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What?s the Score?
You may be aware that in a basketball game the assistant coaches keep an almost unending list of personal statistics for each player. Rebounds, assists, points, minutes played, etc.
Why is that?
Because they know that these individual statistics all add up to the bottom line.
The final score.
If they can achieve even a small incremental improvement in these individual statistics for each player this will have a compound affect on the final score.
And of course, it helps them know which players to give the most playing time too.
In marketing your business you should be just as disciplined. Which products and which ads and which media should you give the most playing time? Do you know?
What's the point of designing and implementing an advertising campaign if you don't know if it worked or if it was better than the last one?
What a waste.
How do you know where the best place is to spend your advertising dollars?
By tracking everything.
Incoming calls, emails, walk-ins, website visitors, etc.
Train yourself and your staff to always ask these questions. Where did they come from? How did they hear about you? Which ad did they call on?
Here is an example: Let's say you place a classified ad in the newspaper at a cost of $135.00 offering a free report on your product. You could track the incoming calls in many ways (for instance by directing them to a free recorded message with a unique extension number or simply by asking them where they heard about the offer when they call).
Let's say you receive 12 calls on this ad and 2 of them end up as completed sales.
What is your cost per prospect?
(Cost of Ad) / (Number of Calls) = Cost Per Prospect
$135.00 / 12 = $11.25
Your cost per prospect is $11.25
(Number of Sold Clients) / (Number of Prospects) = Conversion Rate
2 / 12 = .17 (or 17%)
Your conversion rate of prospects to sold clients is 17%
(Cost of Ad) / (Number of Sold Clients) = Cost Per Sale
$135.00 / 2 = $67.50
Your marketing cost per sale is $67.50.
Which ad is performing better?
What is your cost per prospect for this ad?
(Cost of Ad) / (Number of Calls) = Cost Per Prospect
$450.00 / 27 = $16.67
Your cost per prospect is $16.67
(Number of Sold Clients) / (Number of Prospects) = Conversion Rate
4 / 27 = .15 (or 15%)
Your conversion rate of prospects to sold clients is 15%
(Cost of Ad ) / (Number of Sold Clients) = Cost Per Sale
$450.00 / 4 = $112.50
Your marketing cost per sale is $112.50.
Depending on your products and profit margin both of these ads may be performing well enough to merit continuation. However, based on this information we would want to look for other opportunities to expand our use of the classified ad first.
This may seem a little basic but this information is extremely valuable and often overlooked.
The outcome of most athletic contests is normally decided by a very small margin, sometimes by as little as tenths of an inch or hundredths of a second, missing that pass completion by half a step or missing one basket.
One would suspect that most winners and losers in business are also determined by very small margins.
Not giving that extra little bit of caring and customer service. Not having your presentation skills honed, not including testimonials with your sales information. Not having the most effective headline in your ad or not having a headline at all.
And worst of all, not knowing which ads are working and which should be put on the bench.
"If at first you don't succeed, try, try again. Then quit. There's no use being a damn fool about it." - W.C. Fields
Shawn Meldrum has spent the last two decades marketing everything from almonds to landscape lighting. He currently specializes in marketing for mortgage brokers, loan officers and real estate agents. For free mortgage marketing articles and much more visit: http://www.MortgageMarketingTips.com/
Advertising Copy: What?s Really Important?
You labor long and hard trying to create the perfect advertising piece but only about 20% of your copy is going to get read. The rest will simply be scanned. After all your work, your potential customers won't even read every one of those well chosen words. Is your genius lost on them?
9 Tips for Better Billboards
It is a given that billboard advertising "outdoor" is not a "quick fix". If sales are down, you can't quickly put up a few boards to boost the numbers. You must plan ahead.
Adding Art to Business Spaces
Larger companies have learned that collecting art adds something special to its overall corporate image. An art collection may include art on display in waiting, or general areas. Larger collections may focus on education programs for the employees of the company and partnerships with area museums or art spaces.
