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*The following article is the seventh in a series of TEN, each composed by Shara Lawrence-Weiss. This series is being posted for the purposes of the Mommy Perks community and our readers and friends. If you would like to re-post the articles you are welcome to do so. Please give credit to the author and include the BIO information along with any links (see below). Thank you!
Article Seven:
Business ROI: What does it mean to me? (copyright Shara Lawrence-Weiss)
ROI = Return on Investment
There is a great deal of material on the Internet in regard to ROI. One of my favorite sources for simple, down to earth data is Startup Nation. Click here to see a recent Startup Nation blog post regarding web site ROI.
The traditional definition of ROI is typically related to the return that an investor might expect to receive from a company’s profits.
For me, ROI really boils down to my own definition based on my own needs and expectations.
Some questions we might ask ourselves include:
Am I advertising on a site (or in print) in order to get web site click-throughs to increase my visibility? Do I want/need/expect sales? Am I seeking SEO? Exposure? Branding attention? Networking hook-ups? Newsletter sign ups? Workshop bookings? Media attention?
All of these factors should be taken into consideration when defining your own Business ROI expectations in each given circumstance.
What did you invest in the first place?
- Money
- Time
- Product
What do you expect to gain in return?
Sometimes your expectations will not be met and sometimes they will be exceeded. Either way, you need to communicate your needs to the business, magazine or web site you are working with or advertising with.
There are also times when you go into a situation with one expectation of return and something completely different ends up happening. For instance, you might advertise on a web site expecting quick sales (which rarely happens, by the way) but in return, end up with a great product review that gives you attention from people you would not have otherwise reached, branding help and advice, new networking friends, newsletter sign-ups, affiliate members, etc.
If your financial investment was minimal but the return was great (even if sales did not come quickly), is that still worthwhile?
Personally, I would say YES.
If your main goal is to turn a profit then your ROI focus will be monetarily based.
Many moms that I meet, however, have a different goal: to be seen as an authority in their field, to help children, to educate others, to entertain or to advise. Some moms just want their art/craft/handmade items to be recognized and appreciated. Some want their music to be heard or their articles to be read.
For these people, ROI might include acknowledgment, speaking engagements, insights, intellectual property development, community recognition, workshop bookings, press conferences, terrific blog reviews that will remain Online for years to come…and so on.
I certainly believe it’s a good idea to define your ROI in each given situation, but to also be willing to modify your thinking if that ROI doesn’t turn out exactly as we had planned. While most businesses take 3-5 years to turn a profit, in the meantime, a non-monetary ROI might very well propel your business toward the financial success you desire. If you define your initial ROI as a monetary goal right from the get go, you could very well overlook some terrific and amazing opportunities to ‘shine.’
The ROI you end up with just may be even better than you could have defined.
And we certainly wouldn’t want to overlook that 
*This article was composed by Shara Lawrence-Weiss, owner of Mommy Perks and Personal Child Stories. Shara has a background in published freelance, journalism, nanny work, education, special needs, marketing, networking, PR and sales. She is married to her best friend and biggest supporter, Rick, owner of Design Media Pros. They brag three terrific kids and a handful of true and dear friends. They have a roof over their heads and share one vehicle in order to better the planet and save money on insurance and gas. They enjoy food, water, shelter and love. Who could ask for more?
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