When last did you check if your Marketing or advertising is really working for your business?
As a business owner it is essential for you to manage your Marketing and know if your Marketing is working for your business, because if it isn’t, it’s time to change it. There are a number of business owners who entrust their Marketing with marketing agencies and sometimes forget to ask the question, is it working?
Below we have listed a few ways in which you can check if your Marketing and advertising is working for your business.
- 1. Firstly, check what you are spending on advertising and what has been your return on investment. But remember, it isn’t always like-for-like in money. You have spent money on advertising with no direct income made, but your database has doubled, you have a bigger following on social media, or you are getting more enquiries these are considered ‘leads’ which you must nurture to convert to a closed deal.
- Use tracking or analytics tools available like google analytics to also give you an exact conversion rate. Although there is no perfect conversion rate because this all depends on the type of industry you are in and your price per purchase. But your aim to is get a conversion rate no less than 5% but greater than 10%. So, if 1 000 people clicked on your advert, you want a min of 50 people (which is 5%) to convert, which could either be a download or request for more information.
- As explained in our blog what is Marketing, we know it isn’t just about advertising and monetary results. But Marketing is also about your positioning and messaging to a specific target market. So, are you getting the right people engaging with your advertising and are you getting the right customers?
Once you have looked at the above, and having given yourself a considerable amount of time, to be fair, and the results match that (or close to) your initial Marketing objectives set out, then you can satisfactorily say your Marketing and advertising are working. On the other hand, if the results are not near to those set out in your Marketing objectives, it is essential for you to review both your Marketing and advertising. Because it may be that your Marketing targeting and messaging is right, you just not using the right route to market or advertising on the right platforms or vice versa.
How to identify if it is my Marketing or advertising that isn’t working?
Although we have defined Marketing and advertising as two different elements, they are both still relevant and work hand-in-hand. Because the advertising is the ‘what’ of the ‘how’. So, if you are dissatisfied with your results, it is probably that your Marketing targeting and messaging is right, it may just be that it has not bee constructed correctly using the right graphics in adverts and possibly the platforms chosen, or the budget allocated is not giving you the required return.
At this point it is fairly easy to review based on the results thus far and where these results have come from, then leave that as is. But take the time to understand where you have got the least return and perhaps stop using this platform and turn to another platform or put more money where you are currently getting the best results from. Only after conducting another review at least 6 months later, and the results remain the same, then we would suggest reviewing your entire Marketing strategy and maybe it is time to shift your mindset and change your positioning and target audience! The Marketing Lifeline help SME’s change their Marketing mindset so they can also enjoy the very benefits great Marketing has to offer, without feeling frustrated or overwhelmed. The Marketing Lifeline offers a 12-week online Marketing programme and several online webinars for you to further your knowledge and understanding of Marketing. We like to think of taking the pain out of Marketing and putting back the FUN in the fundamentals of Marketing. If you would like to chat or have a question for us, get in touch with us at email@example.com