In this episode of 5 Business Rules, Monika Jansen and I share five pieces of advice to keep in mind when conducting a year-end marketing review. Spend 4 minutes watching the video or read on for the tips.
Understand where your website traffic comes from
How do people find you online? Visitors to your website may have found you…
- through your PR work
- from magazines and other publications
- via social media or email marketing
- organically, by conducting a Google search
Identify how you’re measuring the effectiveness of your marketing
It would be silly to devote all this time and energy to marketing without knowing whether your efforts are paying off. You need more of a benchmark than just making money.
Some metrics you can use to judge the effectiveness of your marketing strategy include:
- Website visitors from Facebook, Instagram or another social media site
- Number of people who have signed up for your email list
- Engagement on social media, such as comments or shares
Evaluate your sales to identify any trends
Maybe your sales peak in February and go down in March, or maybe you have some products that sell well in the spring and others that do better in the fall.
Identifying sales trends gives you an opportunity to strategize: For example, “I should promote Product X in May,” or “if business is slow in April this is what I’ll do.”
Keep an eye on your customer churn rate
For people that sign up for an ongoing service or subscription, it helps to know when they leave and why. That way you can take steps to try keeping these customers.
Remember, it’s much more difficult and expensive to get new customers than to keep the ones you have. So you want to make sure your churn rate is nice and low.
Know how well you do converting leads
If you’re not converting your website visitors into customers, you need to ask how you can do a better job of this. Look and see where people are dropping off the cliff…is it at the proposal level? What missing piece is preventing this conversion from occurring?
Want more advice on conducting a year-end review of your marketing strategy? Just reach out and we’d be more than happy to assist.