Learning Hub

Would you hire a salesperson to increase sales and never measure what they sold?

Of course not!

Would you aim to increase production without ever measuring your production?

That just doesn’t make sense!

Would you introduce a new product range to increase cross-selling opportunities and never measure your cross-selling results?

Are you having a go at me?

Would you introduce a new process aimed at reducing waste without ever measuring your waste?

I’m not a moron!

Would you employ a safety officer to reduce lost time injury without ever measuring your lost-time injury?
$%#%^&*…what’s your point!

Would you spend 3-8% of your revenue on marketing to generate more leads without ever measuring your leads?

Um……(followed by an uncomfortable silence)

Every year, business owners spend thousands of dollars on marketing without ever measuring its effectiveness running the risk of repeatedly wasting money on campaigns that don’t work and missing out on revenues and profits that could have been generated had the money been invested into marketing that did work.

Marketing has one purpose and one purpose only and that is to generate leads. It makes sense then that a key metric to measure its effectiveness is the number of leads it generates. Once known, the cost per lead can also be determined by providing an objective measure to benchmark, monitor, and improve the effectiveness and efficiency of the overall marketing spend just like any other important resource in your business.

The objection always seems to be that it’s too hard to measure leads accurately. Implementing any new measuring system has its challenges and doesn’t work perfectly at first but if we persist with it, like anything we persist with, we get better at it and find ways to improve it.
So let me ask you again.

Would you spend 5-8% of your revenue on marketing to generate more leads without ever measuring your leads?