Testing and tracking involves closely monitoring the marketing activities you engage in, and their positive and negative effects. It’s about finding out exactly what works, and if something doesn’t work, why that is so. Future marketing plans must be deeply rooted on this system of tracking your marketing movements if you wish your business to be successful.
If marketing effort A is fifty percent of your entire marketing strategy and is responsible for 70% of your customer attraction, you will need to find out why B and C aren’t working as well. Successful managers will tell you to ‘scale, scale, scale’ in a slanted situation like this, as pushing ‘A’ up a few percentage points can only be beneficial – you’ve already tested the hell out of it.
This sort of measurement eliminates any guesswork and chance, allowing you to focus on expansion, rather than trying to fix what can’t be fixed – take the good and run with it! Also, if you are in a position to propose changes, tracking is extremely important for business proposals – the numbers are perhaps the only thing your superior will take on board.
It is very important to understand how your target demographics respond to certain types of advertising. In fact, you may decide to scrap an advertising effort if you’re barely breaking even or losing money. There’s no reason for it to stay afloat, unless the exposure, even though it’s costing a pretty penny, is vital for establishing and maintaining public awareness. This is why some companies advertise on TV despite losses.
Some marketing is easier to track than others. Direct marketing and internet advertising is very easy to track, with numbers and reports, even ‘tag’ codes that are printed onto letters, helping you identify how your customer came to know you and enquire about your services. Many companies simply ask their customers to ask how they heard about XYZ Company.
In the very least, testing and tracking is enough to put the power of leverage in your corner. Overtake your competition now and start implementing!