How to evaluate your marketing
Most businesses budget some of their expenses towards marketing as a way to attract clients to its services or goods. Have you ever stopped to wonder if the dollars you are spending are being used effectively? For every dollar spent on advertising, how much more are you selling? Many businesses adhere to the notion that any advertising is good advertising but in these ever increasing competitive times, money wasted comes off the bottom line and weighs down your business.
Here are some suggestions on how to evaluate your marketing.
- Set a baseline — Have a look at your business right now and where it has been for the past year. Consider any highs and lows and note any marketing initiatives that coincided with them.
- Make a marketing plan — Check our marketing plan page for developing a plan that helps you focus on what you are attempting to accomplish, who your target market is and how you will implement your plan.
- Monitor your plan and sales results — When key components of your marketing plan are in action, compare your baseline sales to those that occur after your marketing events take place. An analysis of sales and traffic from the past time periods will give an indication if the marketing is having an effect.
- Question your sales — Ask your customers if they have noticed your marketing. This can be done informally or directly but the results of these inquiries can help direct where you put your marketing dollars and how you develop your future marketing plans.
Having a marketing plan can be the difference between success and failure for some businesses but without proper valuation of your marketing, you could be wasting some of your most valuable resources, time and money. The key is the same as with any other important business decision; prepare, research, make a sound choice then re-evaluate and start again.
For more help developing your marketing plans in PEI, visit the Canada Business Prince Edward Island office in Charlottetown at 100 Sydney Street on the 3rd Floor and speak with one of our Business Information Officers. You can also reach us by phone at 902-368-0771 or toll free at 1-888-576-4444 (TTY 1-800-457-8466).