| clevertim : Growing Business 10th November 2012 2:35 PM |
Defining your target customer is key, as others have said.
Another very important aspects of starting a marketing campaigns:
Define metrics for success & failure (or KPIs: key performance indicators). In a few months time, having burnt some precious cash, you'll ask yourself: is this marketing campaign a success or a failure?
The simplest metric is: I have paid X, I've got customers with a lifetime value of Y. If X > Y: success, else failure.
This metric is simple, but marketing and advertising most of the time don't pay off instantly. A lot of the time, you just build awareness and a brand that people recognize. The payoff comes later.
That's one problem. The other problem is that this metric doesn't look at your sales funnel, from lead generation to completion. Some leads will end up customers, but most of them will drop off along the way somewhere.
Does that indicate a problem with the marketing campaign, with your selling techniques, with the website or with your product or services?
Define your funnel and set metrics at each level in the sales funnel of how many leads you want to have continuing to the next level.
I'm sure you can think of other KPIs...
Metrics will mean you will have to measure various activities. Something like google analytics should be a good start.
Best of luck
Another very important aspects of starting a marketing campaigns:
Define metrics for success & failure (or KPIs: key performance indicators). In a few months time, having burnt some precious cash, you'll ask yourself: is this marketing campaign a success or a failure?
The simplest metric is: I have paid X, I've got customers with a lifetime value of Y. If X > Y: success, else failure.
This metric is simple, but marketing and advertising most of the time don't pay off instantly. A lot of the time, you just build awareness and a brand that people recognize. The payoff comes later.
That's one problem. The other problem is that this metric doesn't look at your sales funnel, from lead generation to completion. Some leads will end up customers, but most of them will drop off along the way somewhere.
Does that indicate a problem with the marketing campaign, with your selling techniques, with the website or with your product or services?
Define your funnel and set metrics at each level in the sales funnel of how many leads you want to have continuing to the next level.
I'm sure you can think of other KPIs...
Metrics will mean you will have to measure various activities. Something like google analytics should be a good start.
Best of luck
clevertim
