Recently, my local business bank sent out an email newsletter that offered three financial resolutions to make 2013 your best year yet. Never one to choose originality over effectiveness, I thought I'd borrow a page from their book and offer four marketing resolutions to make 2013 your best year yet.
Resolution #1: Generate monthly marketing effectiveness reports.
The first resolution my business bank offered was to produce monthly financial statements. At first I thought, "does anyone NOT do this?" Then I realized that the number of people that produce regular financial statements for their business probably only slightly exceeds the number of business owners that produce marketing effectiveness reports.
I recognize that a whole bunch of people reading this post are probably saying, "screw that, I Don't need to waste time producing monthly financial or marketing reports." you're right - you Don't have to do anything. If you're content running a small company that is not generating as much profit as it could be, keep on doing what you're doing. Plenty of small business owners say they want to grow, but deep down inside They are content just as they are.
This recommendation is for those that truly want to make more money than they did last year--through growth, increased profit margins, or both! If you want to build a substantial business, you've got to start thinking and acting like the business you want to become.
How many business owners do you know? How many Income Statements have you analyzed?
My guess is that I know more business owners and have seen more financial statements than most of you, so I'm comfortable saying that better performing businesses generate more reports with more detail than the rest of the pack. Of course, they didn't get here overnight. Many started with a few basic reports and evolved them over time as they became more sophisticated.
Do likewise ladies and gentlemen.
A minimal marketing effectiveness report should include:
- A summary of each tracked marketing strategy (cost, calls, web visits, leads, revenue, etc.)
- A summary of your website performance (visits, new visits, traffic sources, visit-to-lead conversion rate, etc.)
As you get more comfortable with the data, you should get more granular. For example, examine a website traffic source in more detail. Take organic visibility for a second - how many: number 1 rankings, first page listings, non-branded visits per month, etc. do you have? If you're investing in SEO, these are key numbers that you must know and track.
Resolution #2: Understand what your marketing effectiveness reports are telling you.
The point of generating reports is not to generate reports. You have to take the time to understand what They are telling you. Why are number 1 rankings down, but traffic and leads from non-branded organic search are up? Why do leads appear to be trending up, but sales are trending down? Why has your cost per click gone down, but your cost per lead more than doubled?
You Don't have to become a trained online marketing expert, but you should have a good understanding of how the numbers in your marketing reports reflect What's happening in your business.
By understanding your numbers and reviewing them monthly, you'll have time make the necessary "course corrections" before it's too late and you're left wondering why 2013 ended up the way it did.
Resolution #3: See how you stack up against your competitors.
you're working hard to build a successful contracting business. Do you know how you stack up against other companies in your industry and geographic area? Most contractors Don't. Every industry has its own "rules of thumb" and industry associations are a good resource to get this info. The trouble is, when it comes to marketing, the data most of these folks have is about 10 years old. When it comes to online marketing, three years is outdated!
Did you know that the highest ranking HVAC and plumbing contractor websit's have, on average, 210 pages on their website and over 1,900 inbound links, or that 1.5-2% is a great visit-to-lead conversion rate for a high-end remodeling company?
I try, through my blog posts and forum contributions on this site, to share some of the industry benchmarks and data I have, but I can only share so much. These numbers are incredibly powerful. I've seen remodelers spend (waste) thousands of dollars rebuilding their website because they think 2% is a terrible conversion rate. More than half the time, their new site performs even worse than the previous site. Instead, they should have stuck with the current design and focused on getting more qualified visitors to their site.
You can analyze your competitors on your own or pay an online marketing company a few bucks and have them do it for you. The data you'll get from the process will amaze you.
Resolution #4: Maximize your web real estate starting with the search engine results pages.
The web is a real estate game and, for a limited time, the real estate is cheap. The trouble is - low cost or not - you Don't have the time or money to advertise your business everywhere. Your success is going to come down to prioritization. Get used to saying, "no" to advertising sales reps (A LOT). The reason you should focus on maximizing your real estate on the search results pages is because that's where people have INTEREST and (often) INTENT.
Not everyone on Facebook or Twitter is in the market for your services (and even those that are probably didn't hop on FB to click your ad). On Google, Bing, and Yahoo, things are different. If you're a roofing contractor in Rockville, MD and someone searches, "rockville roofing company", you can be pretty sure They are looking for someone like you. If you want a crack at that business, you gotta be present to "win" the click.
The most cost-effective way to maximize your search engine real estate is by investing first in "SEO" and second in "PPC." I'm not going to go into the details of either. If you're interested in my thoughts on these, read some of my previous posts on this site. The most successful contractors in the country are KILLING it with one or both of these.
Again, you can spend your time rebutting my contention and tell me all about how you tried it and it didn't work. To this, I would say, "you probably didn't do it correctly or test it for long enough." Try, try, try again.
So there you have it - four resolutions you can implement to make 2013 your best year yet. it's January 4th... the New Year has barely just begun. it's not too late to adopt these resolutions. Most of your competitors will be "too busy" to do anything different this year than they did last year. Do what you always did and get what you always got. Most people that are "too busy" to test new things are almost always "too busy doing the wrong things."
Best of luck and have a safe and prosperous New Year!