Feature Blog Image

Testing and Measuring: The Key to Success

Testing and Measuring: The Key Rule

There we have it, the magic pill for marketing!! Wouldn’t that be incredible? The fact is that we have no idea what the PERFECT marketing strategy is because there are so many variables, so many avenues and even more advice. That is why Testing and Measuring are the key to an educated implementation of a top marketing strategy for your business.

Systems, plans, and operations are all necessary but, if you are not testing and measuring you will not know which strategy had the best level of success and which one fell short. Focus on following one rule with your business, don’t implement change if you can’t determine the success level of it.

What do I measure?

This all seems simple but what should you consider when measuring? Below are a few KPIs and metrics that are worth considering.

  • Monthly and Yearly Budgets
  • Conversion ratio for each individual salesperson
  • Purchasing systems for internal sales
  • Detailed Profit Analysis for all marketing campaigns
  • Recorded and updated profit margin sheet
  • Detailed accounts of the source of all leads
  • Average sale value for each individual salesperson
  • Complete a Monthly Balance Sheet
  • Number of repeat transactions per customer
  • Complete Weekly Bank Reconciliation
  • Weekly cash flow statements
  • If you sell product, daily stock updates

Once you are successfully measuring the financial side of your business as well as the overall sales success of your team, you need to dig deep into the actual strategies themselves. This should mean both paid and unpaid efforts as well. Below are some common situations to focus on with your efforts.

  • Brand awareness (SEO, Community awareness, reviews, online ranking)
  • Cost per lead
  • Website traffic lead origin
  • Returning visitors vs Multiple sessions
  • Online conversion rates
  • Traditional marketing conversion rates
  • Digital Click thru rates
  • Customer lifetime value
  • Social Media Platform specific insights and measures

This may seem familiar…

Testing is very useful in the marketing side of your company. It is not a new concept more than likely you’ve been doing it in some measure the whole time you have had your business. Think back to the times you ran that ad or filmed that commercial or even sent out that mailer that maybe worked or didn’t. That IS testing! You need to have it all on record and you need to know the details behind every deal so that you can make the most effective and efficient decisions for your company.

Often businesses have a bunch of poles in the water fishing for leads and it can become very tough to successfully track your focus.  Every time someone buys, ask them this question – “Just out of curiosity, how did you hear about me? Where did you find me online?” I have yet to see someone withhold that information when asked for it.

Stay vigilant and focused. You can’t test and measure sometimes, it MUST be done every hour of every day with every potential customer. It’s not hard, just make sure that you are constantly writing down the information you need to give you a full picture of the client journey. Also, get your team on board with it! Get them to buy into the fact that if they can find out where good quality leads are coming from, you can create more of them!

If it seems like a massive amount of work and a huge pain, its because it can be. That is where your professionally trained business coach comes in. We can help you break it down into a logical and systematic process that will save you time and make you money.

A Business Coach isn’t a luxury you don’t need, it is a necessity your business must have to reach its full potential. We help you take ACTION and keep you accountable to ensure that action turns into the top level of success. If you are ready to scale up your business and get the most out of your efforts give us a call or schedule your appointment here.

Author: Matthew Thomas, Marketing Manager in Louisville, Kentucky.

Testing and Measuring: The Key to Success