Why Not Use the Humble Fax in Your Advertising Strategy?
When my daughter complained recently about the prohibitive cost of news media advertising, we had a discussion about the ways in which she could sell her range of body products (hand creams, lip balms etc). I explained to her that huge firms like K Mart wouldn't spend millions of dollars annually for advertising if it wasn't necessary. But every week, a K Mart catalogue arrives in our mail box. Every week, like clockwork, ads appear on television for K Mart specials ... there are always specials.
Persistant Advertising Will Do No Harm!
From my experience, I've been on many discussion groups and have spoken to many other like minded people. The one topic that always seems to arise is how to get massive sales right away.
If You Invest Money on Advertising, then You could Save Thousands through this Simple Little Secret
A few years ago, I analysed the statistics of where one of my clients, M & M Pest Control in Sydney, generated all their leads from. As a result of this, Ray Milton, the director of the company said:
Super Secret Tip For Using PPC Search Engine Advertising Successfully
It's not about traffic; it's about generating leads. That's right. It only took me eight words to give you the secret super tip on using pay-per-click (PPC) search engines successfully. It's not about generating traffic to your website; it's about generating leads from the traffic for which you are paying. This slight shift in understanding about where the value resides in PPC search engines could make all the difference when it comes to capitalizing on the web promotional resource known as PPC.
Is Your Yellow Pages Ad Putting Cash in Your Pocket... or Sucking Cash Out?
Any idea? It's a question that more than a few Yellow Page advertisers ponder. If you are currently spending money every month to run an ad in your local directory, you don't want to wrestle with that question. You want to know that your investment is generating a consistent flow of new clients to your business. So what can you do to maximize returns and stop worrying?
The Graphic Problem
Digital printing has revolutionized the sign industry. Current printers can reproduce an image at 1440 dpi (dots per inch) at virtually any size. But they are worthless if the original image is of low resolution. We define resolution using pixels. A pixel is commonly thought of as the smallest individual unit of an image (tiny dots if you will). If the pixel content is low, the image will look fuzzy. Anyone that has blown up a picture in a popular program like Adobe Photoshop has experienced the pixilation of an image. The most common way to express the resolution of an image is via two integers: the first is the number of pixel columns or width and the second is the number of pixel rows or height. Another common way to express resolution is by giving the total number of pixels in the image (usually expressed as megapixels). It is determined by simply multiplying the pixel columns by the pixel rows.
Indoor LED Displays
To promote the audience, staff, customers and other people the Indoor LED displays are most widely used. By incorporating the latest technology Indoor LED displays provide exceptional service for a great value.
The Online Equivalent of an Effective Newspaper Advertisement is FREE
Ask anybody who has been in business for a long enough and they will tell you how newspaper advertisements have for decades helped to build countless small businesses.
How To Create A Better Brochure
Having a quality brochure makes a positive impression on a potential customer. It gives the appearance that you're serious about your business.
Why Radio Advertising Could Be The Best Thing You Ever Did For Your Business
In the marketing world, radio has earned the reputation of being the odd step-cousin. You know the one. No one knows quite what to do with him. Especially at family gatherings when everyone tries hard to avoid sitting with him. (After all, who knows WHAT he'll start talking about.)
10 Reasons Why Your Company Needs Custom Invitations
I am always amazed when I hear about companies who spend tens of thousands of dollars organizing a make-it-or-break-it company event designed to celebrate a company milestone and/or impress prospective customers. Sometimes these events have big contracts or sales at stake! Yet, often planners will fall short on the most critical aspect of planning the event-the invitations! After all, before a client steps foot into your venue, or even confirms attendance, the invitation sets the tone and leaves the first and most important (and lasting!) impression!
