Marketing. Most business owners feel this is a grudge spend. If you manufacture something you are able to calculate exactly how much it cost. This is easy to do because all the data is available. If someone were to offer you an alternative price for the raw material, you can quickly calculate the cost difference it will make on your bottom line.
But how do we know if our Marketing is working? Our turnover has grown with 24%, but was it due to inflation, better proposals, harder working reps or was it the result of an effective marking campaign?
Marketing is one of the most difficult things to measure. Right? Wrong! With all the new technologies available today most marketing campaigns can be measured more accurately than you might think.
How will you feel about your marketing spend if I was able to tell you exactly how many calls you received from each campaign on your billboards or newspapers or how many visitors on your website or social media platforms?
Can this change the face of marketing from a grudge spend to a calculated spend?
We believe it can and also in the process make a big difference to the bottom line of your business.
Bottom line – use technology to measure your marketing efforts and adjust as necessary.
3 Steps to Marketing budget tracking
- Ensure you use a good CRM system to capture all your leads. There are ample such systems available, you may try Zoho CRM or VTiger.
- Invest in technology that can track all leads sources like billboards, newspapers and the web. Google Ad Words and Analytics can assist with this.
- Analyze monthly spend versus ROI generated from these leads and allocate more budget to the best performer.