Do You Know Where Your Marketing Dollars Are Going?

We all know the importance of marketing to increase sales and bring in new business.

But, do you honestly know where your marketing dollars are being spent most effectively.

Knowing which campaigns are producing the results you want and which are not can make a huge difference in where and how you spend your marketing dollars.

There is a diversity of means by which you can advertise your products or services. Classified ads, pay per click, flyers, letters, postcards....the list goes on and on.

If you don't track your marketing dollars, you could easily be throwing money away on ineffective advertisements.
When you launch any marketing campaign, it is vital to set a time frame in which to monitor the results.

Be realistic when doing this. Rome wasn't built in a day and neither will your marketing campaign results be. I have had people contact me for services six months after receiving a magnet I mailed out. So, be patient and give yourself time to truly evaluate your efforts.

When ever a new customer calls your company, do you ask them what made them decide to contact your business? If not, you are loosing out on the simplest and most vital means by which you can track your marketing dollars.

Anytime I receive an email or telephone call from a prospective client, one of the first questions I ask is how they found me. Then, I can track the effectiveness of a web site, postcard, email, etc.

Different types of ads evoke different responses as well. It is only smart business practice to track you hard earned marketing dollars to determine which ad campaigns are working and which are not.

I was surprised that one of the worst advertisements I was investing in was pay per click. My traffic increased tremendously but not my sales.

The postcards I was mailing was bringing in more new business and referrals while the pay per click was basically draining my marketing budget.

Once I terminated my pay per click campaigns, I applied those marketing dollars toward mailings and other on line ventures which are proving much more profitable?

Had I did not tracked my marketing efforts, I would still be throwing away my hard earned money on tactics that simply were not producing for me. You could be doing the same.

Realtors do a great deal of marketing. It is crucial in their line of work to know where their marketing dollars are best spent. From yard signs and magazine ads to postcards and letters, the smart, business savvy realtor will know each month which method(s) have produced the best results.

Something as simple as a daily call log can be used to help you track your marketing.

When ever a new customer enters your business, ask them how they came to select your company. Enter this data on to your daily call log. Do the same with every telephone call you get from new as well as your established customers. It is important to get feedback from your clientele. Knowing what they thought of your recent postcard or letter can help you improve your marketing strategy.

Some small business owners go a step further and host an informal picnic each year for their top clients.

At this event, they poll their customers and get feedback regarding the quality of customer service they have received, new products or services they may be interested in, how they felt about the mailings/offers you sent, etc. It really helps create a good bond between the company and it's "Sphere of Influence".

When your established customers rave about your services, your referral rate will soar. Try something like this with your company. Perhaps an annual open house would work.

No need to go overboard. Set a budget and stick to it.
Serving coffee, tea and sodas along with hotdogs or snack items would be sufficient. When your customers visit your open house, have a short form for them to fill out, critiquing your products and services.

By allowing them to anonymously express their wants and needs as well as how they feel about your services, you will gain valuable information necessary to improve and grow your business.

It is a good idea to have handouts available such as magnets, pens or even balloons. Of course, these will all have your company name and contact information on them which is another good marketing tactic you should use.

The bottom line is this; it's all about marketing and tracking your marketing results.

An open house can produce a gold mine of new clients as well as re-establishing some of the old ones.

Having a solid marketing plan and tracking your marketing results will make a major difference in your sales and how you spend your marketing dollars.

So, the next time a new customer walks into your company or makes your business phone ring, remember to ask how she/he came to choose your company.
You just may be surprised at what you will learn.

©2005 Judith A. Wentzel - Image smarter marketing specialist providing image smarter web site design, marketing & business services. Assisting realtors & small business owners with their business and marketing needs since 1993.

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