Why You Should Be Monitoring Your Marketing

why-you-should-be-monitoring-your-marketingYou may have several marketing campaigns and joint ventures. But how do you know which ones are bringing you the best returns unless you have a way of monitoring them? You may think that as long as the business is coming in it doesn’t matter. But what happens if business starts to drop off? How can you start to find a solution unless you know where you are sourcing your customers?

The Value of Monitoring

Many people think that monitoring their marketing efforts is tedious and pointless. They think that as long as you are building brand awareness your adverts must be working for you. That approach may be okay for large corporates that have huge marketing budgets, but for smaller businesses you really need to make every marketing cent count. This is especially true for direct mail campaigns. To know how effective it has been you need to know how many responses you are likely to get. This then helps you to plan for future campaigns. If you know your average conversion rate then by simply monitoring your responses you can see how effective your campaigns are.

For example: If you send out 100 letters and you get 6 responses, and you know you can convert 50% of those responses then you know that 100 letters will bring you three new clients. You then also know that whatever the campaign costs you it must be less than what you will make from those three customers. Monitoring can also help you to work out how many letters you need to send out before people respond. You may also choose to send the same letter out to the same people over a period of time. Maybe six people respond the first time and maybe a further four respond the next time. Just by sending out the letters a second time you have almost doubled your response rate. But you won’t know that unless you monitor your marketing efforts.

Why Monitor Your Marketing Efforts?

  • You can learn more about your customers and prospective customers
  • You can find out which campaigns are most effective
  • You can ensure that you are getting a return on your marketing investments
  • You can track your progress and success or even see which campaigns aren’t working
  • You can target campaigns that are the most successful and invest more in those
  • You can make sure that you are spending your marketing budget wisely
  • You can calculate how much it costs to acquire a new customer

Monitoring your marketing efforts is a really simple way to make sure you’re making the very best use of your marketing budget. It can be as easy as recording the response slips from a direct mail campaign or asking people how they heard about you when they call. No matter how you choose to monitor your marketing efforts, the information you collect can prove to be very valuable. The more information you have the easier it is to plan and target specific marketing campaigns.

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