How do you know if your marketing is firing on all cylinders? I talk to many small business owners who are uncertain, and want guidance to determine whether they have the right marketing mix and level of investment.
When Atomic Tangerine provides a marketing healthcheck, we pull together a concise picture of how marketing is performing for the organisation. This picture is data driven and illustrates very quickly where there are problems (if there are problems!).
The end of the funnel
As with all marketing reviews, a marketing healthcheck starts with the end. This is usually a holistic view of the business figures – revenue or profit. What is your average revenue/profit per customer? How many customers (conversions) do you need per year, quarter or month? Are you achieving this figure, or are you falling short?
The top of the funnel
How many leads are coming into your business? Break them down by channel remembering that whilst most will be attributable to marketing or another activity (e.g. referral) there will be some leads that make up the ‘Halo effect’ (topic of a later blog!)
What is your conversion rate?
What percentage of leads convert to a sale? Does this vary by channel?
What is your average speed to convert?
How long does it take for leads to make their first sale? Does this vary by channel?
Cost and ROI
How much are you spending per channel? What percentage of your total revenue is spent on marketing? What is your average cost per new customer? Does this vary by channel? What is your ROI (by channel)?
Check your team
Sales teams are often highly sensitive to lead quality. Are they satisfied with the quality of the leads that they receive, or do they feel that too great a percentage are ‘tyre kickers’? This is often a factor that impacts conversion rates and speed to convert. In this case, marketing may be generating leads – they just may not be the RIGHT leads.
With these metrics, you should be able to get a very clear understanding of where your marketing needs to improve. Atomic Tangerine can help you develop the metrics you need, and can work with you to create a plan to super-charge your marketing!
Founder & Growth Catalyst