Exactly how do you obtain the most from your marketing budget? There’s no point in spending the money on advertising and marketing activities unless you have the capability to track the results. Otherwise, how will you know which activities to put a stop to, and which ones to duplicate, as they have been so effective for you?
Here are 2 factors you need to measure to ensure that you run effective marketing activities.
The first thing to measure is the amount of leads you are receiving. This is extremely simple to monitor, providing you get hold of the right data. Typically, companies will run a campaign employing advertising with a special offer, and not make an effort to record, gather or act on the leads.
A good example of this is a certain automobile business which runs ads on the radio at considerable cost, and then loses a good number of the leads created as the sales staff located in the city are too busy managing their own local leads and clients to follow up.
If you don’t have a process to capture the leads and generate the sales, then any marketing activity to improve sales will certainly be a waste of funds.
You can monitor the number of leads you are receiving by implementing a 1300 number. 1300 numbers will tell you just how many phone calls your marketing campaign created. 1300 phone numbers will even give you the duration of each phone call. This allows you to check if your sales people are engaging in good discussions with your clients.
As we know, it takes a lot of hard work and time to get new customers. Once we have attained them, we need to keep them.
Tracking client retention is necessary, and marketing campaigns that reinforce with your current clients why they should be using your products and services, are important. You may measure customer retention by seeing how many customers you have at the end of each month and how many have gone.