|
|
| Information |
|
|
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 8's Ad Watch Reports News 8's government reporter Matt Belanger is analyzing political ads as part of Commitment 2010 coverage. News Tribune staff wins 15 awards The News Tribune advertising department received 15 awards at the Missouri Ad Managers Association awards. News Tribune won Best in Show for the second year in a row and won six first-place awards, two second-place awards, five third-place awards and two honorable mention awards. News chief is highest paid by far News Corporation chief operating officer Chase Carey has taken on the mantle of best-rewarded executive, with a $32 million package. News 8 with National Guard troops at San Diego border News 8 is getting a first look Friday at how National Guard troops operate along known smuggling routes in Otay Mesa. News by location Get local and national news updates via E-mail. The Fayetteville FireAntz have announced three more players who will return to the team for the 2010-11 Southern Professional Hockey League season. News of the World journalist 'was asked to tap phones' A former reporter on the News of the World has told the BBC that he was personally asked by then-editor Andy Coulson to tap into phones. ABC News? Brian Ross stumbles over another terrorism story ABC News' investigative reporter Brian Ross routinely takes the lead on breaking terrorism stories--any time there's a murky emerging story about a potential threat, he's among the first to fill in the details with his unnamed government sources. The problem is, once the initial confusion lifts and facts start to get reported, Ross' scoops often [... ] News Wrap: U.S. Markets React Positively to Jobs Numbers Listen to the Audio In other news Friday, U.S. markets rose ahead of the holiday weekend on news of the latest unemployment reading. HARI SREENIVASAN: Wall Street took some encouragement from the jobs numbers. The Dow Jones industrial average gained more than 127 points to close near 10448. The Nasdaq rose more than 33 points to close above 2233. In all, the markets had their best week since ... News by location Get local and national news updates via E-mail. The shirt is a fashion statement of personal sacrifice. Wearing it is a message. All summer long, South View's cross country team has been running 40, 50, 60 miles a week in pursuit of either a "300 club" or "500 club" shirt. News by location Get local and national news updates via E-mail. LOS ANGELES - Kara DioGuardi is following Ellen DeGeneres and Simon Cowell out the door at "American Idol." Site: news - Google News There's No Good News For Democrats Because There's No Good News - Huffington Post (blog)
MORE RESOURCES: Site: Yahoo! News Search Results for advertising Advertising expenditures in UAE decline 4% in H1 Advertising expenditures in UAE decline 4% in H1 Location-Based Advertising To Reach $1.8 Billion Location-based advertising is still in its early stages, but according to ABI Research, businesses will spend $1.8 billion on it in 2015 as part of their overall mobile marketing budgets. ?It?s still early days and there?s no single ?right? approach to location-based advertising,? says practice director Neil Strother. ?This remains a very fragmented market that is full of experimentation ... Advertising Onslaught British artist Stanley Donwood combines the words and colors used in two forms of advertising -- spam and billboards -- to create an overwhelming atmosphere that is at once attractive and troubling at Fifty24SF Gallery. His paintings use words such as Brain, Sex, Blood, Desire, Risk, Now, and Cheap.... Advertising Standards Authority to regulate online ads The Advertising Standards Authority (ASA) has been granted new powers toregulate all online adverts in a move that will put increasing pressure on website owners and advertisers. Broadband advertising 'misleading consumers' Misleading advertising of broadband speeds is confusing and frustrating consumers, a survey has warned. Advertising Standards Authority gets online power The Advertising Standards Authority (ASA) is extending its remit to cover the online realm. It means that online marketing and ads will, from 1 March 2011, be subject to the same strict advertising rules as traditional media. Advertising expenditures in UAE decline 4% in first half 01 September 2010 ABU DHABI -- The advertising expenditures in the GCC region grew by 20 per cent in the first six months of the year, showing significant growth in all member nations of the economic bloc, in contrast with a four per cent dip in the UAE. Advertising regulations extended to cover websites Full advertising regulations are to be extended to retailers' own websites and online areas like Twitter and Facebook, it was announced today. Advertising watchdog moves online The Advertising Standards Authority (ASA) is extending its remit to cover the online realm. Advertising ROI Expert, Richard Seppala, aka ROI Guy, Writes About Getting Your Marketing Fix Orlando, Fla. September 3, 2010 Richard Seppala, ROI Return on Investment Marketing expert and best-selling author also know as ROI Guy, recently posted a blog on his website, http://www.YourROIGuy.com, called ROI Guy Blog: Getting Your Marketing Fix. In the blog, Richard explains how businesses not knowing what the real ROI of their marketing and advertising is - can ... Site: advertising - Google News Special Report: Outgunned FDA tries to get tough with drug ads - Reuters
|
|
|
|
RELATED ARTICLES
