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…
https://i0.wp.com/easyonlinebizsolutions.com/wp-content/uploads/2020/03/2-OUT-of-3-Things-Will-Make-You-Money-in-Marketing.png?fit=600%2C200&ssl=1200600Nicky Canehttps://easyonlinebizsolutions.com/wp-content/uploads/2017/09/EzyOnlineBizSolutions-logo-shadow-500-156-300x94.pngNicky Cane2020-08-01 06:30:132021-03-12 16:20:412 OUT of 3 Things Will Make You Money in Marketing
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:
Why are Marketing Metrics so Important?
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.
What Marketing Metrics Matter the Most for my Campaign?
Cost Per Lead (CPL)
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.
The Formula for CPL is Simple:
Total Marketing Spend / Leads Generated = CPL
Remember you don’t want your marketing campaign to be costing you more money than you make.
Percentage of Customers that Started as Marketing Leads
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.
Customer Lifetime Value (LTV)
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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Most of the business advice out there is telling you what you should do. But we’ve found it equally, if not more valuable, to ask our mentors what we shouldn’t do.
You can learn a lot from hearing experienced entrepreneurs tell you tales of all the times they made mistakes and paid dearly for it.Read more
https://i0.wp.com/easyonlinebizsolutions.com/wp-content/uploads/2018/06/Marketing-Mistakes.png?fit=600%2C200&ssl=1200600Nicky and Davehttps://easyonlinebizsolutions.com/wp-content/uploads/2017/09/EzyOnlineBizSolutions-logo-shadow-500-156-300x94.pngNicky and Dave2018-06-09 12:50:312018-06-17 20:18:24Are You Making Any Of These Marketing Mistakes?
https://i0.wp.com/easyonlinebizsolutions.com/wp-content/uploads/2018/05/million-dollar-marketing-on-a-budget.png?fit=600%2C200&ssl=1200600Nicky and Davehttps://easyonlinebizsolutions.com/wp-content/uploads/2017/09/EzyOnlineBizSolutions-logo-shadow-500-156-300x94.pngNicky and Dave2018-05-12 14:40:332018-06-21 11:41:09The Three Elements Needed To Create Million-Dollar Marketing On A Budget
Advertising is a major part of marketing. As far as some people are concerned, it’s the only thing marketing really does. While we know this isn’t exactly true, learning how to create a good advertisement will help you get the most out of your investments.
Let Me Give You the Simple Anatomy of a Good Online Advertisement…
https://i0.wp.com/easyonlinebizsolutions.com/wp-content/uploads/2018/05/Advertisments-in-Time-Square.png?fit=600%2C200&ssl=1200600Nicky Canehttps://easyonlinebizsolutions.com/wp-content/uploads/2017/09/EzyOnlineBizSolutions-logo-shadow-500-156-300x94.pngNicky Cane2018-05-08 07:30:142018-06-15 17:05:50The Simple Anatomy of a Good Online Advertisement
https://i0.wp.com/easyonlinebizsolutions.com/wp-content/uploads/2018/03/10-ways-to-increase-profit-margins-blog-e1521086656196.jpg?fit=500%2C281&ssl=1281500Nicky and Davehttps://easyonlinebizsolutions.com/wp-content/uploads/2017/09/EzyOnlineBizSolutions-logo-shadow-500-156-300x94.pngNicky and Dave2018-03-17 06:30:162018-06-15 14:29:2329 Ways to Increase Profits in Traditional Businesses
Savvy Businesses realize that the best thing they can do is to serve their community, irrespective of whether or not someone is in a buying cycle.
One of the most important tools that you can use is community.
It’s important that Entrepreneurs to be where their prospects — and their prospects’ friends — hang out.
“We seek areas where our clients have questions, and we strive to provide the single-best resource available to address their inquiry. Our clients don’t have questions limited to investing. They have questions about life.” – Barry Glassman, Glassman Wealth Founder.
If done right, Community involvement for a Business can be a situation in which everyone wins. Read more
https://i0.wp.com/easyonlinebizsolutions.com/wp-content/uploads/2017/09/700955-e1521082124753.jpg?fit=400%2C238&ssl=1238400Nicky and Davehttps://easyonlinebizsolutions.com/wp-content/uploads/2017/09/EzyOnlineBizSolutions-logo-shadow-500-156-300x94.pngNicky and Dave2018-03-13 11:19:172018-06-09 18:10:2011 Benefits That Community Can Have On Your Business
The Importance of Understanding Branding vs. Marketing
While branding and marketing are distinctly different, there may be one area where they overlap. When choosing imagery to be used on a continuing basis, branding and marketing become one in the same. As the saying goes “An image speaks one thousand words.”
Knowing that, when you select your organization colors, images, and logo–remember that they need to first stand for your brand–but that they can also play a considerable role in your ongoing advertising campaign.
Think about the number of images we see everyday—on our Facebook feeds and Twitter timelines, on websites we visit, in the games and apps we use on our phones. Though billboards and print advertising prove that brand imagery has always had a place in marketing, it’s undeniable that it now plays a much more important role, because of social media. If properly used, images can deepen a customer—or potential customer’s—attachment to your brand.Read more
https://i0.wp.com/easyonlinebizsolutions.com/wp-content/uploads/2018/02/top-hundred-brands.png?fit=560%2C500&ssl=1500560Nicky and Davehttps://easyonlinebizsolutions.com/wp-content/uploads/2017/09/EzyOnlineBizSolutions-logo-shadow-500-156-300x94.pngNicky and Dave2018-02-23 08:00:352018-06-09 21:09:43The Importance of Understanding Branding vs. Marketing
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