Create Benchmarks
At General Mills, we conducted market research studies to predict what premium (toy in the cereal box) ideas would help sell best. At Sports Illustrated, using historical response rates, we were able to forecast what offers would allow us to most likely attain our circulation targets. For much smaller companies, there is often little to no historical data, no benchmarking. So entrepreneurs have the opportunity to create the starting point. For instance, each new trade show can be a comparison point - track cost per lead generated at each show and compare against each other.
In addition to these quantitative data can be an overlay of qualitative comments to be considered in decision-making. When I joined my first smaller company, I was amazed how colleagues in the industry would get out and compare notes. Talk to those you meet at industry events or friends in similar companies to collect additional data points.
Decide earlier rather than later what customer relationship management (CRM) system will be fitting for your company. When used well, a CRM tool will aid tremendously in tracking quantitative and qualitative metrics for a marketing campaign.
Jeff Slater, the director of global marketing for Nomacorc in Zebulon, said, "We view our Web site as analogous to a trade-show booth. Just like at a trade show, where you would establish a target of qualified visitors spending quality time at your booth, you want the same for your company's Web site. Using easily accessible tools like Google analytics allows you to easily determine how much time each visitor spends with you. You want to know that they have gained the information they need and to ultimately convert them.
"The overall idea is to establish metrics for each marketing activity and each year, continue refining. ... How would you know at the end of game if you won if you don't keep score? Keeping score is vital."
www.savvymarketinggroup.com
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