If you offer a great product or service and want people to line up outside your door, this article will give you a formula to accomplish that goal.
Many companies struggle to find the right marketing mix for their business, which usually translates into frustration and wasted money. By following the 3 steps below, you will be able to make informed decisions to maximize the return on your marketing investment.
- Build & Experiment: Every business is different and there isn’t one magic strategy that will work for everyone. What you sell, where you sell it, and who you sell to will all impact the effectiveness of various marketing activities. Start by setting up a marketing experimentation budget and launching some trial activities. Here are some examples that you might want to try:
- Send out an e-mail newsletter to your customers offering incentives to share it with their friends
- Print out fliers about your business and distribute in your community
- Start a blog and write a new article every week for two months
- Setup a Facebook page and offer a coupon for people who join
- Track & Measure: Once you have decided which marketing activities you want to try, you must put the right tracking mechanisms in place to ensure that you can tell what’s working and what isn’t. Tracking can be done a number of ways, such as with a tracked link in an e-mail or a tracked phone number on a flyer. Get as many data points as possible from each marketing activity. At a minimum this should include total cost, number of leads generated, and response rates. Then compare your results in terms of the average amount spent per lead for each activity. This will allow you to learn from your experiment and understand how your potential customers respond to different marketing efforts.
- Strategize: Now that you have analyzed the results from your marketing experiments, you are ready to build a marketing strategy based on results and real data. Set a monthly budget and develop a campaign that makes sense for your business based on the data you have gathered. Also, remember to always allocate a small budget for continuous experimentation. There are always new things to try and new customers to attract.
Now it’s time for you to start building your experiments. Always track and measure to get the data you need to develop a marketing campaign that will give you the biggest bang for your buck.