Do you know which of your marketing efforts is bringing in the most profitable business?
Most businesses spend a considerable sum of money
on marketing and advertising campaigns without really
knowing which one is working and bringing in the
most profitable clients.
It is much easier today with the analytical tools
available with online marketing.
However, many businesses run a combination of online and
offline marketing – Google AdWords, facebook advertising
as well as vehicle signage, direct mail drops, magnets, etc
and co-operative/referral marketing.
There are a number of marketing activities you can
conduct without spending a great deal of money.
But you want to know – are these bringing in more
business than paid advertising?
So how do you work out your ROI (Return on Investment)?
With regard to your online marketing, you need to obtain and
gather the relevant information in one place, so that you can
analyse the results.
For offline marketing you need to ASK your leads
and clients WHERE they heard about you. Without this
information you are driving your car with no headlights
and can’t see where you are going.
Not only do you need to ask WHERE they heard about you,
if it is a referral, you need to know exactly who referred you,
not just ‘Word of Mouth’.
Then, you need to track the results. You need to log every lead
and job won by new and repeat clients and by referrals or marketing
campaigns. Combine this with your analytics from your online
marketing and you will know exactly where your marketing $
are going and where to spend more of your hard earned cash to
gain future clients.