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, want to make your Marketing dollars work harder?
Hi ,
Do you find it difficult to come up with ideas and ways to measure your marketing spend? If so, you are not alone. The good news is Next Marketing can help.
I had two extensive conversations with business owners this week about this very issue. I know first hand that it can be tricky and in some cases impossible. Which makes marketing decisions tough when you are on a small business budget. There are ways around this and Next Marketing can asist you to develop a plan of how to do so.
Here are also some examples of how to measure your marketing spend for you to consider.
1300 numbers
Depending on the size and complexity of your marketing campaign, it may be worthwhile purchasing or using a dedicated 1300 number. By doing so, all calls to that specific number can be tracked and measured against your advertising spend. If you have a large presence in Yellow Pages for example, a 1300 number would be a great option to evaluate how this medium is working for you. Yellow Pages is a twelve months investment and many companies are turning away from it. However, if you do generate a significant amount of business from Yellow Pages and decide one year to scrap your ad, it will be another twelve months before you can re-appear in the book. It is always better to make these decisions with data to back up your gut feel.
Unique URL’s (website pages)
Next Marketing recently worked with Argyro Gavalas, a Melbourne based in fashion designer, on a showroom sales event. We created an extensive Marketing plan that outlined a number of online advertising options to promote the event. Our objective was to generate sales, however we also wanted to build a database of followers to promote future events too. Due to its timing and measurability we selected mostly online advertising and this worked well.
So, how did we measure the results? In short, we had a specific URL (website address) created for each advertiser and this was used to direct people to the Argyro Gavalas website to register for the event. What this process enabled us to do was to measure the ‘sign up’ rate for advertising source. The results gave us great insights for the next event coming up very soon!
Modelling TV spend and ROI
Next Marketing is currently working with a client who has a high TV spend. To date, the TV advertising has not been tracked and the ads are not tailored for each market, making specific measurement impossible. It is still important to know what the spend is delivering to the business but without any specific measurements this process can be tricky.
To get around this, Next Marketing has created a model that analyses store sales via TV zone
. Sounds easy but with over 200 stores and locations in most TV zones in Australia, the exercise is quite complex. Now that this first phase is complete, we have moved phase two where we are looking at ‘what if’ scenarios to determine – based on past TV spend and store sales – if we spent more TV dollars in Regional X – what will that deliver in terms of sales. It is quite exciting and will certainly change the way that TV is bought for the next big promotional period.
Some other measurement suggestions include -
- Coupon codes for website shopping cart purchases
- Email Marketing campaigns that require the receiptant to redeem a specific voucher
- Unique offer per mechanism
- Hidden web pages that can only be accessed through s specific link that only appears in the advertising source
Need help to measure your marketing spend? Drop us a line to see how we can help.
Cheers,
Jo Macdermott
PS – if you have missed an issue of the Marketing Magazine – click here to download a copy of my ‘On a Shoestring’ column
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