Most business owners work hard to create successful, sustainable businesses. They wear many hats and are ultimately responsible for every aspect of the business. One of their most important responsibilities is to generate a consistent flow of business.
Business development requires significant time, money and energy to attract enough of the right customers. Most business owners believe they know where their business is coming from, but in reality they do not. The vast majority of business owners do not accurately measure the results of their marketing efforts.
I spoke with the marketing director of a well known local financial institution. Their annual marketing budget is about $1 million. Their marketing campaigns are extensive and include TV and radio ads, newspaper ads, billboards, direct mail campaigns, social media marketing, membership in trade associations, chambers of commerce and a host of others.
I asked him which marketing mediums worked the best? He responded that TV ads produced the best results because the phone would ring when the commercials aired. When I asked how many of the callers actually became customers, he did not know. He admitted they do not track the results of their marketing efforts. I was surprised they spent $1 million each year, and they did not track the results of that investment.
Paul Bellows is a prominent business consultant and CEO of Be Good at Doing Good. Bellows says “if you can’t track it, you can’t measure it. If you can’t measure it, you can’t improve it.”
According to Bellows there are systems and tools to track your marketing efforts, but adds it is much easier to track digital forms of advertising. To track conventional forms of advertising, try using dedicated tracking phone numbers for each campaign. Specific calls to action can help your tracking efforts, and you can direct consumers to dedicated landing pages on your website.
For more information, or help tracking your marketing efforts, contact Paul Bellows at 603-4274.
