If we lose sight of our business aim, it’s common for our marketing to become an unconscious afterthought. I want to highlight here that branding and marketing are distinct and without you or your teams focused attention being on the aim of what your marketing can produce for the business, there’s a risk of actions getting disconnected from revenue.
For all of us, there is a deep value in consciously choosing your actions. Whether you are someone who is just starting out in business or you have owned your establishment for years, there is a great power in aligning your actions with revenue. In fact, this is the only way how to detect trends in your business quickly and efficiently. When it comes to tracking, the options are endless. For example, we have a client who every time they take a vacation, they book a speaking gig. Why? Because when she unplugs, she reaches out in a playful and light way to her old friends and family. The result? Opportunity. So no, she consciously plans vacations and sticks to it.
So let’s Break this Down
Your first step in getting clear on what you need to be tracking is understanding all of the ways in which someone can interact your brand. We call this reach.
For example, if you know that posting regularly on Instagram opens opportunities for people to send you messages and interact with you, are you tracking how often you post and how often you get interaction?
Are you tracking how much of that interaction turns into a sell and the value of that sell? Or, is social media a branding tactic for your company?
Keeping in mind the difference between branding and marketing:
Is your use of social media used to create validation in the community so that when you are engaged in conversations of sales you have a lot of testimonials, community engagement, and credibility to make the sell swift? If you can differentiate the difference, then you would not be tracking social media interaction from a sales perspective, but a reach and branding perspective.
Your second step- understanding your funnel. Once you understand all the ways people find you, your products or services, you can determine what avenue generates the most conversations for sales. Once you have determined which point of entry results in the most sales for your company, you now have a better insight into where to spend your marketing dollars and time.
Lastly, your conversion rate. Tracking your conversion rate, you’re looking at how many sales opportunities you had compared to how many you actually closed. You could also track how long the sale cycle is for your business and how much you spent in your marketing over that time. That would tell you the cost of that lead.
Again your 3-steps to start tracking are:
1. Knowing where people interact with you.
2. Track and monitor your funnels and pipelines.
3. Know your conversion rate.
Feel free to send us your worksheets and we will give you feedback on focus.