managing and optimizing costs right from the operation stage

Control operating costs from the starting stage, such as cutting office electric bills in the office. Other tactics can be using everything efficiently, from office equipment to air conditioning, even employee overtime.

Inventory Control

Continually monitor and check inventory to balance input-output of goods and maintain a healthy cash flow. Try out new advanced stock management technologies to keep your cash flow steady and keep the right amount of inventory.

Find the right business loan.

You must choose a loan source that is suitable for the purpose, model, and size of your business. Typically, smaller companies rely more heavily on overdrafts and personal relationships, but this is not necessarily the best way to get funded.

Jenfi offers business owners a new solution to resolve this headache, with a streamlined procedure and fast disbursement time. In addition, the solution packages are also designed for each separate business model, meeting the capital source to solve the immediate financial needs of the business.

Solve problems right from the start

Dealing with financial problems as a business owner is always stressful and challenging. However, no matter how complex the problem is, the first priority is to solve it as soon as it arises. Hold a meeting with crucial account members or seek help from experienced people to get the best advice.

Try out our free Jenfi Insights feature for partners by registering here.

Personalized Marketing – The Secret Recipe For Companies To Grow

These days, we are constantly bombarded by all means of advertising. It can be billboard ads on the streets, TV, cold emails, social media platforms, and many more. Thousands of brands are craving a place in the customer's mind. This causes a lot of confusion, even annoyance to the consumers if these contents are not relevant to their personal demands.

So, how can a company capture the customer's attention in saturated markets? The new marketing trend personalizing for every consumer will help you to touch their hearts. Want to know how? This article will discover several brilliant ways to personalize brand messages in 2022.

What is personalized marketing?

Personalized marketing is also known as one-to-one marketing. Simply put, this is a marketing strategy aimed at each customer. Marketers will rely on the demographic, background, and behavioral analysis data... to filter out messages specific to that customer. This model is different from traditional marketing. Traditional marketing emphasizes quantity rather than relevance to each audience to reach a broad audience base.

With the development of digital technology and fierce competition among companies in the market, marketers began to analyze customers in detail and emphasize the aspect of personalization. To date, these two marketing methods go hand in hand to provide potential customers with the most relevant message at the ideal time.

Benefits of personalized marketing

1. Improve customer experience

This approach stands out because it delivers personalized customer experiences. Based on information collected from potential customers such as personal information, product surveys, brand preference, etc., this will be the basis for businesses to define goals and strategies to approach the target segments. Eventually, companies can offer appropriate solutions to improve the quality of services and products

2. Growth revenue

All marketing methods have a common aim: increasing sales. Studies show that customers who get recommendations that match their preferences and needs are more likely to "open their wallet." They can even stick around for a long time with the brand and introduce you to others if your product or service makes them satisfied.

3. Build brand loyalty

This is a crucial factor in maintaining sustainable business development. Loyal customers act as advocates of the business. They will make regular purchases, contribute brand recommendations, and be willing to try out new product launches. Besides, they are also "VIP members" in deploying other media campaigns.

4. Create consistency across channels

With the rise of e-commerce, your customers can be everywhere. At that time, businesses need to create a seamless shopping experience on different channels: Facebook, email, hotline...The consistency will show a business's professionalism. At the same time, the brand's image will score the highest points in customers' eyes.

Challenges of personalized marketing

1. Choose appropriate technologies

Outdated technologies are no longer suitable for personalized marketing. Personalized marketing focuses mainly on data collection and automation. So marketers need to use more innovative ways to collect, analyze and automate everything. However, many still struggle in this stage because of using old technologies.

2. Have adequate time and resource

To take advantage of the intelligent technologies, you need a dedicated team for this activity. Importantly, your team will need a certain amount of time to get used to and master the tool stacks. While this is an essential requirement, not every company will take the time and resources to set up a successful personalized marketing campaign.

3. Aggregate and process customer data

When marketers know the fundamentals across all channels, they can paint an overall picture of their customers. However, linking customer data is still a big challenge for most marketers today.

The ultimate personalized marketing strategies 2022

1. Personalized Email Marketing

Email personalization marketing is increasingly popular all over the world. Marketers can create and send personalized emails to a specific audience with this activity. At this point, an insightful understanding of your users will be the key to ensuring the relevance of email content.

2. Focus on the customer's Fear of missing out (FOMO)

This is another crucial factor that drives customers to take action. No one wants to miss out on something special. Therefore, showing them how many other people view this product or have already purchased it will help them make decisions more quickly. This method is widely applied on e-commerce sites by using short-and-to-the-point messages.

