06 Sep

‘Half the money I spend on advertising is wasted; the trouble is I don’t know which half’ John Wanamaker

In business, marketing can be one of the hardest skills to master. There are thousands of strategies available to you but which ones do you chose? Once you have chosen your strategies how will you know which ones are working?

By Test and Measure, testing and measuring the results you receive on your marketing is the only way to know which strategies are successful and which ones are not. When talking to Business Owners, Managing Directors and Marketing Managers the most common way they evaluate their marketing is on ‘Feelings’ and ‘I think it’s working’. There is no logical data to back up the thoughts and feelings they have, by testing and measuring every activity you run you start to gain control over your marketing. It gives you solid data to base all your future marketing decisions on. Normally the most cost effective and accurate way to find out where your customers heard about you is to ask them, this doesn’t always work well though. Some team members forget to ask and others sometimes note down the wrong strategy. For example a customer may say they saw you in a magazine but which magazine was it? The only true way to get accurate data is to use a system to collect the information for you. 

Gathering the data from your customers to find out where they heard about you gives you the right information to make logical decisions on your marketing, with the reassurance you are making the right decisions to create highly effective marketing that you know works. The best way to start improving the return on investment you get from your current marketing is to Test and Measure the current marketing activities you are running and STOP what is not working. This will then allow you to invest the cash you are saving into marketing strategies you know work. 

It doesn’t stop at strategy level though, within each strategy are you running different special offers, using different headlines and targeting a new audience. All these questions add variables, no marketing stays the same for too long, we change it, adapt it and run new offers on a frequent basis. Wouldn’t it be great if we knew which headline got the most attention? Which target market responded to which marketing activity? As well as which special offer attracted the most calls? If you are actively testing and measuring your marketing you can start to answer these questions and over a period of time start to make some great marketing decisions. Using the data collected you will then be able to see which headline got the most attention, which marketing activity did your different targets respond to and which special offer got you the most calls. Over time making you the expert in your marketing. 

So how do we eliminate the half of marketing that is wasted? By using Test and Measure in every strategy. Testing each new headline and special offer in time will allow you to make great decisions with your marketing. Eliminating the strategies that don’t work and getting a fantastic return on investment from strategies you know work! 

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