Your marketing diagnostic
Recently, we have been excerpting the book Your Marketing Sucks.
Very interesting diagnostic (pp 23-24) that as a business owner or the person wearing the CMO hat in your business should answer (with appropriate level of temerity & candor).
When advertising, regardless of tactic or form factor, e.g. billboards, Super Bowl ad, TV infomercial, radio spot, website landing or sales page, printed collateral—do your sales rise after you advertise?
- If so, why don't you advertise more often in more media outlets?
Have you ever done a cost-benefit analysis on your marketing spend, regardless of media type selected? In other words, marketing spend $XXX. Sales revenue $XXX. If you don't presently do any outbound marketing of any type (other than your website and your printed collateral), please take your topline sales revenue (or better yet, gross margin $) and divide it by the total $$$ expenditure on website, hosting and enhancement PLUS the cost to produce the piece of collateral. For illustration, let's say your top-line revenue is $1,000,000 and you spent $10K on your website, hosting and enhancements and $10K to create your latest 2-page brochure. So, "base-year" calculation is $1,000,000 sales/$20,000 in marketing spend for a ratio of 50:1. (Note: there may be some "intangibles" (like brand accretion) on marketing spend that are difficult to monetize)
Can you track a single sale back to your brochure or snazzy piece of collateral or quote folder? (I remember we spent a bunch of money once on doing our logo in gold leaf because we thought it would look cool) Further, when is the last time a customer told you or your salespeople that they liked your collateral?
Can people find and investigate your offering and your company on the internet? Do these visits result in a lead? A sale? NOTE: I see a lot of very pretty and creative websites out there. Do they convert?