Before I even start, let’s take a minute and think back to all the channels in which you’re marketing your small business. Now, write them down and add up how much each of these marketing and advertising channels are costing you.
Now, this is the fun part. Can you figure out how each of these channels are actually benefiting your business, from either a sales or revenue standpoint? What’s the exact return on investment when it comes to your marketing tactics?
With so much of your time and energy being spent on running your small business, it’s a wonder when you’re even able to execute a marketing strategy. While it’s great to employ a marketing strategy, it’s equally important to track those efforts.
With so many marketing and advertising options available today, it’s vital that you’re figuring out where your customers are actually coming from. As an owner or manager of a small business, you don’t have the luxury of an unlimited budget, you need to make sure whatever you’re doing actually counts for something -- namely adding to your bottom line. Once you’ve pinpointed exactly what channels are working for you to bring in customers through the door, you’ll be able to improve upon those very methods and create campaigns that really work.
So, let’s start small…
It can seem like a daunting (and time consuming!) task to actually sit there and manually check to see how your marketing efforts are performing. I know you’re not stranger to the concept that time is money.
Let’s start with the basics. When tracking your marketing, make sure you’re aware of the following channels:
- Email Marketing
- Social Media
- Online Directories
- Online Ads
- Print Ads
- Affiliate Promotional Programs
Remember, it costs about 6-7 times more to acquire a new customer than it is to retain an existing customer. One of the biggest reasons for this is because the cost of marketing to a new customer can be incredibly pricey. Here’s where you can start to try to curb some of your spending.