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What's the Score?
You may be aware that in a basketball game the assistant coaches keep an almost unending list of personal statistics for each player. Rebounds, assists, points, minutes played, etc. Why is that? Because they know that these individual statistics all add up to the bottom line. The final score. If they can achieve even a small incremental improvement in these individual statistics for each player this will have a compound affect on the final score. And of course, it helps them know which players to give the most playing time too. In marketing your business you should be just as disciplined. Which products and which ads and which media should you give the most playing time? Do you know? What's the point of designing and implementing an advertising campaign if you don't know if it worked or if it was better than the last one? What a waste. How do you know where the best place is to spend your advertising dollars? By tracking everything. Incoming calls, emails, walk-ins, website visitors, etc. Train yourself and your staff to always ask these questions. Where did they come from? How did they hear about you? Which ad did they call on? Here is an example: Let's say you place a classified ad in the newspaper at a cost of $135.00 offering a free report on your product. You could track the incoming calls in many ways (for instance by directing them to a free recorded message with a unique extension number or simply by asking them where they heard about the offer when they call). Let's say you receive 12 calls on this ad and 2 of them end up as completed sales. What is your cost per prospect? (Cost of Ad) / (Number of Calls) = Cost Per Prospect $135.00 / 12 = $11.25 Your cost per prospect is $11.25
(Number of Sold Clients) / (Number of Prospects) = Conversion Rate 2 / 12 = .17 (or 17%) Your conversion rate of prospects to sold clients is 17%
(Cost of Ad) / (Number of Sold Clients) = Cost Per Sale $135.00 / 2 = $67.50 Your marketing cost per sale is $67.50.
Which ad is performing better? What is your cost per prospect for this ad? (Cost of Ad) / (Number of Calls) = Cost Per Prospect $450.00 / 27 = $16.67 Your cost per prospect is $16.67
(Number of Sold Clients) / (Number of Prospects) = Conversion Rate 4 / 27 = .15 (or 15%) Your conversion rate of prospects to sold clients is 15%
(Cost of Ad ) / (Number of Sold Clients) = Cost Per Sale $450.00 / 4 = $112.50 Your marketing cost per sale is $112.50. Depending on your products and profit margin both of these ads may be performing well enough to merit continuation. However, based on this information we would want to look for other opportunities to expand our use of the classified ad first. This may seem a little basic but this information is extremely valuable and often overlooked. The outcome of most athletic contests is normally decided by a very small margin, sometimes by as little as tenths of an inch or hundredths of a second, missing that pass completion by half a step or missing one basket. One would suspect that most winners and losers in business are also determined by very small margins. Not giving that extra little bit of caring and customer service. Not having your presentation skills honed, not including testimonials with your sales information. Not having the most effective headline in your ad or not having a headline at all. And worst of all, not knowing which ads are working and which should be put on the bench. "If at first you don't succeed, try, try again. Then quit. There's no use being a damn fool about it." - W.C. Fields Shawn Meldrum has spent the last two decades marketing everything from almonds to landscape lighting. He currently specializes in marketing for mortgage brokers, loan officers and real estate agents. For free mortgage marketing articles and much more visit: http://www.MortgageMarketingTips.com/
Latest News:Site: Yahoo! News Search Results for news News and notes on the PGA Tour's top 20 golfers (USA Today) Get the latest news and notes on the top 20 golfers on the PGA Tour. These rankings are based 2008-09 PGA Tour results. Valassis shares jump after News Corp. settlement (AP via Yahoo! News) Shares of Valassis Communications Inc. skyrocketed Monday after the direct mail provider said rival News America Marketing would pay it $500 million to settle antitrust charges. Valassis Climbs Most in 2 Months on News Corp. Settlement (Bloomberg) Feb. 1 (Bloomberg) -- Valassis Communications Inc. , the distributor of advertisements through newspaper inserts and mailings, rose the most in almost two months in New York trading after it said it settled a federal lawsuit against News Corp. Bengal's 'Ochocinco News Network' will be on the scene in Miami (NFL.com) Chad Ochocinco, the media-savvy Cincinnati Bengals wide receiver, plans to attend news conferences and parties leading up to Sunday's championship game in Miami, gathering insights from coaches, players and celebrities for his array of social networks. Valassis to News Corp: Show Me the Money (TheStreet.com) News Corp.'s News America Marketing division has taken a hit following its settlement with Valassis, but the losses will be absorbed with relative ease by its parent company, according to market watchers. UPI NewsTrack Quirks in the News (UPI) Police: Man terrified ex-wife with mice ... Man yells at parrot, jailed for weekend ... Famous parrot named N.Z. 