Are you effectively tracking your marketing results? Do you know how effective a given marketing tactic is for your small business? How many customers increased their spending with your company as a direct result of your campaign? These are some of the qualifying questions when determining your return on investment (ROI), and it's a critical metric for understanding the effectiveness of your marketing. Every business needs to calculate ROI, yet many don’t. A good marketer will ask, what's the ROI on this campaign. Here are some practical suggestions to get you started so you can easily apply to your business immediately.
Understanding your customers is a powerful tool that many businesses overlook. You can gain valuable insights by answering the question of “why” customers purchase from you. Data can help answer these questions, such as the products that people buy the most, the time of day when purchases are high, the number of times a customer has purchased from you, and if you have customer information, the zip codes that your customers live in. These insights can help you optimize your marketing strategy, from where you spend to what your offer could be and even the days of the week to run your offer.
Calculating the cost per lead—There are certainly many ways you can market your business, both digitally and in print. Each method has a cost and an effectiveness that can be delivered. For example, if you don’t have a lot of dollars to invest, take the time to test a few methods before increasing your spending to find out what works best. The cost per lead is equivalent to dividing the amount spent by the number of offers taken. This can help you focus on what may work best for your business.
Leveraging Social Media – Another area where you can invest in your business is with social media. Building this channel does not happen overnight. This is another opportunity to test and learn without spending precious ad dollars. It combines providing good content and establishing a regular content calendar to post. The key to finding what works well for your business comes from measuring the impact of your content and then continuing to optimize it.
Marketing is a journey with many ups and downs. Determining your return on marketing investment can be challenging. Don’t go it alone. If you want to learn more about how Viaggio can help you with your business’ marketing, call us today. We offer a free consultation to answer some of your questions. Let us help you along your business journey with Viaggio Consulting!
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