This is going to be somewhat painful.
We are about to embark on a blog post that details a few sad but true reasons that businesses fail at measuring their marketing.
Some of these companies believe that they don’t need to track their marketing because they are generating consistent revenue. Others trust their marketing agencies so completely that they never ask for proof of a return on their investment.
This type of thinking kills marketing budgets.
It’s time to stop the carnage.
Let’s cure this epidemic of outdated thinking by examining the reasons behind it.
Some businesses believe that in order to measure their marketing they will need to shell out a massive amount of cash.
This is rarely the case.
Tracking your marketing campaigns can be very affordable and customized to meet the specific needs of your business.
You spend thousands of dollars every year on advertising but do you really know how much business it is driving – if any? By tracking your marketing you will know precisely how effective these campaigns are and where you should invest your marketing dollars to maximize your ROI.
So here’s the real question: What is more expensive? Measuring marketing or throwing away thousands of dollars on campaigns that aren’t producing results?
This is particularly true in the case of SMBs.
As far as marketing is concerned, business owners simply don’t know what they should be measuring.
They understand the importance of advertising and attracting new customers but they have no idea how to gauge the success of their efforts.
A lack of marketing resources can be a major block for businesses that are trying to promote their products and services.
In addition to the reasons listed above, some businesses don’t know about the tools that can help them track and manage their campaigns.
Learning about the latest marketing options is important but having an understanding of the tools that measure marketing is also necessary.
No one likes a big hole in his or her marketing campaign. Make use of the tools that can fill it, conserve your advertising spend and optimize your results.