How To Turn Marketing From An Expense To An Investment
Most people view marketing as an expense and unfortunately for most businesses this is the case.
Let me explain; because most business owners do not track where their leads come from, they do not know which marketing strategies are working.
Look at it this way, if I offered to give you $ 100 every time you gave me $50 how many times would you want to give me $50…indefinitely right?
The first step is to identify which marketing strategies we are using that are working and run more of these and we need to get rid of the ones that don’t work.
Implement a system so that you can consistently identify how people heard about you and you can start to identify which marketing strategies are working for you.
My recommendation is that you generally ask for this information after you have built some form of rapport with a person.
A few years ago, one of my clients, who owns a windscreen repair and replacement business, decided to track where his leads were coming from.
He realised that over 70% of his phone call enquiries were coming from the Yellow Pages. Guess what he did? He decided to stop running his advert in the Yellow Pages.
Why? You may ask. Well he realised that very few of these enquiries turned into business, they were poor quality leads.
The result was his phone rang less, he was able to spend more time with better quality leads which included following up on referrals and people that walked in.
By understanding where his leads were coming from he was able to make an informed decision.
Stopping the advert sounds a bit extreme, yes, we could have designed a better advert or worked on his inbound phone script, however he just didn’t have the time and he made the decision and took action.
By doing this it gave him more time and the ability to work more strategically on his business.
If you require business advice, please get in contact with Sam at:
w: samharrop.com.au | t: (07) 4051 2221