The word “marketing” is thrown around a lot these days, and it’s used rather loosely to describe a lot of activities inside of a business.
But I found a definition that’s so simple a school kid can understand it.
Here it is:
Marketing is… made up of all the things you do to attract and sell to the right people who are perfectly suited for whatever you offer…
One of the best pieces of advice I can give you if you want to get good at marketing, is to study the principles first, and tactics second.
Study what makes an ad actually work Vs. studying newest social media platform to place ads on.
If I had a marketing apprentice working for me, and I had a vested interest in their future earnings (say, 10% of their gross sales for the next 10 years), the very first thing I’d do is get them to study the classic direct response marketing books.
Your business’ lifeblood is its customers. In order to gain enough customers to keep your business growing, you need to attract people’s attention; this requires a solid marketing campaign.
However, we regularly see marketers making the mistake of thinking that a “good” marketing campaign means flooding various channels with clever advertisements. In truth, though, good marketing begins when you look before you leap into any action.
In other words, you need to use marketing metrics to guide your marketing campaign’s direction. Here is why how you use — or ignore — marketing metrics can make or break your business:
While marketing is an invaluable tool for customer acquisition, it is also an investment.
Every dollar that you invest into marketing is an expense. If you invest unwisely, then you will waste many of your resources — or even lose ground with consumers.
Without marketing metrics, every marketing effort that you made would effectively be a shot in the dark that could succeed or fail.
For example, if you try engaging a group of people via Facebook, but they spend most of their social media time on LinkedIn, then you won’t see very strong results. In this case, you can use marketing metrics to identify which channels your target audience uses most often.
Metrics help you continue doing what works and cut back on what hasn’t been so successful.
Although your marketing campaign will sometimes create sales directly, this is not its purpose.
Marketing exists to create interest in your company or product so that you have an opportunity to close the sale. This is also known as lead generation.
Optimizing your marketing investment means minimizing the average cost for each lead generated.
Total Marketing Spend / Leads Generated = CPL
Remember you don’t want your marketing campaign to be costing you more money than you make.
This shows how often your new customers start out as marketing leads.
To figure this out, simply divide the total number of new customers acquired in a given time span by the number of customer generated via marketing. This is important because marketing should play an important part of your business’ growth.
You don’t want a customer to stop by once.
You want them to invest in all of the accessories they need; when their product has expired or been updated. You want them to come back to your company for more high ticketed products.
How much a person spends over a period of time defines their LTV.
In addition to generating new leads, your marketing campaign should be nurturing current customers as leads. If your lead nurturing endeavors are successful, then your average LTV should be high.
If it isn’t, then you know that you need to make adjustments in your lead nurturing endeavors.
Don’t Approach Marketing with a Blindfold on…You cannot achieve marketing success without knowing what road your campaign is headed down. With the right metrics, you will have all of the information you need to keep your campaign on track and show your marketing return on investment.
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Talk Soon,
Nicky and Dave
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