3. Understand customer behavior and product recommendations

This is a relatively common and effective strategy. This strategy requires collecting customer data to identify the products or services they are most interested in.

From there, adjustments are carried out in the most appropriate direction. An example is seeking the support of email service providers. The goal is to integrate a customer's recent browsing and transaction history for a personalized marketing campaign.

4. Cart reminder

Surveys show that businesses lose up to $4 trillion in revenue each year due to abandoned shopping carts. However, the good news is that up to 65% of the cart can be done if the business sends a simple reminder to the customers. The conversion rate can be increased by simply sending personalizing reminders based on customer data collected.

Final thoughts

Customers always want to be cared for and treated differently from others. Therefore, personalized marketing will be an "effective weapon" to touch customers' hearts. When becoming a sympathetic friend to your customers, you have taken a considerable step forward in sustainability and set yourself apart from all others. Jenfi hopes the article is helpful to you.

How To Take Care Of Customers: A Detailed Guide From Jenfi (2022)

One of the critical determinators that help businesses succeed is taking care of their customers. Although customer care plays a vital role, people tend to underestimate this post-sale stage because it is easy to do.

So, what is the primary mission of the customer care stage, and is this type of work really as easy as many are perceiving? Let's discover the authentic way to take care of a customer and the best ways to make them satisfied in today's article.

What is customer care?

Simply put, customer care is solving problems from your users, including answering their inquiries, explaining the product's details, etc., to satisfy their demands. This stage happens before, during, and after your users take purchasing actions.

Customer care not only helps customers but, in fact, is a great way to build your business reputation and professionalism. Your company can improve sales revenue and possess more extensive loyal fans by doing it correctly.

Currently, intensive efforts and resources are put into this activity to achieve the two growing goals we discussed.

Now, let's observe four popular ways to take care of your customers and learn the best tips to do this properly in the below section.

Four popular ways of customer care

Direct customer care

Meeting with the customer directly and giving them proper consulting is traditional, but the benefits are undeniable. When the customers get the consultation in person, they will feel comfortable and start to trust the company.

At the same time, the consultants can also quickly understand the customer's demands and their hidden problems and eventually offer them the best solutions.

An excellent way to do this is to organize a customer's meeting day to take care of the existing ones and attract new audiences. Besides, this can also help your company raise its reputation by giving professional consultation.

Tele customer care

Another traditional approach is giving your customer a hotline number, so your company supporting clerk can discuss with them in time. Because telephone calling is very convenient nowadays, we can do this anywhere, anytime.

Customer care with SMS and email support

Another popular way for your company to consider is using email or SMS in responding and supporting your customers. Although this way is convenient, it does not guarantee that your customer's problems can be resolved timely.

Educational resources for customer support

Thanks to its convenience and feasibility, numerous businesses are now opting for this method. The customers can seek research information whenever they want at their preferred time zone, as long as they have an internet connection.

The resources also combine with AI to assist them in finding the best solution proactively. However, this automatic method can't tell us whether the customers are pleased with the company's products and services or not.

So, what skill sets a great customer consultant should have?

Four vital skills to take care of your customer.

Your customer support staff should have different skills to get your customer the highest satisfaction and maximize business benefits.

Communication skills

Excellent communication helps both parties feel comfortable and willing to share the problem. As a result, your customers will be incredibly impressed and satisfied when getting the consultation.

Skillful and quick response

Many approaches can handle each customer problem. A successful customer supporter can point out what approach is appropriate and resolve the issue tactfully.

Insight understanding of company's products and services

Understanding every angle about the company products or service will help the whole supporting process faster and easier and give a good impression in the customer's mind.

Sympathy and Persistency are critical to deal with the human problem

Sometimes, actively listening is not enough, but sympathy with the customer's pain will be the key to solving the problem.

Every customer should be treated properly, depending on their personality, to maximize the consulting efficiency. Grasping their emotional feelings and choosing a suitable style to address their problem will eventually get their satisfaction.

So, how can the customer consultant do the job efficiently with the above skill sets?

Four steps to get the customer's heart

Having the mentioned skill sets are just the beginning. The following vital thing is creating a professional customer care procedure and training your staff. Here are the core principles that help your customer department be a star in your customer's eyes.

Always control personal mood in any situation.

Embarrassing situations are unavoidable when solving people's problems. However, a professional consultant will know how to control his tension, maintain positivity, and be open to any challenge in any circumstance. Positivity is critical as it helps resolve any problem without causing any hassle for both sides.

Proactively contact the customers.

