As a small business owner you’re probably always looking for ways to improve the results you get from your marketing. Many business owners don’t feel that they are getting enough leads or that the leads they are getting are not closing as often as they should. These can be among the first signs that a marketing tactic is not doing enough for the company.
But does that mean the tactics are not working, or that they are not appropriate for the goals that have been set? In many cases, it is not the tactics or channels, and sometimes the business owner cannot determine the cause without some assistance. This is critical information for a business owner to have, or it can cause overspending on marketing. Because this is such a common issue, I’ve provided our ten-step process at the end of this blog.
Determining where your results are coming from is not an easy task, but Key Performance Indicators (KPIs) that help you attribute success to specific marketing efforts are going to help you make your marketing efficient and cost-effective. Some people will tell you that you cannot attribute sales to any marketing channel. It is possible, but it’s not easy, and it cannot be done as an afterthought. You would create metrics and KPIs as part of your strategy, which should be developed or updated before you implement any new channel or campaign. You’ll want to be able to measure progress along the entire buying journey.
You’ll also want to calculate the top line results you are getting from each marketing channel in use separately. Simply knowing where customers came from is not very helpful if you want to grow your company and manage costs. Customer Acquisition Cost (CAC), Cost Per Lead (CPL), Average Sale by Channel, Total Sales by Channel, and Customer Lifetime Value (CLV) are some of the metrics we use for our clients.
At the end of the day, however, disappointing marketing results may not even be related to the promotional activities or channels you are using. We help clients figure out what is really causing disappointment with their marketing program. We follow the same process, which is time tested and has repeatedly been shown to deliver improved results, with every client who is dissatisfied with their marketing results. We use our ten-step process before we change anything or find a new marketing agency. The results, and the client satisfaction ratings, speak for themselves. Here is our process:
- Define and identify the issue
- Determine the underlying cause(s)
- Brainstorm potential solutions
- Assess the options and select a solution
- Determine if you have sufficient budget for the chosen solution (if not repeat step 4)
- Decide on the metrics you need to determine success
- Implement the solution
- Monitor results
- Evaluate the outcome
- Repeat the process as needed
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