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Marketing Resource Center |
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Make More Money with Marketing Metrics
Do you know how effective each of your individual marketing tactics is? Many small business owners market in a vacuum. They spend money on brochures, advertisements and web sites with no real way to tie specific results to specific endeavors. If you are unable to associate leads and sales with the specific marketing efforts that generate them you have no way of knowing what is working as an effective marketing mechanism and what is not. The money you invest in marketing your company is precious. In order for you to maximize your marketing dollars you need to know the results individual marketing efforts generate. When you know the results of your marketing tactics you can make intelligent decisions about how to better allocate your marketing budget. For instance, if you concurrently run a direct mail campaign, a search engine advertising campaign and weekly ads in industry periodicals without some method to discern results you will not know which effort generates the lions share of any new business. If you don't know that your direct mail campaign yielded 90% of your revenue with a 2% response rate, you are powerless to make the wise decision to reinvest in the direct mail campaign and make changes to or drop entirely the other campaigns. What's more, if you can figure out how to double the response rate of your mail campaign, you can nearly double the revenue your marketing campaign without spending money on search engine marketing and periodical advertisements. Measuring your marketing results will help you save money by allowing you to eliminate unproductive marketing tactics and at the same time, will help you make more money by allowing you to reinvest in productive marketing tactics. Do you have a method for measuring the effect of your marketing? Here are four tips for gathering the information you need to make wise marketing investment decisions. Use a Database Ask Questions Be sure to ask your prospects how they heard of your business. Make It Easy for Your Prospect to Help You Data Entry Should Be Easy Too Move Your Marketing Forward Once you have this information you will be better able to think like a future client, cater your marketing material to their needs and generate more leads and sales. What are some other steps you can take to measure the effect of your marketing efforts? Marketing Coach, Jeremy Cohen, helps small business owners and professional service providers attract more clients, grow their business and be more successful with his marketing and web site enhancement service and his marketing guides.
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