Let’s take a quick pop-quiz.
First, write down everything you spend on your marketing (both in dollars and time) strategy for your small business.
Next, write down how each of these things may be actually benefiting your business. How are you measuring this? What’s the return on investment when it comes to your marketing tactics?
With much of your time dedicated to running your business, many of your marketing efforts might be falling through the cracks. You might not be able to measure exactly how much your newspaper ad brought in, or why you ran up your entire available budget for that Google ad word.
Tracking your marketing has many obvious benefits, including figuring out where your sales are coming from, and whether or not your dollars spent are actually being put to good use.
You need to know where your new customers are coming from…
With all the various marketing channels made available, figuring out where your new customers are coming from is vital to the health of your business. Owners of small businesses don’t have an unlimited marketing budget and they absolutely do not have spare time to spend on ineffective strategies. Once you’ve tracked where you marketing dollars have brought on new sales and new customers, you’ll be able to hone in on those methods and create marketing campaigns that really work.
You need to know how much of your marketing budget is being wasted…
With the average small business spending around $400 per month on marketing, it’s more than a little worth it to see where your money is being used efficiently or not.
Where to get started…
Sometimes it could be difficult to figure out where to even start. It’s important to track each and every one of your marketing activities, whether it’s paid or free. I know you’re no stranger to the concept of time costing money.
When tracking your marketing, be aware of the following channels:
- Print Ads
- Online Ads
- Online Directories
- Website Traffic
- Email Marketing
- Social Media
- Affiliate Promotional Programs
It doesn’t matter which of the above marketing channels you’re involved in, these are all important to check out and track.
Beyond figuring out where your new customers are coming from, tracking your marketing also helps for you to optimize your marketing and promotional offers and successfully retain your customers.
The number we like to remind everyone of is that it costs 6-7 times more to acquire a new customer than to retain one. The reason for this is because of the cost of marketing for customer acquisition. Make the most out of your marketing and use every single one of your dollars in the most effective way possible.
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