7 Immutable Laws of Marketing Campaign Success – Part 5
It has to be tracked and measured
Most small businesses run their marketing campaigns on a gut feel.
We did some marketing. Are we busier? Great, let’s do more marketing.
This is an extremely inefficient and frustrating way to run things.
You know that some of your marketing is working, but you have no idea which parts it is, so you keep doing everything, including the parts that is just wasting money, bringing zero ROI.
You need to create a direct link between every bit of marketing spend and the sales you make.
If you continue running marketing campaigns the way most people do, you’ll have no clarity on your true ROI.
Wasted spend continues, which limits your available budget, because a lot of it is going down the drain.
With this lack of clarity and information, making decisions become more of a guessing game, than it needs to be.
The solution is deciding on a small number of key data points to track in your business, constantly and with focus.
How many leads did each campaign and/or platform generate?
What are the conversion rates for each stage of your sales process? (Have you defined the different stages?)
Can you see at a glance exactly how much you’ve spent on each marketing platform this month? Compared to last month?
What is your Cost Per Lead?
What is your Cost Per Sale?
What is your Average Transaction Value and Average Customer Value? Do you know the difference?
How do you score?
If you are able to answer all of the above, you’ll know the peace of mind it brings.
You’ve got “to the penny” clarity on ROI. Your decisions are data driven, not a gut feel or guess. You can actually plan and forecast properly, because you know exactly what marketing works for your business.
By tracking everything through to delivery of service / product, you are able to engineer savings and efficiencies in your business, which in turn increases your ROI.
An added bonus is accountability and transparency.
Every pound invested and every hour put in by your staff accounts for itself. Everyone can see who and what is working. You can build a business that really works, because you know exactly where to adjust and improve, constantly.
Can you directly identify what marketing activity brought in which leads and at what cost?
Author: Pieter K de Villiers
Pieter K de Villiers is slightly obsessed with systems. The systems and process automation he builds for small businesses are transformative, to say the least. Pieter is a Co-Founder of Barefoot Digital and the Amazon best-selling author of “Barefoot Business: 3 key systems to attract more leads, win more sales and delight more customers without your business killing you”.