Part 1 of 2
If you could take $1,000 out of the bank, invest it for 60 days and get back $2,000, would you? What if you could get back $10,000? Or $50,000? Of course you would--it’s a no brainer! And that’s why marketing is so important in a recession.
Companies that invest in marketing during a downturn gain four and a half times more market share than their competitors who do not invest in marketing. But of course, when business is tight, the last thing you can afford to do is waste money. So how can you make sure you’re getting the best bang from your marketing buck? It’s simple. Measure everything!
Measure Your Marketing
The beauty of marketing is that just about everything you do can, and should be measured. While every marketing activity may not translate into immediate sales, there are things you can do to measure the results of all of your activities.
Tracking Tools You Can Use
Here are some examples of useful tools to measure the results of your marketing campaigns:
Direct Mail Campaigns
Assessing the return from a sales-oriented mail campaign can be relatively easy. Just add up the costs of producing the campaign and compare it to the sales generated. Coded response forms and keyed phone numbers can be used to measure the exact response to a specific direct mail campaign.
But what about campaigns that don’t result in direct sales? Here are some metrics you may want to track:
The secret to effective direct mail is to set specific goals, determine the minimum level of response you will find acceptable, and then track the most appropriate results. Of course, you’ll have to create the right tracking tools. For example, you could:
The great thing about email marketing is that any good e-mail marketing campaign comes with built in reporting that allows you to measure the effectiveness of the campaign:
One of our clients recently sent out an email as part of their HaleyMail program that listed some of the top candidates they had available. They were amazed at the response they received. Within a day of sending out the email they received several orders including one for a $135K position for their IT division!
Remember, none of your sales and marketing efforts are done in a vacuum, so it can be difficult to come up with an exact ROI for many of your initiatives, but if you use the tools in this article you should be able to analyze the results of your campaigns more effectively.
Next week we will look at measuring advertising, your website and the sales force.
Remember, Haley Marketing can help! Whether you need assistance with direct marketing to get the door open or nurture marketing to keep it open, call on us. We have two new, and very cost effective solutions that can help your business to stand-out, stay top-of-mind, and increase sales.
Just give us a call if you'd like to know more: 1-888-696-2900.