Generating and implementing excellent marketing strategies is only half of good marketing. Analyzing the “what “ and “where” of your marketing producing the best results, is equally as important.
Amazingly, the vast majority of businesses do not ask new clients why they were attracted to the business. Asking this simple but key question can tell you not only how people are learning about your business, it can also help you find what specific tactics are most appealing. Clients are generally more than willing to share that a particular blog post, promotion, or mailing is what drew them in.
Many different services will not only shrink down the size of urls, they will also record how many times the abbreviated link is clicked. Watching those numbers, and particularly if any links are getting significantly more clicks than others, can help you determine what content is most effective at reaching people. Additionally, getting others to share your links is a fantastic way to expand your reach. Watch when and how often each link is shared, and tailor your approach to make links more shareable.
Use Social Media Tools
One great aspect of social media is that it tracks and monitors how many people are liking, following, and friending your business. This is basically a built in tracking tool that many businesses underutilize. While it’s important to track any change week to week and month to month, this can be even more useful in correlating with a change or promotion. If you’re running a summer special, it would be helpful to know if your likes increased significantly during that period or if you received only your normal amount.
Once all the information possible has been amassed, the finally step has to be determining the amount earned. However, an overall cost of marketing compared to an overall revenue amount is not a useful metric. In addition to noting what marketing venture brought each client in, note the amount of money that was spent by that client. That way, you can create a broken-down assessment of each specific marketing tactic’s revenue. Facebook ads may bring in one value, while blog posts could bring an entirely different one. Even if one form of marketing is generally more expensive, it could also be the one bringing the least amount of money, or it may be the primary source of income, and thus worth every penny. Without specific tracking, there’s no way to be sure.
Creating excellent marketing and assessing the worth of each endeavor will allow your marketing to be as effective as possible.