Are you measuring your marketing dollars
I have been a member of that group for
Are you getting any business?
Are you getting any referrals?
Is it paying for itself?
I spend a great deal on web marketing.
What is your return on the investment?
Are you measuring it?
I advertise in many publications?
What is your return on investment?
Are you measuring it?
Yes, these may seem like strange questions, but they are not. They are the real questions that you need to be asking. Every dollar you spend on marketing has to be justified and has to be measured.
Otherwise, why are you spending it.
If I ask most people about their memberships they cannot tell me how much the return has been.
In fact, most people do not even understand the amount of money they have spent on the marketing process. Many have just been doing it for so long, it is part of the business.
If you are a member of a group, and it cost $500 a year and you attend events and spend another $1000 a year (which is very easily done). Have you generated the money from the organization to cover the cost. Or if not yet, when do you see it happening?
And money is only ½ the cost, are you justifying and returning the time you spend on it. So many are not. Specially when things are going good, people do not even look? It is time.
If you spend $2000 a year on yellow pages or $3000 a year on other adverting. Can you trace real closed business to the expense?
It is simply amazing that most people can not and do not do this. Plus, if you are the seller of this marketing, you should be helping your clients to see that their investment in you is paying for itself.
Here is a path forward that works:
1. Capture every cost of marketing by the type.
Membership in ABC, all the costs.
Advertising in each publication.
2. Start taking every closed deal or sale you get and track where it came from and how much it was worth. Ever revenue dollar has to have a source for the customer.
3. Match the cost of each marketing type, against the return in business you get.
4. Look and see, did you make money?
5. How much time did the effort cost you?
6. Was the time and effort worth the return? Or will it be worth the return in the future (be honest about this one)
7. Is there some other value that comes from this spending that makes it a necessary and cannot be done another way?
8. If it is not profitable, then it is time to make a change. Do it and move on.
9. Do this for every marketing dollar you are spending.
10. Stop spending time, effort and money on things that are not returning your investment. And start putting your money where you get the best return.
Yes, we do some things because they are the right thing to do, but that is different. Yes we need to give things a chance to work and truly test them. But, but when it is clear it is not paying for itself, then we need to make a change to something that will work.
Success means measuring the results you get from what you do. Are you doing it?