How to get the most out of your marketing budget

Test and Measure. The two words upon which my business has been built.

There are a lot of things to measure, and most business owners settle for sales. They don’t even look at outgoing costs – seriously!?

You’ve gotta know what’s effective to make your business work. Testing and measuring is critical to the survival of any business. It’s no wonder 80% of small businesses fail – nobody’s testing what works and what doesn’t!

If you want to avoid this common mistake, start by setting up measurement systems.

So here are the 5 most important metrics to make sure you’re measuring in terms of marketing:

    1. Cost Per Acquisition (CPA)
    2. Opt-in Rate
    3. Open Rate (also known as read rate)
    4. Click Through Rate
    5. Time to convert (from opt-in to exchange of money)

Once you’re measuring these things, it’s time to start testing. Testing will help you to refine what’s working well and what needs to change so you can get the most out of every dollar spent on marketing.

Here are the key things to test initially:

    1. Opt-in box location – across the top of the screen vs on the right hand side
    2. Opt-in offers
    3. Headlines
    4. Sales letter
    5. Time between Autoresponder emails
    6. Content sent in Autoresponder emails
    7. Colour of Opt-in box
    8. Colours of web pages
    9. Pictures on landing page (NB: pictures of people attract more attention than any other picture type)

Make sure you keep track of everything you change, what the results are and adjust accordingly. Most importantly, do more of what works and if something reduces your results in the areas that matter – CHANGE IT!

Leave your comments below and let me know what you reckon!
Sharon

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  • Melissa Adeson

    Oh my yes!!! The best way to know what to change is to do a before and after. This will help us understand what entices and what turns off our ideal clients.. I never even considered the color of my opt in box. I love learning new things, off to my website to test out colors and see what works..

  • Carmen Daley

    Keeping track of everything changed, monitoring the results and adjusting accordingly seems like common sense but it does slip from time to time. Thank you for bringing it back into focus!

  • Annie B

    One of my favorite quotes on business and marketing is...

    "Half the money I spend on advertising is wasted; the trouble is I don't know which half." Wanamaker, John.

    It is why testing and measuring is so so important. We are blind as marketers as it is, so having results helps us see just a little clearer.

  • Camille Thurnherr

    Love it. It's so important to have a system in place that actually works for you. I've seen so many new business owners do so much better, after just making some small changes with how they do their marketing. Love it!

  • Brilliant insight. So many businesses cling desparately to old ways that might have worked in the past but are now passe.
    The great Marketing Guru Peter Drucker was once asked by a Harvard Post Grad student "How often should we change our marketing plan" to which Drucker replied "No more than every 5 minutes".
    We live in a dynamic environment and our marketing MUST reflect this.

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