No matter what size of company you are, your marketing budget is likely never as high as you would like it to be. It is this precious commodity; your investment into your own company stock. You need it to perform. You need it to help grow your company.
The question is, are you using it effectively? Do you even know if it’s working? In other words, are you needlessly wasting your marketing dollars?
Earlier this year Adobe took a closer look at how well companies were doing in measuring the effectiveness of their marketing. It probably comes as no surprise that most of us aren’t doing a great job. Here are couple of staggering statistics Adobe shared:
Do you feel the same way? If so here are some suggestions to help you not only better track the effectiveness of those marketing dollars, but also make a positive impact to your bottom line.
Create a Marketing Scorecard
One of my favourite quotes is “It’s hard to know if you’ve won the game if you don’t keep score.” Creating a scorecard can be as easy as creating your on Excel Spreadsheet or as an elaborate as using marketing dashboards provided through your CRM or Conversion Software.
Here are is the type of data that you should be tracking
This seems like a lot. But if you invest in setting up your Google analytics properly to track ecommerce conversion, or goals like forms and phone tracking, a lot of the online numbers will be looked after for you. Set time in your calendar or an assistant’s to add these in monthly to your scorecard and review the results. Seeing the numbers month to month, helps you to make changes more quickly and see where the increases are happening.
Determine how much you are willing to spend
So you have all these great numbers. Now what? Like any budget, they only work if you have set the guidelines. Here are some goals you should be looking to set.
Measure your ROI
If you want to keep it simple – use an online or Excel version of a marketing roi calculator.
But once in a while – either monthly, quarterly or semi-annually, depending on the level of marketing activities and sales for your company – you need to have an in depth look at what is and isn’t producing.
Here are some suggestions as to what you should be looking at:
Your Marketing Scorecard
Does this seem overwhelming? That’s because it is to some degree. Of course for smaller companies, it’s easier to answer these questions than it is for larger companies. However, if you want to be as effective as you can be with that precious marketing budget then it’s all worth it. The results might even surprise you!
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