My daughter is entering her junior year in college at University of Georgia (Go Dawgs!). She’s pursuing a dual degree in Russian and history with a 4.0 GPA. Needless to say, I’m extremely proud of her for being so smart and hardworking.
What do you think her focus is on? If you said grades, you would be right!
She doesn’t just pay attention to them at the end of the semester, either. She measures, monitors and manages her grades from the beginning of the semester all the way to the final exams.
You should do the same for every marketing campaign you conduct, and I can show you how.
Measuring, monitoring and managing allows you to know in real time what is is working in your campaigns so you can do more of that activity. It also tells you if you are getting less than acceptable results in an area so you can change your approach.
Let’s review a typical mail campaign and the various metrics you would want to analyze. In this example, you spent $400 on your marketing campaign to profit $400. You can check out the infographic below, too!
Your first sale paid you back for the investment of the campaign, and the other $400 goes to you as potential profit or for more marketing activities. There will be times you will do better (or worse) than a 1 percent response rate, 60 percent appointment rate and a 30 percent closing rate.
Again, the goal of measuring, monitoring and managing is to know where you are, what you can improve and what needs to be changed.
Take a look at your last marketing efforts. What could you have improved on to increase your results?
In upcoming posts, I will show you the most important parts of your campaigns and how to consistently exceed the most critical metrics.