Question 10:
How do I know if my marketing efforts are paying off?
Trick 10:
Marketing is the livelihood of any business, and it must cover more than
business cards and a local classified ad. Poor or no marketing equals no
sales... equals business failure.
Do your homework before you launch your product or service and identify
your target markets, figure out how to best reach them, and establish clear
objectives to ensure your marketing efforts are paying off.
Yes, this is what we discussed in the question about your marketing strategy.
So the most important way to find out if your marketing efforts are paying off
is to track results from every marketing activity you take. You need to analyze
how many leads it has brought in and how many sales transactions followed
those leads.
Establish these metrics in a simple worksheet that you can access to edit and
monitor results.
For example, what will give a business more profitable sales revenue?
Number 1: You’re a CPA and customers can select from a list of charities
(whose board members have access to customer bases) and can give away
one of your services free of charge. Your customers do good and spread the
word about your business at the same time.
Or, number 2: You tell your chiropractor that you want to take over part of his
accounting at no cost. In exchange, the chiropractor will send a letter
recommending your accounting services to all other chiropractors in town.
Reviewing and updating the results of those activities with real-time numbers
will allow you to look at your marketing history and make decisions about
types of activities you should spend more energy on or well, discontinue.
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