FastTrac, Kauffman Foundation
When all is said and done, there’s always more to be done—which is especially true of your marketing efforts. Marketing requires guesswork. It’s like casting bait into muddy water. Sometimes customers will see your bait, sometimes they won’t. Sometimes they’ll take your bait, sometimes they’ll ignore it. The key to your long-term success will depend on how much you learn with each marketing effort. If you don’t get feedback, you won’t learn from your mistakes. Your goal should be to avoid the sentiments of the entrepreneur who said, “I know half my money on marketing is wasted, I just don’t know which half.”
The ROI of Marketing
Many entrepreneurs pre-determine how they will measure each marketing activity to determine whether the activity generated its anticipated results. For example, if an entrepreneur passed out coupons for a discount to buy a specific product, she may count how many coupons were redeemed. If she placed an ad in a local newsletter, she may consider every phone call or e-mail that results from the ad as being a response to that effort.
Don't expect results from a single marketing effort. Marketing experts believe average consumers need to hear or see a message at least seven times before they act. Checking the effectiveness of each marketing effort can help to better use your marketing budget and your time.
© 2007 Ewing Marion Kauffman Foundation. All rights reserved.