Mistake No.10
Not knowing your numbers
Many small business owners see marketing as an expense rather than an investment. Ask them if a campaign has been successful and more often than not the answer will be a general “yes I think so, we haven’t done too badly”.
Responses like that are complete nonsense. What does haven’t done too badly mean?
You need to know precisely how much you’ve spent and how many leads you have generated from that spend.You then need to qualify how good each lead is and monitor your conversion ratios. Only then will you be able to see how effective your marketing is.
Advertisement in Woman’s World Magazine Results
No of advertisements 6
Number of leads generated 65
Number of appointments made. 30
Number of sales 15
Total value of sales $ $14200
Total Cost of promotion $ $5000
Profit $ $9200- Keith Banfield