In order for you to appropriate the right advertising dollars to the right vehicles, you need to implement a tracking system.
If you look at most big company advertising, they do very little of this. They do a lot of branding building. They have deep pockets and seem to only be concerned with their image. Their need to make the phone ring or have someone walk through the door is not as important as it is to you and me.
This type of image or brand awareness advertising is a major “no-no” for small business and practices. Marketing budgets in small companies do not allow for this luxury. But many small businesses do exactly this. They copy what they see the big boys doing, either knowingly, thinking this is way to advertise, or unknowingly.
Why Should You Track Your Marketing ROI?
I know first hand that tracking is not being done in most small business and practices.
A study done by Digital Marketing Agency found that 44% of small business owners don’t track their marketing ROI.
It’s one of the first things we find out about when we start working with a client. Not having this information makes our job a bit harder in the beginning, but once the business owner has these valuable stats, there is no turning back.
Marketing is an investment, not an expense like many business owners think. It needs to be treated like an investment. You wouldn’t give money to your broker and not expect some type of return, as well as regular reporting of how your investment is fairing in the marketplace. It should be the same with your marketing spend.
Are You Wasting Your Advertising Budget?
Each marketing activity needs to produce. If it is not producing, it needs to be eliminated. If you do not know if a certain marketing vehicle is producing or not, you are wasting huge amounts of money. If you “think” it’s working, that’s not good enough. You need to know exactly what you spend, what you get from that spend, and be able to calculate the return on investment.
How can I track my marketing activities?
An easy way to start tracking your marketing is through call tracking numbers. You can set up a special phone number that you can place on direct mail ads, print ads and online ads that forwards to your main number. By setting up a number for a specific ad you will be able to see the amount of calls you received from that source and how many new patients came from that campaign.
If you are not tracking your advertising spend, the only real outcome you can expect to happen is that you will quit advertising.
As the speaker of a marketing event said (and I have heard this before), “The best investment with the greatest rate of return is in marketing your business.” No other investment vehicle out there can do better.