
FEATURE ARTICLE
ARE YOU MEASURING UP?
Testing and measuring your marketing results are two of the most powerful boosts you can give your business. What doesn’t get measured, can’t be improved.
Take lead generation, for example. How many leads does your business receive in a week or a month? How many come from advertising or referrals? How many from direct mail or networking? What percentage of your leads do you convert to sales, and how many of those become repeat customers?
Tracking your marketing investments allows you to accurately calculate the cost of acquiring a customer. It gives you the information you need to ditch sales and marketing efforts that bring low or no returns, and create or keep profitable ones. For example, you can’t afford to run an advertisement that costs $500, even if it results in five sales of a $100 product.
When you start measuring, don’t despair if your current success rates are much lower than you anticipated. If your present conversion rates are high – say 60 or 70 per cent – improving them is great. But someone who starts with a 20 or 30 per cent conversion could see far more upside to their bottom line!
© Mara Osis, 2004-2009
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