What’s the ROI (Return on Investment) of your marketing programs? Are you able to track your marketing spend to an exact conversion to sale? Do you know how much it costs to get a new customer? To keep an existing customer? If you operate in retail, do you know how your marketing programs increase footfall, what the revenue per square foot of retail space you have, or the average revenue per visitor?
Marketing is far more than cute and creative communications. It’s as much about science and measurement than anything else. Great marketers are very much like scientist in a laboratory experimenting with various ideas and constantly testing, measuring, analyzing and reporting.
No matter if you’re a solopreneur, entrepreneur, small business owner, or large business owner, you need to know exactly how your marketing spend is impacting your business.
Marketing cannot be ‘spray and pray’ – where you dream up a cool idea, have it turned into a groovy looking communication and launch it to the masses. Then sit back… waiting…
If you’re a marketer or have a marketer working for you, here is my checklist for improving your odds of growing your business through better marketing measurement:
If you are a marketer that wants to make a mark in the world become a scientist. If you have a marketing team under you, become a scientist. What’s gets measured, gets done.
Robert Murray is a Vancouver, BC based Business Strategy Consultant, #1 Best Selling Author, International Keynote Speaker, and TEC Top Speaker of the Year for 2018. For further advice, insight and inspiration on how to unlock your inner leader, follow Robert on Twitter, LinkedIn, and Facebook.
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