Measuring the results of the marketing mix using metrics/statistics to assess what is or is not working and where to invest in marketing for the future.
One of the most common missing ingredients in small business marketing is detection. This is the taste test of a marketing plan.
Probably one of the most important questions is the golden question – “where did you hear about us?” – if you and your staff were to ask this question of each of your new leads, you would very quickly understand what of your marketing programs is the source of most of your leads. And this in turn will help you know where to invest your marketing dollar in the future.
A lead source template is a simple yet effective tool for running a taste test on your marketing.
One of the most powerful examples of detection we’ve ever seen was the Searchlight Promotion we ran for an industrial client.
In this program, we had specific targets for volume increases in sales, new accounts and subscribers to an online e-newsletter.
By the end of the program, because we had detection strategies in place, we were able to measure down to the exact number of new accounts (812), amount of volume increase (15%) and the number of subscribers (over 2000) who had requested the newsletter. Not only that, but we were able to measure the specific % response to a variety of direct mail and telemarketing programs run during the promotion.