Are You Wasting Money On Marketing Campaigns That Don’t Work?
Most business executives intuitively understand that they must do some form of marketing in
order to maintain or increase their business.
At the same time, most business executives also understand that their marketing cost is one of
their largest business expenses.
There is a joke common to many executives and business owners that they know that 50% of all
their marketing efforts are a complete waste but they just don't know which 50% it is.
Is that you?
There is a disturbing paradox: these same business executives often have difficulty justifying future
marketing campaigns because they can’t answer key questions about their past campaigns.
Five key questions that they – and you – should be able to answer about every marketing campaign are:
#1 – Campaign Cost: What did the marketing campaign cost? Seems like an obvious question,
but many business executives cannot answer it.
#2 – Leads: How many direct sales leads did the campaign generate? Leads are the first
measure of a campaign’s effectiveness revealing how many responded to the campaign.
#3 – Sales Cycle: How many leads resulted in appointments or calls? How many resulted in
proposals? How many leads made it into the sales cycle is a measure of how effective the
campaign “offer” is. A good offer will yield a high ratio of sales activity.
#4 – Sales: How many orders or contracts did the campaign generate? The bottom line for
any campaign is orders or contracts. All too often the sales cycle is long enough that many businesses can’t (or don’t) connect the actual sale to a specific marketing campaign.
#5 – ROI: What is the return on investment of the campaign? The bottom line for the business is whether the campaign was profitable.
The goal of all this is to spend more money on campaigns that work and quit spending money
on campaigns that don't.
Business owners that cannot answer these important campaign questions complain "that
it’s just too difficult to keep the records needed to give them this information, or it takes too much time to pull this information together."
That may be true if it has to be prepared manually.
But the businesses that can put their fingers on the pulse of their marketing with this type of data will regularly outperform those that can’t – it’s that much of a vital competitive advantage.
This is why Customer Relationship Management (CRM) has become a key competitive tool for
CRM makes it easy to track which campaigns are working and which are not and which
customers, prospects or lists are most likely to yield orders.
If you want to learn more about how we can help you use your CRM system to effectively track which of your marketing campaigns are working and which are not so you can put in a system in place that will allow your people to do more with less to drive increased profits while lowering costs then give us a call at 858-541-1820 or send me an email at firstname.lastname@example.org andwe will be glad to tell you more.
For More Information:
RB Data Services
1565 North Rim Court, Suite 287
San Diego, CA 92111