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.
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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.
