You Can't Win If You Don't Keep Score
Unless you have the DREAM Marketing budget, it's vital that you make every penny count, yet the majority of businesses out there don't really keep score when it comes to the effectiveness of their marketing initiatives. It's no wonder, if you have every cracked a book on marketing metrics. Most are pretty dry and definitely written in "yawn-ese." So, what should you be measuring beyond the obvious (sales revenues and profits)?
Leads - where do they come from, how many, and what generated them - if you don't know this, it's likely you are wasting lots of money on things that are not generating leads, or potentially worse, not sticking with a great tactic.
Average $ - What's average amount of business you do with a client - your existing clients want to do more business with you. It's easy to create an average dollar number and give your attention to creating more opportunities and more profitable clients - this way you can weed out clients that fall below the number eternally.
Conversions - How many of those leads turn into clients - the biggest time killer of all for the small business is chasing leads that are not qualified, not educated (by you, not in life), not ready to appreciate your value. When you measure this, you have to fix it, it's too painful otherwise.
Without some knowledge of each, your marketing effort is little more than a passing hobby - and perhaps not a game you should be aiming to win!