The difference between a profitable and an unprofitable business is effective measurement!
This might sound obvious but, from my experience, many business owners don’t know how to market a business effectively and they simply waste their money on marketing and advertising that does not work.
If you don’t know the results that you are getting from each marketing activity you carry out or each piece of advertising you pay for, how can you tell whether or not it’s working?
Focusing your marketing investment on the right activities will seriously increase your sales and your profitability and, at the same time, it will stop you spending money on what doesn’t work, which will reduce your costs even further.
The biggest mistake many business owners make
One of the biggest mistakes I see business owners make is that they “score” their marketing on how much they have spent on it or how good the marketing piece looks. If you are doing this then STOP! This is not the way to evaluate your marketing! You need to know how effective it is NOT how much you’ve spent doing it.
You need to know the results that you are getting from each marketing activity that you carry out or each piece of advertising you pay for. You need to know whether or not it is working for you.
When’s the last time you took a good look at your marketing activities? Can you say, hand on heart, that you know which ones are definitely working for you and bringing you lots more clients?
Are you throwing your money down the drain?
You need to measure and evaluate every single marketing activity you carry out to know whether or not it’s worth the investment. Only then will it show you where you spend most of your marketing time and money and which areas give you the best results and which don’t.
Until next time, remember …
If you don’t already have a strong system in place for testing, measuring and evaluating the success of your marketing, then you need to introduce one straight away.