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Boosting the performance of your marketing

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Advertising metrics

Marketing is so much more than promotion

No matter the size of your business every penny you spend & every hour you commit to your marketing has to count towards you achieving your business goals.

Promotion is an important part in your marketing efforts but ‘effective marketing’, the entire marketing that satisfies the needs of your customers is so much more. You can have a great promotional campaign but if your product or service isn’t wanted or you are charging prices that are above what your target customers will pay then it will struggle to deliver.

To have ‘effective marketing’ you need to consider a wider range of factors than just promotion. Much of it isn’t difficult with the result being that it can transform the impact of your marketing. Here are just a few ideas:

• Start with product. Give customers what they need not what you think they need. Think wider than the actual product – consider the other features that surround your product – delivery methods and times, guarantees, installations, refunds, exchange policies – all of which can make your product or service more attractive.

• Speak to your customers. Ask them what they need and want from you. Find out what they think of your product or service and how it can be improved.

• Ask your customers for reviews. If they are liking what you do then encourage them to share with others what they think of your product and to post reviews on-line.

• Regularly monitor your sector and competitors. Consider how tastes are changing or new products are being launched and adapt where necessary.

• Make it easy for people to acquire your product. That maybe how they can find you or buy your product on-line. Make sure your website is mobile responsive and is search engine optimised.

• Develop your team. Ensure that everyone who works for you has great knowledge about your business and offer. Ensure they also have the right attitude & provide the level of service your customers would expect.

• Be responsive to your customers. Ensure you follow up on enquiries quickly – not many buy products or services from a company they have had to chase or have had to wait a long time to respond.

• Deal with customer complaints well. No doubts you have all had customers who haven’t been completely satisfied but how you deal and resolve their compliant will make all the difference to whether they buy from you again or recommend you to others.

• Measure, measure, measure. If you don’t measure your marketing you can’t understand, control or improve it. Use tools such as Google Analytics to see how well your website is working, monitor your email performance or conduct market research to understand what your target audience think about you and your product or service.

 

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FREE Marketing Advice Surgery

Calling businesses in Dorset. Do you have a marketing challenge? Then contact us and book onto one of our FREE Marketing Advice Surgeries.

Either face-to-face, on-line or over the phone we are offering a limited number of FREE one hour long surgeries that focus on specific challenges you may be facing with your marketing. Send in advance your challenge and we’ll use the surgery time to review the issue with you and discuss possible solutions you can implement for your business.

Previous surgeries have covered:

– How to get more from social media
– Boosting the impact of email marketing
– Tracking and tagging advertising
– Using Google Analytics to monitor web traffic

For more information or to book your place contact Richard Milton by emailing richardmilton@e-nexus.co.uk

 

e-nexus Marketing Hub: Use Web Analytics to grow your business

Analytics search information

Our next e-nexus Marketing Hub event is taking place in Bournemouth on the 4th May.  This time we are focusing on how to use Web Analytics to grow your business.

During the event we will explore with you the benefits & possibilities of using Google Analytics to monitor and measure the impact of your website and other parts of your marketing mix.

To book your place visit our event page on Eventbrite

 

Presenting metrics to senior managers

Senior Managers don’t want numbers thrown in their faces, so marketers need to use data to tell a story. An endless stream of data, numbers and metrics are tough to digest and carries less meaning than visual methods of presenting data.

When telling your story, make clear, data-grounded recommendations. For example you may say “You’ve noticed that your organisation spends 20% of the marketing budget on social media, but you’re not seeing great results. I recommend cutting back and allocating money elsewhere.”

Efficient marketing requires data, but senior managers aren’t concerned with every scrap of it. They want a clear view of how your customers behave and how marketing projects impact revenue. To keep your senior managers in the loop without wasting his time, present them with these metrics.

Measure what can be measured, and make measurable what cannot be measured.  Galileo Galilei

 

Quote of the day

Marketing doesn’t make sense without a clear link to revenue and sales.

Key metric – Cost of acquisition

Different from the cost per lead metric.  Cost per acquisition is focused on the costs associated with warm leads turning into new clients. The key here is that the fees you charge for your goods or service cover your acquisition costs e.g. your market activities as well as the cost of your good and service plus a margin for profit.

Key metric – Cost per lead

For each of your marketing activities, what does it cost to generate a warm lead for your organisation.  If you invest £5000 on a poster campaign and it results in 25 enquiries. The cost per lead is 5000 divided by 25 which is £200.  Not only a great way of measuring how effective an activity was but also a simple way of comparing the effectiveness of different actions.

Key metric – Gross margin

How much money is your company making before factoring in operating expenses?

Gross margin, which is commonly expressed as a gross margin ratio in percentage terms, is a way of describing the difference between revenue and cost minus the direct costs of providing a product or service.

Gross margin can be a great way to compare a business to its peers. In many cases, gross margin ratio ranges are well known for specific industries, so this metric is often one of the easiest ways for a business to establish how it’s doing versus its peers.

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