Finance and Marketing; the two go hand in hand when growing and maintaining your business. The problem is, small business owners often get lost in the day to day dealings of the business – and lose focus on growing their business. This means marketing falls lower on the priority list.
So let’s try and rectify this!
Before you embark on a marketing campaign, it is important to first understand your business numbers. These are things like
Something as simple as knowing your numbers – and what they mean for your marketing strategy – can help ensure you are putting time into products that work. This way you can hit your targets, while knowing what you need to do, to get where you want to be.
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 vice versa.
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 you 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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