Advertising For The Long Haul and Not the Short Term Gains
New Age Media Concepts issues its first article of many that will focus on the advertising and marketing industry. "If a young man tells his date she's intelligent, looks lovely, and is a great conversationalist, he's saying the right things to the right person and that's marketing. If the young man tells his date how handsome, smart and successful he is -- that's advertising. If someone else tells the young woman how handsome, smart and successful her date is -- that's public relations." By S.H. Simmons. Welcome to New Age Media Concepts, Inc. where we understand your needs and how to maximize your marketing dollar. Marketing is your strategy for allocating resources (time and money) in order to achieve your objectives. People have their own unique perceptions of the world based on their belief system. The most innovative ideas, the greatest products, or a superior service succeed only when you market within the context of people's perceptions. This is true from something as simple as the pet rock craze of the 1970s to the marketing muscle of Wall Street and the Internet boom of the 1990s. Context can be many things, singly or simultaneously. To name a few, you may market to your customers within the context of their wants, needs, problems solved, or situation improved. Current and potential advertisers need to be aware of many other contexts, such as social and economic trends or governmental regulations. People don't just "buy" a product or a service. They "buy" the concept of what that product will do for them, or help them do for themselves. People just don't "buy" a laundry detergent, they buy the perceived notion of what that laundry detergent brand says it can accomplish for them. Otherwise every brand in the supermarket will be a no-frills. This is not to say that if a product fails to meet the customers' expectations that product will be successful in the long haul. No amount of advertising and marketing will help a failed product succeed in that scenario. To have a successful campaign a product or service must understand that they need to start out with something a consumer needs, wants, or improves their situation and that product or service actually does help the consumer for the long haul. The New York Times said it best in a recent article, "Companies can't Buy Love with Bargains" Building brand loyalty is more than just hyping the consumer into buying a product, it's gaining their trust and the trust of their family both today and for years to come. One example of great brand building is H.J. Heinz, (NYSE: HNZ) they have been around for decades and they gained the loyalty and trust of the consumer spanning generations, now that is great brand building. Anyone could hype a brand for short term gains but that doesn't accomplish the goals of the advertiser or the consumer. It looks good initially but what happens when the product isn't flying off the shelves any longer and the consumers have lost trust in the product or the company?. Of course you need new and innovative ways to get your message to the consumer but this message has to be geared to building consumer loyalty and not just hype. Even the largest companies make this mistake and pay for it with decreased sales and profit margins. So whether a consumer is buying a car from Ford (NYSE: F) , a can of beer from Anheuser Busch (NYSE:BUD) or software from Microsoft (Nasdaq:MSFT), the advertiser needs to cater to the needs of the consumer.
Media Savvy - How To Lead, Persuade And Influence
The ability to lead, persuade and influence are integral skills for effective managers. The capability of telling a story that inspires, motivates and informs is an essential part of this process. In an age of convergence in the media and increased scepticism over traditional communication methods, a new breed of managers and leaders is emerging that sees the media as an opportunity and not a threat. They use the media in a pro-active way to build their organisation's image, reputation and identity.
Which is Better Digital or Offset Printing?
As technology continues to improve, the quality of digital prints also improves. Technology advancements have also made it easier for more and more businesses to enter the printing industry. Good digital printers cost a few thousands dollars?good offset printing presses may cost a few million dollars.
The Principle Of Advertising Online
Advertising online is very similar to advertising in any environment. You really are trying to get your message or your product out there by the most cost effective means possible.
How Can All the Radio Stations Be #1?
Are you confused by all the information you receive from various radio stations? Do they all tell you they are #1 and you don't know who to believe? Most of them probably are #1 so believe it or not, they aren't lying to you. The question is, "What are they #1 in and is it a group of ears you want to reach?"
Direct Mail = Your Money, From Printer to Mailbox to Trash!
I did a quick, very unscientific survey of 25 of my friends. I asked them to put the mail that they do not open or read in a specific trash bag. At the end of one week they gave it to me to be weighed. Guess how much the bag weighed? Remember, most mail is a fraction of an ounce. 63.4.....not ounces....lbs! Something is wrong with this picture! That's like 2 1/2 pounds per person per week! Holy Cow! Also this was a March survey, what if it had been done in November?
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