Summary: Are you tracking the results of the money you spend on marketing or are you taking the "Pay and Pray" mentality, hoping for the best. It's never been easier to use analytics, both online and offline, to track the results of your marketing efforts. Great marketing isn't just created, it's something that gets better over time from continual improvement. The only way you can get better (and smarter) with your marketing efforts is to be able to track the results of your marketing. In this episode of The Business Express, we discuss: Getting the most out of your limited resources Tracking only a few key business metrics for your business and only those you are willing to take action on Why having an official marketing budget is so important (you're probably spending a lot less than you think) Testing, Testing, Testing....the key to marketing success Ways you can track the results of your offline advertising efforts The ICE method of analysis, Improve, Carry On or Eliminate Action Steps from this episode: Create a plan. Before you spend your first dollar on marketing, understand what your budget will be, what will define success for each initiative that your take, and have a plan on how your will track the results of each initiative. Have a clear understanding of what the KBI's (key business indicators) are for your business and create a plan on how and when you will track them. Collect the data. Once your marketing initiatives are out in the wild, start collecting the data necessary for you to make informed decisions. Make sure you have enough data to make an informed decision on and measure the results against the KBI's you've created for your business. Use the ICE method of analysis. Look at the results. Success? Failure? Not sure? Once you've collected the data, it's time to analyze and make some decisions. If you had poor results, is it because of the ad itself or the platform you're using...maybe newspaper ads just don't work....but maybe they do and you created a terrible ad. Decide if you're going to Improve on the existing initiative, leave it alone because it's working great, or to eliminate it from your marketing plan and focus your money and efforts on other things. Links and Resources Discussed in this Episode Article from the Houston Chronical with survey results that show most businesses are not spending enough when it comes to their marketing budget. (http://smallbusiness.chron.com/recommended-percentage-sales-marketing-budget-25023.html) Dollar Shave Club, Viral marketing on a show string budget (see below) Thank You for Spreading the Word Please let your Twitter followers know about this podcast. Simply click here now to post a tweet. If you enjoyed listening to The Small Business Express podcast, please head over to iTunes, leave a rating, write a review and subscribe. How to subscribe to The Small Biz Express podcast Click Here to subscribe via iTunes Click Here to subscribe via RSS Click Here to subscribe via Stitcher Would You Like Your Question Answered on the Show? We’d love to hear from you. If you’re interested in leaving a voice message for possible inclusion in The Small Business Express podcast, please record your message here.
