If you want to get a bigger return on your marketing spend, then check out this video.
Are You Getting the Maximum Return on Investment from Your Marketing?
How do you make sure that you’re getting the maximum return on investment from your marketing budget or spend? I don’t know. Well, one of the very obvious things that you can do is: you need to have a robust system in place for being able to capture the lead source data from all of your enquiries.
Most small businesses suck at doing this.
Sometimes they go about it half-heartedly, and they have bits of information in different places. That’s not what you want. What you want is a very specific methodology and a system to plug that data in. Everyone who buys from you should be asked the question:
“How did you find out about us?”
That information can then be captured, compiled into a monthly marketing report. And if you look at each of the things that you’re spending money on, you can then look at:
- How many leads
- How many sales
- What the total investment was on each of those lead sources
Then, you can work out what your ROI is. This is really important because my desire for you—oh Matron—is for you to spend as much money as you possibly can on marketing. That way, you will grow your business faster.
But it only makes sense to do that if you are capturing data on what is working and what is not working.
Capture the Information. Then Optimise.
That is the capturing-the-information bit of the conversation. The next bit is about running little experiments. So when you do a direct marketing campaign, you can use:
- Two different letters
- Two different packs
You can run that direct marketing campaign, capture the details, look at which one beats the other one on return on investment, and then you know which one is more effective, and you can run with that one.
This is basic A/B split testing, but I want you to do it with everything. As soon as you’re starting to capture your lead source data, you can start to run experiments. You can start to optimise the marketing that you’re doing, and you can fine-tune things. With that, you’ll be able to ramp up your marketing, and you’ll be able to get consistent lead flow in your business.
After all, all of the businesses that I work with—that’s what they are after. I bet that is what you are after.
Want Consistent Leads and Confident Investment?
If you want to be able to confidently invest in and not experience marketing failure, make sure that you ask the question:
“How did you find out about us?”
If you want to get consistent lead flow, make sure that you capture that information and optimise all of the various things that you’re doing. If you want to grow your business and you don’t want to run out of leads, this is one of the most important things that you need to do. Ideally, if this could all be done automatically through a digital sales process, then great. If there is human intervention, you just need to make sure that the team really understands the importance of this information.
Make it easy for them, and share the information—share the results with them so that they can see how their contribution to capturing data accurately is helping the business be more successful.
See you next time on Mind Your Own Business.
Just before you go, quick favour if you don’t mind…
If you enjoy these videos, if you’ve watched these videos, and they’ve helped you in your business, can you please subscribe to this YouTube channel?
It would mean a lot to me, because it’ll help me spread the word and get in front of more business owners.
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Need help building a system to maximise your marketing ROI?
Explore our Business Coaching Services or learn more about Marco Soares and his approach to growing a successful business.
