The key is to connect sales and enquiries with marketing activity . A simple example is that the ongoing cost of running a website for a set period against the enquiries or orders received in that period. If you run advertising campaigns to generate traffic to your website, measuring the increment over the period of the campaign will give you an indication of its success and value for money.
All marketing strategies should be tested and measured before being fully implemented at a higher cost. Where marketing strategies have proven successful they can be repeated or maintained. Where they have not repaid the investment in time and money they should be cut out of the marketing mix so those resources can be fed into a more successful strategy.
For small businesses the purpose of marketing is to generate sales and so measurement of conversion rates is also essential. Often this is where small businesses do not perform well.
Brand building and general awareness is often too expensive and long term for small businesses but where this is needed (such as in the fashion industry) it can be measured by monitoring how the business is perceived in the press, online or amongst others in the industry. Nevertheless, in the end the brand needs to deliver consistent sales and a realistic timescale should be set for visible and measurable results to be seen.
The smaller your budget the more focused and productive sales and marketing need to be . This is possible so long as the correct strategies are adopted by the business. This is the key, establishing the right marketing mix for your business.
In today’s world, with so many choices available, we need professional help. I would recommend any small business to appoint a knowledgeable and pragmatic marketing consultant to help them establish the right strategies for their business, and talk to us about setting up good recording systems to make sure they earn their keep.
BusinessHeads help small business to manage their money effectively to grow their profits. Call Carole Jordan on 01273 882200 for a consultation to review your accounts to see where you may be able to get better value from the resources in your business.
All details above were correct at the time of publishing - for more up to date information please
get in touch
This is the first in our series of blogs designed to help you better understand your business accounts. We’re kicking things off with the profit & loss report!
Taking on your first employee can be an exciting time but there are some responsibilities you need to be aware of. One of them is compulsory pensions these are your auto-enrolment responsibilities. Find out what this means below.
This is the second most popular question from business owners. This sounds like a simple question but the answer is complex and involves many aspects to consider. The answers will depend on the make of the car, the tax position of the owner, their business and the method of ownership.
Dealing with overseas
customers and VAT rules can be a bit complicated for some businesses,
particularly those in retail where you may not have proof that goods are
leaving the UK.
Read below to find out more about the options available to your business.
If you receive rental income from a furnished residential letting then you’ll be aware of a “Wear and Tear” allowance, eligible for use against your properties. This allowance recently saw a change to its terms, read below for more details.