Testing And Tracking Are Keys To Success
A lot of advertising fails, or produces mediocre results for a small business due to a lack of a testing process. Testing and tracking are keys to success in marketing. It is easy to get lazy when a business can survive just with the low hanging fruit available in a good market, but when the market shrinks because of funding availability, number of prospects, or profitability margins, then many people do not know how to tweak their marketing and sales systems so they can track the numbers at each step in the sales process.
At a minimum you should determine the lifetime value of every new customer and then calculate your “allowable acquisition costâ€, what you can spend to get a new customer. Then test and track your results to determine how many leads you can generate and the number of sales and gross income your marketing process will create.
In many industries, as a result of the current recession, response rates are crashing, refunds are rising, bad debt is soaring, and sales numbers are dropping. Here is the cold, hard truth – If you do not know how to test your marketing efforts — or if you do know but you think it is not necessary– your business is headed for some difficult challenges and could be in serious trouble during these hard economic times.
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Comments
This article is very good and useful to know about the key factors of success that are Testing and tracking.Thanks for posting this blog.
yes gotta test that advertising. No point spending a great deal of money on it if its not going to produce results.
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