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A very important point to keep in mind with any marketing is that you must test, test, and test again. A few hours spent ensuring that you are using correct messages can save months of useless promotion, and tons of marketing money.
An essential part of your testing is having a method in place that allows you to track your return on funds invested. Keep in mind that with any successful marketing strategy, it is vital to ensure that you know who your audience is and how to reach customers.
Here is the short explanation of what you should measure in marketing:
- Number of leads for the month – How many people contacted you?
- Value of leads for the month – How much sales can these leads generate, based on your sales conversion rate and average sales value
- Sales made for the month – How much sales did you get in a particular month?
- Number of new sales – How many sales came from new customers who had never bought from you before?
- Value of new sales – What was the value of these new sales?
- Number of outstanding opportunities – How many leads have not turned into sales yet and still look promising?
- Value of outstanding opportunities – What is the value of these outstanding leads?
- Referrals gained – How many referrals did you get in a particular month?
- Testimonials received – How many testimonials did you receive in a particular month?
- Number of sales calls per rep – How many sales calls did an average sales rep make?
- Number of sales calls made – What was the total number of sales calls made by all sales reps?
- Marketing expenditure for the month – How much did you spend on marketing in a particular month?
- Customer complaints – How many customer complaints did you receive in a particular month?