Does your marketing feel like a bit of a gamble sometimes?
Well, if so, then check out this week’s episode of “Mind Your Own Business” This week on “Mind Your Own Business” I want to talk about the importance of having a proper system in place to test and measure the effectiveness of your marketing function.
The purpose of marketing is to generate qualified enquiries in sufficient volume to help you achieve your sales goals and if you don’t have the systems in place, to be able to understand precisely how much return on investment you get from each strategy, how long it is taking for a lead to wash through that strategy and what the quality of prospect is for each of those marketing strategies, then you’re probably flushing money down the toilet.
You need to scale your marketing activity as your business grows, and if you don’t know what’s working, how will you scale it? Don’t believe that nonsense that some marketing works and some marketing doesn’t, and you need to roll the dice.
That is just crazy thinking, and it is not realistic for a small business with limited resources. You need to be smart about your marketing, and the only way you can do that is if you have proper systems in place.
So, how often do you analyze your marketing results? Do you have a proper understanding of which strategies deliver and which ones don’t? Do you sit down with your marketing function and continually assess what you’re doing and look for improvements to lower the acquisition cost per strategy?.
Are you working towards a proper marketing strategy with good metrics in place and targeting players to help you achieve your sales goals?
If not: you are flying blind Don’t roll the dice on your marketing activity, take a calculated analytical approach, put a proper system in place, and then take the time to understand the data so that it can give you the confidence to move your business forward and to continually increase your investment in marketing to help you scale and grow your business.
If you’re looking for more new business advice, then we’d like to see you every week on “Mind Your Own Business,”
If you’d like help implementing these tactics, then contact Marco Soares for professional coaching for business.