Does Your Brochure Pass the Test - Or is It Headed for the Trash? Part One The decision on whether or not someone will read your brochure is usually decided in the first 5 seconds they look at it. What kind of message are you communicating in that five seconds? Will you make a favorable impression with your prospect? Will you move your prospect closer to the sale?There are really only two key elements that will determine how well your brochure is received by prospects. Prove It! - Give Your Marketing and Advertising More Credibility Your marketing and advertising won't be effective if your potential customers don't believe the claims you make. So how can you prove your that you can do what you say you can?Tone it down. The Inside Secrets Of Free Publicity For Your Business Product publicity is the "secret pathway" to business success everyone wants. In simple terms, product publicity is a kind of advertising that costs you nothing, yet brings in the orders for you. Advertising on a Budget -- Part 2: Thinking Small This is the second article of a three-part series. I'm illustrating the marketing challenges of a small business, PrescottWeddings. Seven Ways to Waste Your Money on Yellow Pages Advertising Each year there is a Yellow Pages arms race where competitors in each category are encouraged to out spend each other. There is only one winner in this arms race, and it is not you! Too many advertisers waste their money on Yellow Pages advertising without first considering their marketing strategy. 7 Tips for Better Ads The content of advertising is basically the sameno matter what the media. It is good and it works,or it is bad. Advertising Copy: What's Really Important? You labor long and hard trying to create the perfect advertising piece but only about 20% of your copy is going to get read. The rest will simply be scanned. Advertising Your Holistic Business The most basic answer is the same answer as to the question, how does advertising work? Advertising works through repetition, and Holistic Hometown offers you that repetition.What all successful companies know is that advertising it a process. Electronic Display Signs Electronic display signs are used nowadays in great extent to display important information instantly all over the world, which uses LED technology, which stands for light- emitting diodes. These are widely used in the worlds of commerce, government and even non-profit organizations. What Happened? Troubleshooting Poor Response from Ad Campaigns Too many small business owners today run ad campaigns that get little to no results, and they have no idea why. When you have the knowledge to troubleshoot the poor responses, you also have the knowledge to make the needed changes so that - next time - your sales improve! Let's take a look at the breakdown of an ad campaign, and how to determine what went wrong. Vinyl Banners for the Right Occasion The sinage marketplace is competitive! Consequently, some companies are going to focus on price and neglect quality. To complicate the situation, companies that produce stock vinyl banner material offer a bevy of different materials based on weights/thickness, color, reflective properties, ink absorption properties, etc. 5 Newspaper Advertising Myths Revealed What I'm about to reveal are myths that most people thinkare 'true.'They seem set in stone yet they are deadly to theadvertiser. The Power of... You certainly must know that Many Big Marketers consider COPYWRITING to be the most important skill you need to be earning online.There's a lot of good copywriting around. For All Those People Who Struggle With Benefits and Features For Everyone Who Has Ever Struggled Sorting Out Benefits From Features - "SWAT Them!"SWAT is not actually an acronym. It is a compaction of the question "so what?"You see, one of the biggest problems that even experienced copywriters and marketers fall into is being clear on what benefits their product or service actually delivers to their customers. Can I Write and Print My Own Business Brochures and Business Cards? If you have a computer and a printer, preferably one that can print in color, then you can make your own brochures and business cards that are very professional-looking! Be sure to use good quality paper (that is available at any office supplies store like Office Depot or Staples) for anything that you are going to hand out or send to potential customers and clients.Writing Text for Your Brochure and Business CardThe very best thing to do is to get a few examples of business brochures and business cards, preferably from the same type of business as the business you are starting. 11 Ways To Make Your Business Cards Work For You 1. Spend money on decent quality business cards. Classified Ads That Get Results Classified ads do not have the big market appeal that a full color display ad has, but they are still one of the most economical ways to get your business into the public eye. And, because classifieds do not demand expensive eye-catching designs or ingenious wording that you often see in direct-mail campaigns, they are a perfect marketing avenue for even new entrepreneurs. Why Hire an Advertising/Marketing Consultant? As a business owner, you have the option of taking several different approaches to handling your Marketing and Advertising. You may choose to handle the responsibility yourself, with the idea that no one understands your business quite the way you do. Is Your Yellow Pages Ad Putting Cash in Your Pocket... or Sucking Cash Out? Any idea? It's a question that more than a few Yellow Page advertisers ponder. If you are currently spending money every month to run an ad in your local directory, you don't want to wrestle with that question. Design Your Own Newspaper Ads Many people in business lay-out (design) their ownads. That old adage "If It Is To Be It Is Up ToMe" prevails.
|
| Home | Site Map | Resource Links |
