Are you getting a return on your marketing investment?

Posted: 22/12/2011

Today is the final lesson and it is strategic thinker STar who will be explaining the importance of measuring your marketing success.

There are many reasons to measure your marketing not least to understand what your Return On Investment (ROI) is. By doing this, it will also let you know if your current methods of marketing are working and if they’re not, you have the opportunity to change your strategy and not waste money.

There are many ways of measuring marketing, but for SME’s the main things to keep track of are the following:

Direct Inquiries – How many new in-bound inquiries have been generated as a result of the marketing you’ve undertaken.

Qualified leads – Monitor how many of these inquiries are real prospects.

What’s the source – Look at how many leads have been generated from each of the marketing channels you have used, for example direct mail, email campaigns, PR etc. It is important to look at the cost for each type of marketing used and to understand if you are getting a good ROI.

Are they qualified opportunities – Measure the number of sales opportunities generated by marketing against your marketing plan, is this what you expected?

Monitor planned progress – Regularly revisit your marketing plan which should have SMART (Specific, Measurable, Achievable, Realistic, Time-bound) objectives.

Monitor website traffic – Look at what the trends are for the number of people visiting your site.

To find out more tips on measuring the success of your marketing, read the elves guide.

The marketing elves hope you have found their daily hints and tips useful in understanding what marketing can do to help improve your business and wish you a Merry Christmas and a prosperous 2012.

Have any questions for the elves? Please email us and we'll be sure that one of our elves answers them. They are waiting to help you...

Call us on 0845 075 5955 or drop us an email: hello@horizonworks-marketing.co.uk.