With loyal fans, it is necessary to proactively reach them to introduce new products, services, or the most recent promotion campaign. This tactic will make your customers feel close to your company. However, it's prudent to apply to the right audiences appropriately to avoid reverse effects.

Respect the customers

More than just behaving with dignity and respect, always make your customers feel that they are important and meaningful to your business.

Always acknowledge customer feedback.

It's not just about making your customers feel comfortable and respected. Sometimes this feedback can possibly come from the company's shortcomings. By listening to and taking note of those opinions, businesses can ultimately improve the quality of their products and services and increase their revenue!

The importance of customer care to business revenue performance

The ultimate goal of every activity a company does is to drive revenue. Customer care is no exception.

A business with excellent customer care can outrank other competitors on the market.

For example, many teeth braces services nowadays produce similar quality and price. So what will be the factors that help you stand out?

A possible answer lies in after-sales service! Today, consumers not only appreciate the quality but the service experience is also important because many users use it as a core criterion to choose the product or service.

When taking care of the customer properly, the first visible effect is that the growing number of customers increases gradually. Nevertheless, this also helps businesses build a loyal customer base, creating a stable revenue stream.

Customer satisfaction is an essential factor to help grow your business and stand out among many on the market. Caring for customers is a relatively stressful job and requires many skills and knowledge, but word-of-mouth marketing always starts from your customer satisfaction.

Hopefully, Jenfi can provide you with valuable tips to enhance your customer service quality and eventually apply these tips to get more revenue with minimal cost!

Measuring The Advertising Effectiveness Of A Marketing Campaign - 8 Vital Metrics For Marketers

What Are Advertising Metrics?

The Importance Of Using Advertising Metrics

8 Important Advertising Metrics For Any Marketers

ROI - Return On Investment

CPM (Cost Per Mile) – Cost per thousand

CPL (Cost-per-Lead) – Cost pay for 1 potential customer

CR – Conversion Rate

CRR – Customer Retention Rate

RR (Run Rate) – Goal achievement rate

CLV – Customer Lifetime Value

Social Media Reach

Important Notices In Measuring Digital Marketing Campaigns

Do not be complacent with "appealing" indicators

Break down your goals into phases

Selecting a reliable data source to measure marketing effectiveness

Limit the use of unnecessary data

Nicky Minh

Seven Strategies For Business Owners To Run Low-Cost Advertisements

Seven Strategies to help business owners run low-cost advertisements

Social Media Marketing: Marketing via social networking sites

SEO (Search Engine Optimization)

Content Marketing

Video Marketing

Banners ads marketing

Partnership marketing

Email Marketing

Suggestions For Lowering Marketing Costs

Optimize advertisement delivery

Identify the right potential customers

Take advantage of marketing trends

Nicky Minh

Five Tips To Help Business Owners Run Low-Cost Marketing Campaigns

The Primary Purpose Of Running Advertisements

What exactly is low-cost advertising?

Tips to help business owners run low-cost advertisements

Investigate and select the most cost-effective advertising channel

Advertising content optimization

Sort and optimize the target customer database

Avoid technical blunders

Analyze and improve ad campaigns regularly

Platforms That Allow For The Running Of Low-Cost Advertisements

Nicky Minh

Types of Expenses That Should Be Cut To Optimize Profits That Managers Should Know

So, what costs can be cut to maximize profits?

Excess production or service costs

Ineffective PR campaigns

Expenses for unnecessary personnel

Depreciation costs of excessive promotions

Time cost

Jenfi Insights - Manage All Business Expenses With Just A Few Minutes

Nicky Minh

Must have 4+ Marketing Tools to Grow Your SME Business Today

4+ Free Marketing Tools to Grow Your SME Business Today

Hubspot

8 outstanding features of Hubspot

SendPulse

What you will get with SendPulse

Google Analytics

Google Analytics top benefits include

BuzzSumo

BuzzSumo's most valuable features

Use Jenfi Insights to optimize your marketing campaign

Use Jenfi Insights to optimize financial management.

Nicky Minh

Personalized Marketing - The Secret Recipe For Companies To Grow

11 tips to help CEOs quickly manage business finances

Regularly monitor your financial health

Ensure timely payment from customers

Know your spending and always have cash ready

Always keep a close eye on all kinds of accounting documents

Pay taxes on time

Managing and optimizing costs right from the operation stage

Inventory Control

Find the right business loan.

Solve problems right from the start

Use Jenfi Insights to optimize financial management.

Nicky Minh

Personalized Marketing - The Secret Recipe For Companies To Grow

What is personalized marketing?