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Measuring and monitoring your marketing

Bridget Holmstrom - Saturday, March 21, 2015

Measuring and monitoring your marketing expenditure

It is probably safe to say that for many small businesses marketing and sales is one of the largest, if not the largest, categories of expenditure.  Certainly for new business and growing business marketing and selling products and services represents a major upfront cost before we sign up the customer and make the sale.  Some companies, a very few businesses, are lucky enough to be able to sell their services with minimum investment.  The rest of us have to invest time and energy into the various channels that are available.

These options include networking, advertising, telemarketing and telesales, direct sales, email marketing, exhibitions and of course the best method of all, referrals.  Each of those different methods can be broken down further for example networking could include organisations like Business Network International (BNI), 4Networking, the local chamber of commerce, lunch clubs, breakfast clubs, women’s groups and so on.  Some will work and some will not and to be honest some are fun and some are not.  As business people we have to remember that we are networking to get business, we most definitely do not network with fun as the final goal.  

As with all things some of these groups are expensive and some are cheap, even free.  But even the free events have a cost and the most expensive cost is our time.  Of course don’t forget to factor in travel expenses as well.

However monitoring the cost is one part of the equation, we also need to measure how many real leads we are achieving from the different networking events.  If we are not getting any success then ask why we are doing the networking and if there is not a good answer, I can’t think of a good answer, then stop and move on to something else. 

An important point to think about is how long should you give each form of marketing, particularly networking, as nothing is going to work on day one.  But is also obvious that persisting with a course of action that delivers nothing for more than a year is a good option.  

So act, measure, monitor, and adjust your activities.

A marketing forecast template is available on my website here.