Measure your marketing

Hamish Mexted Business Strategy & Planning, Increasing Profit, Odds & Ends

Time and again you’ll hear “You need to have goals that can be measured.” This is true for overall business planning (we’re working with people all the time on accounting and business growth KPI targets).

All too often people don’t apply the same philosophy to their marketing strategies. Most business plans involve writing down the goals that you want to achieve, how you will achieve them and by when. This same process can be applied to almost anything – including marketing.

Marketing is not all about making pretty posters and a nice website, but instead about raising awareness and increasing engagement with potential clients. The end goal of this is to increase your sales leads and to increase revenue.

We always recommend doing a little research and experimenting. Constantly adapting your marketing to your changing business surroundings will show potential clients that you are fresh, up with the play and current. It avoids you becoming stagnant and comfortable.

To measure your marketing, here’s what you need to do:

1. Write down what you want to achieve – and be specific!
Don’t be afraid to get input from your colleagues and staff on this either. For example we want to attract 15 new sales leads this month by asking 150 existing customers for a referral.

2.Set out a clear marketing strategy and the steps you will take to implement this strategy.
Look at what other businesses are doing, and how you can do it bigger and better (and potentially cheaper). For example look at the social media strategies of your competition, copy what they do, but tweak it for your own business and your own personality.

3. Now the painful bit of setting dates – break everything down into a time frame.
There is no point on finding out 12 months down the track that your strategy didn’t work. Start measuring your performance week-to-week, month-to-month or even quarter-to-quarter. This will give a clear correlation between your strategies and your performance, showing what works and what doesn’t.

4.Finally, make yourself accountable!
It is too easy to brush off poor results if you are only accountable to yourself. Make everything transparent to your staff, business partners and mentors. A little honesty goes a long way.

On that, we meet monthly with a range of customers to hold them accountable to their targets. These help them stay on top of the trends in their business – both financial (like debtor days) and non-financial (like customer satisfaction levels). If you’d like to sit down with a Chartered Accountant and run through this in your business get in touch today.