Quantifiable Marketing: Measuring your business success
August 22, 2013
What is working in your business? How do you know it is working? Does your business ‘feel’ like it is doing well, or are you looking at your outgoing invoices and whether or not they are growing compared to last year? The majority of marketing done in the modern world has quantifiable components with the whole point being to measure the ‘what works’ and ‘what doesn’t work’ of a campaign.
Lets look at what can be quantified, and lets start with inside your business:
1. How many phone calls do you get daily?
2. How many visitors are coming to your website monthly?
3. How many people come inside your store weekly?
4. How many sales do you have in a quarter?
You need to start measuring ‘what’ your business is going to say and define ‘how’ your business is doing.
Do you know if the Spring brings in more sales than Fall? If so, lets focus some advertising in Winter to help increase the outcome of Spring.
Is traffic on the website going down? When was the last time you invested your time or efforts into your internet presence?
What about your marketing budget? If you are spending $100 dollars to advertise to 100 subscribers in a magazine compared to spending that same money in a magazine with more subscribers – how will you know if it helped or hurt your business?
With marketing in the digital age, a marketer can work with their marketing campaigns to track where and what people are doing on a website, how they got there, how long they were there, what operating system they on, in what browser, on what device. Phone numbers are easy to acquire and can all be tracked by time and caller id. Digital advertisements can be tracked by impressions given and interactions. Even magazines and traditional advertising such as radio, TV, or print can be tracked by tying them into digital campaigning.
Why is this important? The goal for all this tracking and metric gathering is to simply learn what is working with your audience and what isn’t.