Several weeks ago I started a series of articles about eight common marketing mistakes.
I've already written about the first two mistakes and the third mistake is...
Failing To Measure The Results Of Marketing
Perhaps it's the accountant in me coming out but I believe that there needs to be a measurable result in everything you do.
There's an old saying:
"Half my advertising doesn't work, but I don't know which half".
When I think back to the mid eighties when I was employed by a consumer products company, we spend a lot of money on advertising and sales promotion and as the Company Accountant (and effectively the CFO) I wanted to be sure that::
a) we were getting value for money
b) We did more of what was working and stopped doing anything that didn't produce results.
So can I ask, "Do you look at your sales promotions and think 'half of it is working but which half?'"
If so, that's a big problem.
Every business needs to understand where the leads are coming from and which leads convert into one-off or regular customers.
This is fundamental. There is no other way to know whether your marketing should continue in its current form or should be changed?
How Do You Measure The Results Of Your Advertising?
It takes a little bit of effort to find out where a lead has come from and to record it.
Build asking questions like...
"Where did you first hear bout our business?"
"What made you contact us today?"
into your standard processes.
Record the answers.
Sometimes you'll have a primary and secondary source that deserves credit for bring you the customer.
A customer may know about your business because he sees your premises and sign every day when he drives to and from work. This increases familiarity with your business and, even though it's based on little knowledge, builds trust.
However the customer may have actually responded to an advertisement in the local newspaper at the weekend about a particular promotional offer.