test and measure

The cornerstone of all good marketing is testing and measuring. If you start implementing new approaches without a system for measuring the results you’ll never know which are working and which aren’t.

You’ll therefore never know which marketing strategies to focus on because they’re profitable and which to drop because they’re not giving you a good return on investment (ROI). And you’ll never achieve the success you’re capable of.

For example you’ve got to be able to measure:

• Where new customers come from
• The long term value of a customer (what they spend with you, on average, during the life of their relationship with you)
• How much each element of your Marketing costs
• How much revenue each of these Marketing elements generates
• Whether each element of your Marketing is profitable – and how profitable it is
  

Nobody knows for sure, whatever they may tell you, which marketing approach is going to work best for any business at any particular moment in time…until you go out into the marketplace and test it

You should therefore test a number of new marketing approaches on a small a scale as possible. Sizable enough to give you a representative feedback whilst not spending any more than you can afford to lose. If a particular approach doesn’t work, stop it. If it does work, roll it out on a larger and larger scale as long as it remains profitable. The principle of testing solves the problem of growing your business and also solves the problem of financial risk.

The outcome of this testing process will be your own unique marketing system for reaching new customers.

For new Ideas on how to Improve Return on Investment (ROI) for YOUR business…

…get in touch with Tried and Tested Marketing using the quicklink panel below.