In Business if you’re not generating revenue it is difficult for the business to be successful. To make sales though one area of the business that needs to be understood and known is your lead generation. That is, how do people find out about your business and/or your products to purchase. This is where the knowledge of your marketing numbers in the business is crucially important. The reason for the importance is that you could be spending money on area’s that are not generating you a return.
Marketing has changed significantly in the last 10 years with the growth of digital and social marketing means. No longer can business afford to sit back and do what they have always done with their marketing and expect to achieve the same results. You need a simple tool to measure (it could be as simple as an excel spreadsheet for your receptionist to complete):
- How did the lead hear about you i.e. Website, word of mouth, social media?
- If you have multiple product offerings, what were they enquiring about?
- Did you convert the sale?
The insights you will gain from these numbers are:
- Are you receiving a return on the $ you are investing in marketing?
- What is the average marketing spend per lead (if you then spent more would it result in more leads)?
- What time are you and your team spending on generating the leads?
- Does one method of marketing result in a more ideal clients than another?
- Do you need to change the mix of where you spend your time and money on marketing to yield a better result?
- Is a type of marketing generating client leads that are not profitable? Should you be reducing your spend in this area if they are not your ideal client?
Remember in business every $ counts so spend it wisely. If you need help to look at where you are spending your marketing dollars and how you can maximise your return please contact our office.