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You may be aware that in a basketball game the assistant coaches keep an almost unending list of personal statistics for each player. Rebounds, assists, points, minutes played, etc.
Why is that?
Because they know that these individual statistics all add up to the bottom line.
The final score.
If they can achieve even a small incremental improvement in these individual statistics for each player this will have a compound affect on the final score.
And of course, it helps them know which players to give the most playing time too.
In marketing your business you should be just as disciplined. Which products and which ads and which media should you give the most playing time? Do you know?
What's the point of designing and implementing an advertising campaign if you don't know if it worked or if it was better than the last one?
What a waste.
How do you know where the best place is to spend your advertising dollars?
By tracking everything.
Incoming calls, emails, walk-ins, website visitors, etc.
Train yourself and your staff to always ask these questions. Where did they come from? How did they hear about you? Which ad did they call on?
Here is an example: Let's say you place a classified ad in the newspaper at a cost of $135.00 offering a free report on your product. You could track the incoming calls in many ways (for instance by directing them to a free recorded message with a unique extension number or simply by asking them where they heard about the offer when they call).
Let's say you receive 12 calls on this ad and 2 of them end up as completed sales.
What is your cost per prospect?
(Cost of Ad) / (Number of Calls) = Cost Per Prospect
$135.00 / 12 = $11.25
Your cost per prospect is $11.25
What is your conversion rate of prospects to sold clients?
(Number of Sold Clients) / (Number of Prospects) = Conversion Rate
2 / 12 = .17 (or 17%)
Your conversion rate of prospects to sold clients is 17%
What is your cost per sold client?
(Cost of Ad) / (Number of Sold Clients) = Cost Per Sale
$135.00 / 2 = $67.50
Your marketing cost per sale is $67.50.
Now let's say you place a display ad in a large local corporate
newsletter and it costs you $450. You get 27 calls which
turn into 4 sales.
Which ad is performing better?
What is your cost per prospect for this ad?
(Cost of Ad) / (Number of Calls) = Cost Per Prospect
$450.00 / 27 = $16.67
Your cost per prospect is $16.67
What is your conversion rate of prospects to sold clients?
(Number of Sold Clients) / (Number of Prospects) = Conversion Rate
4 / 27 = .15 (or 15%)
Your conversion rate of prospects to sold clients is 15%
What is your cost per sold client?
(Cost of Ad ) / (Number of Sold Clients) = Cost Per Sale
$450.00 / 4 = $112.50
Your marketing cost per sale is $112.50.
Depending on your products and profit margin both of these ads may be performing well enough to merit continuation. However, based on this information we would want to look for other opportunities to expand our use of the classified ad first.
This may seem a little basic but this information is extremely valuable and often overlooked.
The outcome of most athletic contests is normally decided by a very small margin, sometimes by as little as tenths of an inch or hundredths of a second, missing that pass completion by half a step or missing one basket.
One would suspect that most winners and losers in business are also determined by very small margins.
Not giving that extra little bit of caring and customer service. Not having your presentation skills honed, not including testimonials with your sales information. Not having the most effective headline in your ad or not having a headline at all.
And worst of all, not knowing which ads are working and which should be put on the bench.
"If at first you don't succeed, try, try again. Then quit. There's no use being a damn fool about it." - W.C. Fields
Shawn Meldrum has spent the last two decades marketing everything from almonds to landscape lighting. He currently specializes in marketing for mortgage brokers, loan officers and real estate agents. For free mortgage marketing articles and much more visit: http://www.MortgageMarketingTips.com/
MORE RESOURCES updated Thu. May / 17 / 2012 TIME | Will Facebook Adapt to Mobile or Will Mobile Adapt to Facebook? BusinessWeek By Kevin Fitchard on May 17, 2012 We all know Facebook needs to become a force in mobile advertising, but just how much of a force? If Facebook were to replicate the success of its desktop ad business on mobile, it would account for a healthy chunk of ... Facebook Advertising Shows 'A Lot Of Potential But It's Not A Slam-Dunk' Facebook's biggest problem is that it's a media company Is Advertising on Facebook Worth the Expense? |
NPR sees sharp downturn in advertising revenue, leading to talk of cuts Washington Post Halfway through its fiscal year — and six months into Gary Knell's tenure as chief executive — Washington-based NPR has seen a sharp downturn in corporate “underwriting,” or advertising revenue. The falloff has led to projections of an annual ... |
 Sydney Morning Herald | Does advertising on Facebook pay? San Mateo Daily Journal But ahead of the IPO, a debate emerged between two of the nation's largest automakers: Does it pay to advertise on the social network? General Motors, the nation's largest automaker, said it would abandon Facebook ads after concluding they were ... Companies ask: Does advertising on Facebook pay? |
 Seattle Post Intelligencer (blog) | Skechers agrees to pay $45 million to settle charges of sketchy advertising of ... Seattle Post Intelligencer (blog) By Rita R. Robison Kim Kardashian, fresh from a sweaty workout and pictured in a variety of steamy, suggestive poses, decides in a TV advertisement to dump her personal trainer. “It's not someone else, it's something else” Kardashian, a reality TV-show ... Sketchy ads? Skechers agrees to pay $50M to settle false-advertising allegations Skechers settles with WA over false advertising Shoe-maker accused of sketchy advertising settles lawsuit |
Sweeney: Facebook Advertising Money Is In the Movies CNBC.com Traditional advertising in that context can be both annoying and ineffective. Imagine someone interrupting your conversation by waving a big billboard between you and your friend. Yuk! Social media advertisers are just realizing how influential the ... |
Viewers Want Choice, Control and Relevance from Online Video Advertising ... San Francisco Chronicle (press release) New York, New York (PRWEB) May 17, 2012 Vibrant Media, the global leader in premium contextual advertising, has released key research findings that determine what viewers want in their video advertising: choice, control and relevance. |
New Mobile iPhone Application for Location-Based Virtual Advertising Sacramento Bee By They Creative Advertising HOUSTON, May 17, 2012 -- /PRNewswire-iReach/ -- They Creative Advertising introduces Knibbler™ iPhone application, a location-based advertising tool for individuals and small business owners. Using the dynamic Knibbler™ ... |
 Sydney Morning Herald | Apple Moves to Dismiss Siri False Advertising Suit PC Magazine But Apple's main counter-argument appears to be its contention that the plaintiffs' complaints lack the specificity that would be required to back up their claims of false advertising—failing to provide "a single actionable misstatement" on the part ... Apple Responds to Siri Class Action Lawsuits |
Coca-Cola Dodges Federal False Advertising Claim Courthouse News Service By TIM HULL (CN) -- Pomegranate juice purveyor Pom Wonderful cannot pursue federal false-advertising claims that Coca-Cola's pomegranate blueberry drink contains mostly apple and grape juices, but it may be able to revive its state law challenges, ... |
 Street Fight | Local Ad Spending Moving More to Mobile and Online; BIA/Kelsey's Media Ad View ... MarketWatch (press release) CHANTILLY, Va., May 17, 2012 /PRNewswire via COMTEX/ -- According to BIA/Kelsey's Media Ad View reports, local advertising spending will experience a compound annual growth rate of 2.6 percent between 2011 and 2016, with revenues climbing from around ... BIA/Kelsey: Local Ad Spending Moving More To Mobile And Online, Radio 'Holds ... Mobile, Online Local Ad Spending Will Double in the Next 5 Years Forecast: Locals Ads Hit $150 Mil By 2016, Trad Media Holds |
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