|
THIS WEEK
End of Financial Year Review - How Successful Was Your Marketing Expense?
ALSO IN THIS EDITION
| End of Financial Year Review - How Successful Was Your Marketing Expense? |
Throw your hats in the air and celebrate – it is end of financial year time again! I love end of financial year as it is a great time to reflect on what worked and what didn't for you and your business in the past year.
But ... when you look at how successful was your marketing expense in the past financial year – you need to look at your results against a number of definitions of success (and not just the dollars).
Financial review
But let's get the dollars out of the way first. Marketing is one area where you should be able to get pretty solid data on your return on investment – the cost of marketing compared to how much business was brought in from the strategy.
Don't just lump your marketing expense into one big category. Take a close look at all of your marketing expenses and categorise them into things such as:
- Online costs (such as online ads, affiliate programs, SEO strategies, SEO copywriting and online web copy)
- Print costs (for costs such as direct mail, brochures, flyers, posters, copywriting for the words etc)
- Advertising (print, radio, TV, yellow pages, copywriting for the scripts or ads)
- PR & Networking (networking events, tradeshows)
- Seminars (if you run seminars)
Next consider the hidden costs – your time in setting up or running that marketing category, time in answering calls or emails, fees and charges associated with that expense (e.g. online transaction fees), travel time and wages. Many businesses don't allocate these expenses which severely limits their capacity for solid reporting. You also need to look at the business brought in from the strategy – both in terms of immediate business/sales as well as lifetime value of the customer to your business. Less easy to quantify costs include goodwill, business networks and business brand value. If it cost you more to attract a customer than the value they bring to you – there is something severely wrong with your marketing (and your business model!)
 Customer review
The quality of your marketing affects the customers you are attracting to your business. Review your customer list or think back over the customers who have been coming to your business. Are you attracting great customers, who value you and your business or are you attracting a lot of customers trying to bargain you down and who are generally difficult?
If your customers are not all that flash or are not in sufficient quantities – you need to review your marketing strategies including the words you are using, your images and general approach.
Supplier review
If you have a successful marketing strategy, your suppliers should generate great quality product or services for you and you should have a solid and productive working relationship with them. (This of course assumes you pay your bills on time every time and have essential communication strategies in place!)
If your supplier relationships are bumpy, then your supplier nurturing strategies are not working effectively for you.
Connection review
One of the outcomes of great marketing is a wider range of connections, alliances and networks you can tap into. Have your connections expanded with quality contacts this year? If you network with lovely people but never share referrals or business with them only social chit chat, you need to consider the effectiveness of your networking strategy.
Employee review
When you market for customers, you are also marketing for potential employees. Have a look over the employees who started to work with you this year. Take a look over the number and quality of applicants you received for your vacancies.
If your marketing expense was effective you would be inundated with high quality candidates rather than zero applications or less than optimal candidates.
Learning review
Learning is an important indicator for future growth. Through your marketing strategy this year did you learn more about your customers - what makes them tick, what they value and what is important to them?
What did you learn about the technical aspects of marketing through applying your strategies? Sometimes something you try may be a financial failure but the most significant learning event in your life.
If the overall assessment of the success of your marketing expense is bleak – don't panic! You now are armed with some information to help you identify where you will focus your efforts this coming financial year.
Heart Harmony can help you set your strategy for the coming financial year and ensure your words attract the right customers, employees, suppliers and contacts.
We are offering a 2 hour copy review in July for just $300 plus GST - where Ingrid will sit down with you and assess some of your current copy strategies, and make recommendations for improvements for the coming financial year.
Appointments are very limited – so call now to book in your timeslot 07 3351 8844.
| HR Tip - End of Financial Year Tasks for Payroll |
End of financial year also brings with it payment summaries for your employees (or Group Certificates).
This is a great time of year to get your personnel files in order before you print out and post the Group Certificates.
Hand all of your employees a personal details form this week and get them to complete it and return it to you. Include:
- Name
- Current residential and postal address
- Current home phone number
- Current mobile number
- Current email address
- Next of Kin - names and contact details
- Current copy of their drivers license (if they drive a company car)
- Current copy of any professional registrations you need (eg: technical registrations, workplace health and safety licenses, blue cards)
Employees are highly motivated to get their group certificates. By linking personnel file updates to this time of year you are more likely to get speedy updating of details.
Business of the Week - Chiropractors
|
This week we are not highlighting an individual business - but an industry that is fascinating to watch. Chiropractors as a group are generally 100% on the money with their marketing, branding and approach.
I have been visiting our local chiropractor to unwind too many years at a computer and I have to tell you their industry marketing strategies are brilliant.
- Chiropractic week - raising awareness of the industry with free identification of problems (solutions of course cost you).
- Industry wide posters, flyers, magazines all promoting your local chiropractor
- Heavy use of advertising in things like shopper-dockets for their "specials"
- Treatment regimes - set for 6 weeks at a time. Payment preferably up front (at a discounted rate) or pay as you go
- Free seminars as part of your treatment regimes - with refer a friend strategies at the end of each seminar
- Prompt follow up of refer a friends - all are booked in within 7 days of the referral
- Referral thanks strategies are in place and are applied faithfully
- Ongoing "maintenance" regimes beyond the initial treatment regime for patient health (and business cashflow)
- Strong reliance on technology and systems to reduce workload
- Client education on what Chiropractic treatment is and why it is important
If you have never had a chiropractic treatment it is worth exploring just to see smooth marketing in action.
Petrol is tipped to hit $2 per litre by Christmas. In this post I give quick tips on managing the crisis with your employees and your business
Are you speaking your customers language?
warm regards
Ingrid
Heart Harmony
PS: This week's blog also included posts about business systems for client cards and its only office supplies.
|
email
