Are Your Marketing Efforts A Waste Of Money?
If I have a dime for every time someone tells me that marketing’s job is to “make things pretty”, I’d have enough to buy a nice car. It is a common misconception that marketing and branding is all about looks and the ‘wow’ factor. Oftentimes, this is all what people focuses on, which can be the biggest pitfall in marketing because this leads to a big waste of resources with no clear return on investment.
How do you know if you’re wasting money on your marketing efforts?
Branding is what you (your business) stands for, the essence of existence and the reason for being. It serves as the foundation of your marketing efforts.
Marketing is about attraction. A well-designed marketing program, paired with strong sales strategy and delivery, are what brings people (customers, and ultimately, revenue) through the door.
With that in mind, marketing is what will bring you new customers and branding gives them a reason to stay loyal and keep coming back.
So, how do I know if my marketing efforts are working?
Simply put, if they are working, you will see the revenue reflected on your bottom line. Otherwise, you’re wasting your money.
Now, the challenge is: How do you measure your marketing activities and trace it all the way to revenue?