The analysis of your past marketing efforts will yield big benefits as you navigate this process. Let's get started.
You are reviewing revenue and expenses for tax season now anyway, so take a closer look at your income sources and marketing expenses and how they relate to each other.
Income sources: Where did this client/project/job come from? Were they a referral, repeat customer or you don't know? Every single revenue source should be identified. If this has not happened this year check out my blog on Asking the Million Dollar Question. If they were a referral, who referred them? Keep track of those contacts and work with your agency to develop special ways to reach out and thank them.
Here are the basics as to where clients/projects/job may have come from:
· Referral - Identify person(s)
· Social media: Nextdoor, Facebook, Instagram, Houzz,
· Digital ad campaign (separate each campaign)
· Email marketing
· Search engine
· Event sponsorship
· Association memberships
Marketing expenses - Examine the dollars spent that bring the money in the door for the above activities. If you have been doing this all year long nothing should be a surprise to you. If not, this is needed. Also consider your time commitment when it comes to associations.
Then analyze whether the dollars going out justify the business coming in. And be honest with yourself, if the activities are sporadic, your results will be.
You may question a particular expense and while it performs, you may not feel it's worth the money going toward it. Work with your agency on either negotiating a better contract that may dial back the dollars while further refining your audience.
Tweak or remove the non-performers. Discuss with your agency whether your message is still relevant one year later; an adjustment may be called for. Also consider whether your target market has changed, which will alter some of these activities.
Now that the hard part is behind you, stay tuned for the second step in the series: Plan headed your way soon.
I have outlined five simple steps below that will help keep you on track. Each subsequent newsletter will highlight each aspect.
Plan - up next!
Hire a competent agency that will keep you on task with a plan targeted toward YOUR customer! And remember that marketing with momentum generates optimal results when you are consistent. Commit to 12 months of consistent marketing using the above and you will be well on your way!