How to Stop Wasting Money on Your Marketing
How to Stop Wasting Money on Your Marketing
Measuring your marketing strategies may not seem glamorous, but the information it provides is invaluable to the growth of your business. Measuring is the only way to know what is working, and just as important what is not working.
Think about it, once you know what your most effective marketing strategies are, you will attract more clients and save money at the same time. You’ll know which marketing activities to drop and which ones to do more of.
In addition to doing more of what works, you can also look at ways to expand and refine your best marketing strategies.
The truth is, measuring your marketing strategies isn’t hard to do. Simply compare the amount of time and money you are investing on each strategy to the amount of business each strategy is bringing in.
To measure your marketing, you need to know how every client finds out about your business. If you haven’t been tracking this, don’t worry. It’s never too late to begin. Start today and ask, or create a way to know, how each of your clients finds you.
It’s easiest to measure your marketing strategies in an automated way (for example using Excel). But, you can always use a pencil and paper if you need to. To get started, create a list of all of your past and current clients.
Put the list of clients on the left side of the spreadsheet one on each row from top to bottom. Then create columns across the top of the spreadsheet for each marketing strategy you use (left to right). You might have columns for: referrals, speaking, advertising, etc.
Then go down the list and for each client put a mark (the number ‘1’) in the marketing strategy column that represents how the person found you.
Stay with me, we’re almost there. Now calculate the percentage of clients that each marketing strategy produced. Simply divide the total in each marketing strategy column by the total number of clients. Then you will know which of your marketing strategies is most effective.
Another critical piece of information to calculate is how much you’re investing to attract each client per each marketing strategy. To figure this out simply total all of the costs involved in each marketing strategy and then divide that by the total number of clients you gained with each strategy.
When you take the time to measure, you will know which marketing strategies bring you new clients and which ones don’t. You will also know which marketing strategies bring you the highest return on your investment.
You might even discover that your most effective marketing strategy requires the least amount of money? Aren’t you curious to know? Measuring your marketing pays off. So why not start measuring so you can stop wasting money on things that don’t work and find out what is working and do more of it!
How to Stop Wasting Money on Your Marketing - To learn more about this author, visit Stephanie Ward's Website.
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What would it be worth to you to know the most cost effective way to attract clients? The great news is that it doesn’t cost a thing and it’s easy to figure out. It’s all about measuring the return on your marketing investment.
Measuring your marketing strategies may not seem glamorous, but the information it provides is invaluable to the growth of your business. Measuring is the only way to know what is working, and just as important what is not working.
Think about it, once you know what your most effective marketing strategies are, you will attract more clients and save money at the same time. You’ll know which marketing activities to drop and which ones to do more of.
In addition to doing more of what works, you can also look at ways to expand and refine your best marketing strategies.
The truth is, measuring your marketing strategies isn’t hard to do. Simply compare the amount of time and money you are investing on each strategy to the amount of business each strategy is bringing in.
To measure your marketing, you need to know how every client finds out about your business. If you haven’t been tracking this, don’t worry. It’s never too late to begin. Start today and ask, or create a way to know, how each of your clients finds you.
It’s easiest to measure your marketing strategies in an automated way (for example using Excel). But, you can always use a pencil and paper if you need to. To get started, create a list of all of your past and current clients.
Put the list of clients on the left side of the spreadsheet one on each row from top to bottom. Then create columns across the top of the spreadsheet for each marketing strategy you use (left to right). You might have columns for: referrals, speaking, advertising, etc.
Then go down the list and for each client put a mark (the number ‘1’) in the marketing strategy column that represents how the person found you.
Stay with me, we’re almost there. Now calculate the percentage of clients that each marketing strategy produced. Simply divide the total in each marketing strategy column by the total number of clients. Then you will know which of your marketing strategies is most effective.
Another critical piece of information to calculate is how much you’re investing to attract each client per each marketing strategy. To figure this out simply total all of the costs involved in each marketing strategy and then divide that by the total number of clients you gained with each strategy.
When you take the time to measure, you will know which marketing strategies bring you new clients and which ones don’t. You will also know which marketing strategies bring you the highest return on your investment.
You might even discover that your most effective marketing strategy requires the least amount of money? Aren’t you curious to know? Measuring your marketing pays off. So why not start measuring so you can stop wasting money on things that don’t work and find out what is working and do more of it!
How to Stop Wasting Money on Your Marketing - To learn more about this author, visit Stephanie Ward's Website.
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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