You have hired the best creatives.
You have maximized your budget.
How Do You Know If Your Marketing Is Working?
Here are some simple things you can do to make sure your marketing is working.
Set A Goal
Every activity in business should have a desired stated outcome. Desired outcomes could include more RFQ’s (Request For Quotes), Website visits, White-paper downloads, Schedule a call, etc. Once you established the goal then you need to measure for success. Google Analytics makes this very easy.
Choose events that lead to revenue generation. It can be as simple as Quotes Submitted, particular Downloads or number of Downloads, Specific Time On Page or Watching a Video.
[Click here to see what Google says about setting goals.]
Here are some examples of goals that lead to revenue generation.
It takes an understanding of your business processes to select the correct goals. When selecting goals it is best practice to involve all those involved in the sales process so proper attribution can be assigned.
Monetize Your Goals
Your gut reaction might be to assign Total Sale Value as the monetary value of the goal. The problem is you have not accounted for all costs. We recommend that you download our ebook Marketing Metrics Your Boss Really Cares About for the methodology of calculating ROI on marketing.
Consider using some percentage of the profit after accounting for all costs. You must reach a consensus agreement with everyone involved in the process. Once you have agreement on the profit piece, the really hard part is next.
You must identify the sales that were generated by your website. This could include visitor downloads before they called for a quote or Simple Form Submission. This requires meticulous attention to detail in record keeping and the patience to gather historical data. Segregate existing customers from new customers to present a solid case so you don’t hear “They were already a customer so we would have gotten that business anyway.”
We like to use HubSpot with our clients as it makes tracking and attribution simple.
- Collect Data over a Specified Time Range — 30 days is OK, but 90 days is better.
- Reevaluate your goals to make sure you did not miss any “key” revenue generating activity.
- Determine the monetary value from website generated revenue based on goal completions.
- Assign Monetary value in Google Analytics.
Now you will see the results of your efforts in Google Analytics reports.
Focus on What Is Working
Once you are seeing the ROI (Return On Investment) that makes sense for your business with a specific marketing approach, do more of that. You can spend all the money you want on marketing that does not work and it will not make it work.
Many believe economic theory proves that spending more produces more results. Modern research show this is not always a valid model. You may want to read Large Stakes And Big Mistakes to see how this does not always hold true.
Be bold enough to stop doing what does not work. This is very difficult thing to do. You read article about how a campaign created enormous success and you want to try it. What worked for others may not work for you.
Don’t Underestimate The Power of Free Marketing
Google My Business is a free tool that is overlooked by many businesses. Think of Google My Business as a mini website.
Here are a few easy things you can do as a business owner to take advantage of this FREE lead generation tool called Google My Business.
Verify Your Google My Business Page -It is FREE. Your business contact information, hours, phone, website, reviews, photos,etc are posted for the world to see at no charge to you.
Post on your Google My Business page- read this article for the step by step details.
Set up messaging on your Google My Business page- Check out this blog post for step by step instructions.