Posts Tagged tracking and statistics

The Analysis

Sales bags

Image courtesy of Idea go from http://www.freedigitalphotos.net/

Your business has been going for a few years, things are settled to some degree and you have accumulated enough financial data to start making some planning sense out of the numbers.

You know the amount you take home isn’t much and you avoid talking about it hoping things will pick up but things are not improving. You note to yourself how easy it is to lose track of what you need to do, crunch the numbers. So get to it and start crunching!

What’s that? You don’t know what to look for, well try these pointers as a starting point.

  • How many sales per week – How many people bought something, then ask how many items on average did they buy? these figures can be useful, if you know that 200 people came into your shop for instance and only 20 of them bought, that might seem a sad number, however if 15 of those 20 purchased 10 items that might make a big difference, especially in a store with higher priced items.
  • The average dollar sale – How much did you average for each sale you made, e.g for each person who purchased, what is the average they pay? If the average is high and you notice the daily takings start off low, then it’s reasonable to expect the next few sales will be higher.

Using the above as starting points you can now see where you have to focus your attention, either you need to get more people in the door, or get more of those currently coming in to buy more. Let’s say 80% of people in the door currently buy, then you need to find ways to get the average dollar value spent to rise. If the percentage of purchases is low then you might need to get the number of visitors to rise. Having both rise would be a big bonus!

In an age where most people are keeping a close watch on their business figures due to having to comply to tax guidelines and most are using accounting software to do so then you can extract lots of data from most of these programs or at least export the raw data to put into a spreadsheet to get the reports you really need.

I have the data what now?

  • More customers – If you need more, then your marketing needs work. Can your ideal target market readily find you? Focus on these people in the best way possible to boost your numbers. What about the level of new customers coming in each week, do many of these people stay or move on, then perhaps the customer service side of the business needs work to retain more of the already existing numbers of prospective customers walking in.
  • Higher average dollar sales – Try up-selling, “Oh if you buy that do you need this as well?” the add ons can be the difference between make or break some times. Try raising your prices, perhaps your prices are already too low (you do research your competitors…Don’t you?)

To recap you either need to be getting more of the right people into the business to buy, or you need to up the value of the sales made. Now search in the rest of our resources to find ways to do just that.

Regards

Steve Gray

Tags: , , , , , ,

Solid Marketing Strategies

You market your business to a world full of competitors, prospects and suspects and in the end all you want is results. A result which says your efforts were worth it, sales are up and the marketing you have done becomes a great investment, not just another business expense. Therefore it makes sense to get the marketing right, the place to start is with a solid marketing strategy and a chat to your friendly branding expert.

Solid marketing strategies vary, depending on the aim/s.

The best marketing strategies are those which are the cost effective at achieving the objectives they are designed to do. For example, if your goal is to increase awareness of a new product, various promotions, adverts, demonstrations, and a variety of other tactics might be appropriate.

If however your goal is to increase sales, incentives, product association (lifestyle with product for example) and product generalization techniques (where there are similar product ranges you can associate with), as well as product differentiation tactics (Making your product stand out from the rest) may be effective.

If you are aiming to increase awareness or sales, or develop a brand image, product differentiation (ours is better because…), emphasis on core competencies (features and benefits), low cost leadership (leading the pack in a low cost way), product development, and all other strategies that contribute to the uniqueness of a brand may be used as the base of a solid campaign.

What’s important here is agreeing on what the aim/s should be, especially if one aim works against another

Make it measurable and adjust to suit.

Often specific strategies which aim towards target markets may be the most effective as they get to a specific group or individual. General marketing strategies on the other hand can be useful if many of the end users are not easily able to fit into a descriptor of potential users (e.g. some soft drink brands.)

A big part of whatever strategy you use however should be that they should be measurable. This is to establish what works and what doesnt. This will save the organisation money on research, trials, and failed campaigns as well as time, man power in some cases, and will assist in minimising risk. To make sure it is measurable you need to figure out a definition of what success is in this context, e.g. if the aim is to increase sales of an item, by how many is probably the best gauge here.

if you need to cover the cost of the advertising, then the profit margin on those sales needs to at least cover the cost of the advertising, however it would be preferable to exceed that level, by how much will be the stronger definition. Once you have defined the success indicator then the measurement tool needs to happen, it could be as simple as a voucher which has to be handed in to redeem a free gift, or get a two for one deal etc You keep the voucher and count them up at the end of the campaign. then adjust if necessary for next time.

Make it relevant.

An outstanding goal in marketing is to contribute to a loyal customer base and build the importance or memorability of the brand. To do so is said to be found in making the advert or promotion relevant to the target market.

This means that the target market believes the product or service being marketed is something that they actually need or want, and once they get, it, they feel somehow satisfied.

Reinforce the message.

As advertising happens over time, you should be reinforcing the message you present, in general terms and even with more specific objectives, either way the longterm goal forms the basis of all the marketing done for the organisation.

It is essential that marketing strategies be part of a continuous process, which does not just reinforce messages, but also, builds upon the previous messages

Regardless of their market share, organisations must ensure their message and credibility is in the minds of consumers, otherwise your competition may just lead them to look at what they have.

Media has changed, change with it.

Tv is not the advertising god it used to be as people fast forward or readily flip through channels on the TV. however a mix of advertising types might need to be trialled to figure out which ones do the right thing for your business.

If an organisation does not use its research and measurement , its marketing efforts will be at the mercy of the gods and the true results unknown.

To cut through the clutter and noise of marketing and promotions, your strategy needs to be tested and true to your goals and desires, it may take in social media options, traditional media and various creative ways to get and keep the prospect interested in what you have on offer.

Stand out…
The big thing to make your marketing work, is to stand out from the crowd.

  • Have a point of difference. (Quality – Service and Value are a given, so think of something else like a guarantee or how you solve a problem better than your opposition.)
  • Create powerful, better headlines.
  • Keep asking what do they want.
  • Be better at service so they want to come back.
  • Create engaging and compelling copy in the adverts.
  • Have outstanding calls to action
  • Be creative in your approach, innovation is in.
  • Talk benefits, features are one thing, benefits last longer…
  • Connect with the people you are targeting.
  • Chat to your friendly branding expert if you need assistance to do more.

Now you have the start to a solid strategy, you need to figure out a plan of action to make it work. Grab a note pad or a whiteboard, jot down ideas and then grab a calendar and set some dates to make the strategy come alive!

Tags: , , , , , , , , , , ,

Tracking Your Marketing…

I am still completely stunned when I talk to many new clients of mine who don’t track their marketing efforts. I mean -come on… what a waste of money!

How do you know if it works?

Yes it can be a pain.. personally I love it. I love seeing where my website visitors come from, what page they came in on, what they clicked on, and where they went around my site. I love watching my contact forms come back with the box ‘Where did you hear about us” filled out and realising that my marketing is reaching further than I thought!!

So if you don’t track your marketing efforts, at least start with your website. Write this down – – Google Analytics.

Now go and visit their website – http://www.google.com/analytics/ . Go on. I’ll wait.

 

Ok, now that you have had a look  – go and sign up!!! This site is amazing with tools that let you track the sales process and see where your potential customers are falling off the process. Do you get visitors but no-one is buying? Find out what page they leave and fix it!!

You can also test different pages. So if you have a product and want to try different content, you can do a split test of these pages and see which ones convert the highest.

This tool is essential for any business owner with a website, serious about succeeding.

The best thing?

It’s FREE!! Go and start tracking your site now so you can improve the bits that aren’t working! 

Tags: , , , , ,

error: Content is protected !!