Written by: Whole Being
0 Comments
"If you don't know where your customers come from, you're really stabbing around in the dark.
You have no real idea which marketing campaigns are working, how well your salespeople are doing or even how much each sale is 'costing you'. Once you know these things, you have the power to make decisions, and good ones. You know which marketing campaigns to kill, or improve, and which to spend more money on.
You'll also know where your 'key leverage point is' - that is, the thing that you most need to improve. Perhaps your conversion rate is high but your leads are few - maybe it's the other way around. Maybe you're doing well in both lead generation and conversion, but you're not selling enough high priced items.
Once you know which area needs work, you can start to make some new, well-informed marketing decisions." Brad Sugars Instant Testing and Measuring
I thought to myself "I really want to begin testing and measuring now that we are getting good financial systems in place and starting to use them. I wonder what is the next step?"
So I created this step by step process that I want to share with you:
Step 1: Decide what you want to test and measure
A good place to start is to measure the 5 ways in which you can grow a business:
Number of leads you capture in your business
Number of conversions (how many of those leads do you convert into
Customers?)
Average customer spend
Number of transactions
Margin %
Step 2: Create a spreadsheet
Create a spreadsheet and populate with data on contact name, email address, when the person became a customer, what they spent, number of times they purchased from you, how much margin you made on each transaction with them etc.
Step 3: Collect data
Every time you meet someone new and recognise a need that they have which you can help to fulfill add them to your spreadsheet as a lead. Every time you convert a lead into a customer add the information to your spreadsheet. Now you can begin measuring the effectiveness of your marketing campaigns and the results that you are achieving.
Step 4: Innovate continuously
Now that you have gathered the basic data you can begin to innovate and experiment with new marketing initiatives and approaches.
Step 5: Test different ways of improving your results
Whenever you decide to initiate a marketing campaign and take action to improve the number of leads that you are capturing, the number of leads you are converting, the average customer spend, number of transactions and margin keep an eye on your measurements and you will be able to refine your approach and make more and better data driven decisions.
Enjoy.
Warm Regards
Graham
NLP with Whole Being
07564 838012 Follow Us on Twitter : http://twitter.com/wholebeing
Follow Us on Facebook : http://facebook.com/grahamconstantine
Live an amazing life, succeed in your small business.
Whole Being specialises in the application of NLP in personal development and business, combining over 13 years experience in commercial, account management and general management with 13 years of training and coaching people using NLP. We use NLP methods to deliver the training which means that the skills of NLP are easily and quickly converted into tangible benefits and bottom line results for your business. We have trained over 125 NLP Practitioners, NLP Business Practitioners and NLP Master Practitioners to date.
