How is your business marketing measuring up?
It’s easy to measure success in the finance department–are this months numbers bigger than last months numbers. However, focusing solely on financial growth blinds your eyes to areas where your business may be excelling. Areas like marketing optimization, customer experience and innovation frequently go overlooked, but they are some of the most influential factors benefiting your business.
Broaden your view and you may realize that your business is performing well, or could be performing better in some of these areas.
Are people reviewing your business online, and are the reviews favorable? Reviews are just one way to measure brand health; Twitter and Facebook are equipped with insightful measurement tools that can help you gauge public perception. Are people “sharing your voice” by retweeting or reposting? Look at your social media insights and find out.
Are your marketing efforts going unnoticed by your target audience? The most common answer why this happens is because you’re not speaking their language. Research your audience. Talk to them face-to-face. Learn their likes and dislikes. Once you truly understand them as people, you will know exactly how to get them to act.
This seeks to answer what percentage of revenue is generated by marketing. Google Analytics can show you in detail which paths your customers are taking online to reach your site. Tallying how many online sales were referred by your social media content is the most effective way to measure revenue generation.
Have your marketing team answer this one question — did we make more than we spent? Did you design an expensive direct mail piece that was widely ignored? Are you paying for SEO or PPC but generating less revenue online? Finding effective and inexpensive solutions is the key to improving operational efficiency. Many successful companies accomplish this by getting their product featured in the news, or talked about by influential bloggers.
Marketing isn’t only about making money, it should find ways to save it too. Accomplish this by answering your customers questions before they even ask. Last year, Sony was having a troubleshooting problem with one of their products, and noticed that one of their customers was providing answers online. They published their answers on their website and avoided hours upon hours of phone calls from confused customers; saving the company $350,000.
Another money saving technique for improving products is to have your customers innovate it for you. Domino’s asked their consumers to submit their own pizza topping combinations and recipes, and agreed to compensate successful recipes with a percentage of sales. One of their customers made over $27,000 last year for their recipe, while Domino’s made many more thousands from their innovation.
Finally, to answer the question, how is your business marketing measuring up? If it’s not where you expected, we’ve highlighted some important areas where you can improve.
Let us help you get started. Contact us below.