Marketing Secret #104 - Track! Track! Track!
You need to track your results. Always.
As in Marketing Secret #32 where we talked about testing your market, we need to apply the same principles and track your results - good or bad.
This is crucial to your success and also to the timeline of your success.
If you don't know what's working and what not's working, you won't have any way of knowing what to change, tweak or adjust.
Things aren't always as they seem, so, never assume anything!
You really can't guess whether something is working or not or go by 'gut' feeling. If that were the case, you might as well leave it to the Gods to save your business!
I know I'm getting repetitive, but they say you need to repeat something at least five times before you remember, so here it goes.
- Keeping track of the numbers allows you to review your results.
- If you track your results, it will assist you in making better decisions.
- With tracking your results, you can build confidence in your marketing decisions.
- Tracking your results, you can then see how much investment you have made to date in your promotions.
- More importantly, by keeping a track of your numbers you can determine how much profit or cash flow you have increased by.
Okay, point taken ... track my numbers.
Great! But what should I be tracking?
Fantastic question!
You need to know the following as a minimum to accurately track your results:
- The cost of the campaign - advert, mail out, radio, etc.
- The number of leads/prospects generated from it
- How many of the leads/prospects became clients?
- The average clients spending
- The average number of referrals per client
Once you have calculated these figures you are then able to compare them to your normal store figures. This is how you know your numbers.
As you embark on new strategies and campaigns you will have the foundations to gauge the best campaigns for your business.
If this all seems overwhelming, don't let it be.
It's one step at a time and all a part of the master plan of you being the Master Entrepreneur in your industry.
The pieces of the puzzle will all fall in to the right place in the right order if you persevere.
If you need advice, guidance or support with understanding your marketing numbers, reach out to us at admin@yourmarketingmachines.com.au or book a 15 minute no-obligation call with one of our team.
