Have you ever wondered which of your marketing strategies are working? You might have Facebook ads, Google, websites, and landing pages running your marketing strategies. How do you know which one is actually successfully generating you leads, and which one is just wasting your time and money? For all you know you might be getting all of your leads from Facebook ads and the rest are just taking your money or the other way around.
In his book NO B.S. Direct Response Marketing, Dan Kennedy, a most successful and influential marketer, explained all the rules in marketing. Rule number four from this book says, “There will be tracking, measurement and accountability” (page 37).The most important rule of business development and marketing is knowing what works and what doesn’t work. About half the things you try on marketing fails, which means you lost money. From the half that actually work, half of that produces enough money to pay for themselves but they are not a blockbuster. The rest have the responsibility to shoulder all the marketing expenses. So, it is very important to measure success and failure to document the lessons learned and move on.
Now, how do you measure your marketing? What is the formula?
There are different criteria of measuring your marketing to manage your output and outcome. You have to know your cost per lead(CPL), cost per sale(CPS), average transaction value(ATV), lifetime or long-term customer value(LCV), contribution to profit(CP), return on investments(ROI), and more. (Click on this link if you want to further understand the Marketing Math). These numbers tell you all your information to the cent, making it easy for you to analyze and make a calculated decision.
The other important thing is you should know your marketing numbers in real time, not once a month or once a week, on your cell phone, computer, smartwatch, or a big screen in your office.
One tool that help, with all the data from all the places, is called a Databox Dashboard. It will tell you four crucial information that usually takes you time, energy and money to figure out. I will describe them below.
- Track everything all in one place from any device.
- No coding required.
- Focus more on the metrics that matter.
- Get updates on performance as things happen live.
- Get more advanced insight by looking deeper and filtering out data.
I have worked with multiple business that are struggling with marketing. At first, it is always hard for them to admit their failure, but after they come to me it was devastating to see their numbers witnessing the amount of money they lost and opportunities they missed of making money. Rule number four is so close to my heart, I am willing to share, not sell, the databox dashboard. I will actually give you a databox dashboard and connect it for free. This way you know what is going on in your business in real time.