'spokesbird' ... Chicken causes traffic woes in Calif. ... UPI Quirks in the News. Valassis Shares Jump After News Corp. Settlement (ABC News) Valassis shares climb after $500M antitrust suit settlement with News Corp. division News Corporation - Competition law - Business - United States - Valassis Communications SUBSCRIBERS: FDA, Bristol-Myers News Already Reported (Fox News) SUBSCRIBERS: FDA, Bristol-Myers News Already Reported UPI NewsTrack Entertainment News (UPI) Beyonce, Swift win big at Grammys ... 'Transformers,' 'Lost' lead Razzie nods ... Tyler's lawyer fights replacement plans ... Kristen Bell and Dax Shepard get engaged ... News from United Press International. ews America Unit of News Corp. Settles Marketing Dispute (New York Times) News America Marketing, a division of the News Corporation that publishes coupon inserts for newspapers, settled lawsuits by Valassis, a competitor in Michigan. Site: news - Google News AP Top News at 12:42 pm EST - The Associated Press
MORE RESOURCES: Site: Yahoo! News Search Results for advertising CBS sells out advertising for Super Bowl XLIV broadcast (ESPN) CBS has sold all the advertising spots for the television broadcast of this Sunday's Super Bowl, the television network said on Monday. CBS Sells Out Super Bowl Advertising Spots (CNBC via Yahoo! Finance) CBS has sold all the advertising spots for the television broadcast of the National Football League's Super Bowl championship game this coming Sunday, the television network said Monday Mobile Advertising Ready to Grow (New York Times) Every year, forecasters predict that mobile advertising is going to be the next big thing in marketing. This year, there may be some reasons to listen. Stroke Magazine appoints new deputy editor and advertising manager (Fullnoise.com.au) Stroke Magazine has appointed Victorian Mark Willingham as the new deputy editor and advertising manager. Willingham comes from a strong motorcycle background having started racing in 1991 as an 11-year-old. After finishing racing a few years ago he moved into coaching were he is currently a Level 2 accredited coach. Most recently it took him to Taupo, New Zealand last August for the 20... Newspaper wins 23 advertising awards (McComb Enterprise-Journal) First-place honors for printing quality and overall advertising excellence were among 23 awards the Enterprise-Journal received Saturday from the Mississippi Press Association. CBS sells out Super Bowl advertising spots (Reuters) CHICAGO (Reuters) - CBS has sold all the advertising spots for the television broadcast of the National Football League's Super Bowl championship game this coming Sunday, the television network said on Monday. Your Pre-Primary Non-Andy-Martin Political Advertising Update (Chicagoist) We've taken our shots at the Andy Martin campaign for their spots, but believe it or not, there's other outlandish and just plain awful political advertising out there. In an age where you've got programs like Garageband and Audacity and any number of other DIY audio and video (not to mention underemployed sound guys), it's hard to imagine that you could come up with spots that are just plain ... Local Online Advertising Leader Yodle Announces Completion of $10 Million Series D Financing (Business Wire via Yahoo! Finance) NEW YORK----Yodle, a leader in local online advertising and lead generation, announced today that it has completed a $10 million Series D funding round. The round, raised from existing investors, was led by JAFCO Ventures and joined by Bessemer Venture Partners, Draper Fisher Jurvetson, and Draper Fisher Jurvetson Growth. Brand.net Launches Video Advertising Solution (Business Wire via Yahoo! Finance) SAN MATEO, Calif.----Brand.net, the leading network provider of online media solutions for the world?s largest brand advertisers and media agencies, today announced the launch of its Video advertising solution with a campaign for Unilever?s I Can?t Believe It?s Not Butter!® Brand.net?s video solution leverages VAST 2.0, the IAB?s newly released online video pre-roll advertising standard, to ... AdSafe Releases Q4 2009 Online Display Advertising Safety Review (PR Newswire via Yahoo! Finance) AdSafe Media, the rating standard of online media, today released its fourth quarter analysis of the online display advertising industry. The report, available at www.adsafemedia.com, provides a comprehensive review of the trends and issues in the display advertising industry observed across the AdSafe platform. Site: advertising - Google News Sun Shines On Clear Channel Outdoor - Forbes
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