Last week we laid the foundation of the crucial elements that go into every successful marketing strategy. Developing relationships and building trust is the main goal of marketing. Everything that you do and how you communicate to your audience is built around the question, how do I build a relationship and gain trust with them? This week’s topic is equally important to building the strategy. It’s about how you measure and determine success. Many business owners tend to give up too early or continue way too long with their strategy because they haven’t determined how to measure success beyond sales. You see, not many marketing strategies work well right away. It takes adjustments, pivots and tweaks before you hit the sweet spot. But if you don’t determine the various metrics that measure success you will quit right before you hit the jackpot or continue way too long and spend too much money along with it. In other words, this is the money episode. Click to listen.
Case studies in quitting too early or going too long
Variety of organizations go 3-6 months without measuring KPI’s and trying to adjust. They move on to the next thing. It’s a constant 3-6 month cycle of trying something different.
Client went 2-3 years doing the same thing over and over and spent way too much money in marketing. That was the main cost that was causing them to lose money.
Goals set the destination - sales/profits
Metrics are important markers along the way to get you to your goals
Open rate/click thrus, likes/comments/shares/follows, phone calls/texts/turn in coupons, downloads
Impatience result in short lived results
Informed patience is the virtual that will lead to long term gains
Case studies in getting it right
Doubled open rate from 10-20%
Increased social engagement by changing theme direction. More personal interaction as opposed to stock photos or quotes.
Ourself experimenting with FB lead ads.
Adjusting copy/pictures to lower acquisition cost.