Always be on the lookout for ways to improve your marketing intelligence. When you make adjustments along the way, change only one variable at a time, so you can determine which variable made a difference.
One way to test and measure your marketing results is to conduct a marketing audit. Ask your customers for some honest (and brutal) feedback regarding your business. Find out where they think your business excels and where some improvement wouldn’t go astray.
“Negative responses are good”
What! – NO WAY.
Yes they are… it means that your customers want you to do better otherwise why would they bother? It’s important to develop a strong rapport with your customers so they feel comfortable telling you how it really is.
Intelligent Direct Mail.
“Is there any other kind?”
When using direct response marketing always test the headline and the body copy. Write a number of variations of each and record the responses that come back. Over a period of time, you’ll find that one particular message works better than all the others.
So use this one & trash the rest… but don’t stop there.
“Testing & measuring is a work-in-progress thing and you need to keep on doing it & doing it & doing it”
Keep accurate & up to date records of the costs & success rate of every strategy. This information will prove to be invaluable in the future & will ensure that you don’t tread old ground.
When comparing the costs to the marketing results, consider both the tangible and intangible results. Increased sales, a tangible result, and enhanced business credibility, an intangible result, are both important to the growth of your business.
Looking at overall costs can help you determine which tactics are putting a strain on your finances without reaping any benefits.
Ah Yes… A Web Site.
Internet based marketing is also a great marketing intelligence tool for tracking results.
Set your Web site up to track how many visits are made by consumers each day. You can include customer information forms on your Web site for those interested in more information.
Comparing the conversion rate of visits to the number of submitted information forms can give you an idea of how effective your marketing is and you can then adjust it to suit.
Keep track of how many new and repeat customers your business has.
Ask your new customers how they heard about your business and keep a record this information, as it will reveal your strongest marketing tactics.
An extended period of slow activity may indicate that your marketing techniques need to be adjusted and a decrease in repeat business is a certainly a clear sign that something’s not working.
Through a strategic approach to marketing intelligence, you’ll keep your fingers firmly on the pulse of your business.