Make the Most of your Marketing Money
Friday, July 14, 2006
Do you track your marketing campaigns? You should. As a service professional, the effectiveness of your advertising dollar is crucial. It's not easy to track return on investment, but it could mean the difference between your success and failure of your business. Contractors spend 10 - 15 percent of their budget on marketing - direct mail, site signs, website, home shows, online lead services, etc. - and should stop any method not generating income (and spend more on methods that work.) Track the conversion rates: how much it costs to get in contact with the prospect, to set the appointment, and to sign the contract. Break it down to how much each job costs.First, identify how the client found you. If you use direct mail, include a special code on the mailer, or a different phone number or website address. Your TV ad could show a special offer or new phone number. If you use pay-per-click or banner ads, set up a special URL to track the source of the person visiting your site.
Next, start a tracking system. Create a prospect list of all the places you advertise. Your staff can keep the list on hand and ask how the future client found out about your company. It’s important to create a file (on paper or on computer) for each prospect, listing how they found you. You might not close the deal on this project (or they might have been seeking estimates only) and if they come back in the future, you’ll have a record of how they found you.
Have any questions for us? Call us at 866-663-4711 (Mon. - Fri. 9am-5pm PST). You can also post a comment here on the blog or email us (blog AT constructiondeal.com)
