As small business owners it’s almost certain that at some point we can get lost in the day to day dealings working in our business and lose focus working on our business. Before you embark on a marketing campaign it is important to first understand your business numbers including turnover, profit margin and average dollar sale. This is because something as simple as knowing your numbers and what they mean for your marketing strategy can be a driver to ensure you are putting time into products/services that work, you are hitting your targets and know what you need to do to get where you want to be.
Finance and Marketing; the two go hand in hand when growing and maintaining your business. This is why we think that marketers and accountants should work together for your business so that you understand how important the numbers are to your marketing and your marketing to your numbers. Knowing your business numbers and spending time with your accountant to really understand what they mean for your business is so crucial when marketing a small business as generally cash flow is tight and product/service profitability is essential.
What you can measure you can manage – this old saying is so true. When your marketing campaign is up and running make sure your are tracking the results – both the financial ones like impact on turnover, average sale value and bottom line as well as the leading KPIs such as number of leads received and conversion rates. Tracking these will enable you to monitor and evaluate the effectiveness of a marketing campaign.
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