Marketing is an essential part of any business, but are you actively tracking the effectiveness and cost of your marketing plan? At our sister site, REPLACEMENT CONTRACTOR, columnist Gary Thill turned to Remodeling 550 companies to get their advice on making the most of your marketing.
Man the Phone
Your marketing efforts should be driving potential clients to call your company and then using that call to get them to a sales meeting with you. This means that first phone call is crucial to your success with that client. Eric Peabody of Window World suggests having a friendly, well-trained staff who can answer the phones during and beyond the typical 9 to 5 hours. If phone staff isn't possible, Peabody suggests returning phone calls as soon as possible: “The more you can eliminate any potential lag time from the time the consumer makes the call, you’re improving your opportunity overall,” he says.
Use a CRM
A CRM will help you track exactly which marketing efforts are working best for your company. Mike Agugliaro, co-owner of Gold Medal Service and CEO Warrior, says that "the only way to be sure [of where clients hear about your company] is have a tracking number or a tracking code." Having hard data and analyzing that data will give you the information you need to "truly turn marketing into sales," Thill says.
Know Your ROI - Once you start tracking leads using a CRM, determining the ROI of your marketing efforts will be easier. Thill recommends looking at three metrics when determining ROI:
- Cost of each advertisement by source.
- Calls each advertisement generated by source.
- Demographics that responded to each ad by source.
Thill also says that the " true cost of marketing is determined by how well it’s married with sales." By turning as many leads into sales as possible, "you're reducing your total advertising cost," Peabody says.
Do you have any tips for tracking your marketing's ROI? Let us know in the comments below.