Is it worth measuring marketing ROI for marquee hire? 'Having an idea' that your marketing works, might be hurting your pocket
Why is measuring ROI for marquee hire so important anyway?
Won't your marketing just take care of itself?
Surely, doing 'some kinda' marketing is good enough?
So long as you don't exceed your planned budget, does any of this really matter?
The answer in a word, is a resounding: YES!
If you see your marketing as a budgetary expense, rather than as an investment...sadly, you expect it to lose and not win you business.
Tightening up with diligence in this area, accounting for every penny, will make you demand far more of your otherwise undefined marquee hire marketing campaigns.
Know your sales cycle
Know exactly how you engage with prospective customers and how you propose to bring them to the point of placing a marquee hire booking with you.
Clearly, what you will be looking for as an end product of all that marketing, are sales.
But, where you haven't gotten your finger firmly the functioning of the critical intermediary stages, you really cannot see which marketing techniques are adding most value to your sales pipeline.
The average marquee hire sales cycle...
This is a brief outline of how the average marquee sales cycle works:
- A prospect comes into contact with some of your business collateral...
- They follow the instructions as given by your call-to-action (CTA)...
- fill in form to get quote
- call to book site visit
- email us for a free consultation
- visit our showroom
- They submit an enquiry of some sort and become known to your business as a 'sales lead'...
- form submission
- email transcript
- phone call
- drop in
- Throughout various lead nurturing touches, sales leads are fed a customer service experience by your business...
- automated lead nurturing emails
- personalised email contact
- phone follow-up
- face-to-face meetings e.g. site visits
- sharing of sales collateral
- A marquee hire booking is made with a deposit taken against future services for a given date - a sale has been made!
- agreement made in writing
- sales invoice drafted
- deposit taken
- The booking was a success and final sums taken in sales revenue at the close of the event
- bacs, cheque or card payment
- funds received into account
- Follow-up is made for customer feedback
- written/video testimonial
- event photography shots
- online review
At each stage of the sales cycle above, return on the investment to acquire the initial interest is increased. The gain received is either in financial profit or goodwill.
The further along the cycle you go in making progress with any particular opportunity, the greater the value of return gained by your business.
Mapping the metrics of your sales cycle
As you fill your sales pipeline with opportunities from your marketing campaigns, you will begin to get a gauge for how the various stages function and contribute to the overall effectiveness of your sales process.
Much like your car dashboard, a sales analytics dashboard is the place where you will find your current vital statistics related to bringing in sales revenue.
You'll want to be well versed in all of the units of measurement and establish benchmarked indicators for alerting you when decisive corrective action is required.
Calibrating your sales process optimally as a finely tuned engine, with the help of monitoring performance via the dashboard, will ensure you attain the maximum return on your marketing investment...which fuels the whole system.
Tracking to tie up lose ends in your marketing
Whilst your metrics will give you visibility of how your big picture marketing looks, it is through sales tracking that you get to join the dots from the start to the finish of any given sales opportunity.
In this way you can link every sale directly to a marketing origin, accounting for every penny spent to every penny made.
Even where there are referrals and recommendations made, you can cross reference such sales to the original acquisition of the referring customer.
How do you go about tracking marketing activity?
You need some smart tools.
The digital marketplace is filled with such.
These tools, if inserted at the source, can give you certainty of the origin of marketing opportunities by way of tripping a digital signal which was assigned to a particular item of marketing collateral.
Signals belonging to a particular item if triggered, could only therefore have resulted if a prospect came into contact with a certain piece of collateral and responding to it's call to action.
The more granular your itemisation of tracking signal per piece of marketing collateral, the more certain your cause and effect relationship.
Let's take an example. The scenario is...
You have a website with many pages, each page feeding the reader a particular message of value, with a variety of associated calls-to-action linked to contact forms and telephone numbers...
Something great happened, someone got in touch by phone!
How do are you going to be certain of which web pages were viewed by the prospect and in what order - as well as which page finally drew the contact?
A combination of the following tools:
- Google Analytics (web page analytics)
- The Telephone Number Company (dynamic phone number insertion tracking)
Maybe this all sounds a little...technical, difficult, unnecessary and expensive?
For the grand total of £5 per month (fixed cost) and pennies per call [for the phone tracking services only because Google Analytics is free of charge), this kind of solution could be yours.
As for installation, it takes seconds...simply log into your cloud-based accounts, insert a bit of code into your website and that's all it takes.
Now you'll know exactly which pages took the interest of your sales prospect and nurtured them on their way to making the decision to get in touch.
You'll also know which was the final page which persuaded them and elicited the response.
This gives valuable insight into how your web content communicates to your audience and how pages compliment each other in your sales funnel (process).
If an enquirer, like this, continues all the way to a profitable sale, then you know according to your tracking data that the writing of a few web pages was a worthwhile investment for producing a profitable return.
e.g. 3 hours to write 4-detailed web pages yourself = £400.00 profit from a marquee hire booking
Periodically generate reports as overviews of your marketing performance
Perhaps on a monthly or quarterly basis, review your sales metrics by reporting on all sales/marketing performance within that period.
These reports should be considered as reflective exercises to evaluate marketing performance against profits earned to date.
The numbers will give good indication as to where your marketing investments have worked hardest for you.
Tweaking the mechanics to get better results
Where there are obvious gains to be made within the mechanism of your marketing/sales funnel, the smallest tweaks to test your theories can prove highly profitable, even in the short term
Increasing sales, profitably
Once your changes to the funnel have been implemented, give them time to bed down and measure again. Even the smallest, seemingly most insignificant changes can produce the most surprising results.
With greater control over your marketing activity, you can establish greater handle on your ROI and add value to your business.
Have you any points to add on measuring return on your own marketing exploits?
Categorised in: A Guide To Event Business Management
This post was written by selmore