As a business coach, one of my most consistent messages is "If you can't measure it you can't manage it. " This message is for every performance indicator from marketing to sales to production or profits. However, recently, I am discovering more and more marketing consultants and business coaches who cannot measure the results of their own marketing plans. Let me explain.
After 5 years of trying, I finally achieved a goal of writing a column for one of the two local newspapers. I called another small business marketing consultant who has been a columnist for a while to ask him about some key generic measurements from this activity to establish some benchmarks. For me, key measurements would be:
- How many calls on average are your receiving from each column?
- How many clients have you received from this writing effort?
- What percentage of your business has been a direct result of these columns?
During our discussion, I learned that he had not specifically measured any of his results except that he did get calls and some turned into clients. What surprised me is that this well respected marketing consultant who helps to craft marketing plans for small business owners and talks about measurements, could not share with me any specific results. Since my questions were not specific as to dollar amounts, I don't believe his inability to answer my questions was because he feared revealing proprietary information.
Marketing, no matter the vehicle, is a results orientated action. For X marketing activity, Y sales should be generated resulting in Z production or revenue. To increase revenue begins by determining client value and how many sales that means. Then from those sales, you should know what actions from your marketing plan will increase sales.
For example, I know that my average business coaching client is worth Z dollars. This happens from one sale or Y. I also know that for each delivered speech will generate one sale for one client valued at Z dollars. To increase Z dollars by 20 means I must increase the number of speeches or X by 20 which will give me 20 sales or Y clients.
When you can directly connect your marketing efforts to your sales and then to your revenue, you have the opportunity to multiply your marketing efforts to increase sales. The ability to increase sales is all about numbers.
What this means for the average small business is two-fold. First, you, as the small business owner, should be measuring all of your activities so that you will know where you need to multiply your efforts to increase sales. Second, if you are considering hiring a marketing consultant or a business coach, ask her or him what are the specific and measurable results from her or his own current marketing plan? If you are unable to secure a solid response from this business coach or marketing consultant, you may wish to find another. Remember, do as I say, not as I do wasn't sustainable as a child and why should it be any more effective now when you are a business owner?
Leanne Hoagland-Smith, M. S. is a business coach and executive coach with offices in Indianapolis and near Chicago. She writes, speaks and coaches people in businesses to quickly double or triple results through the creation of an executable strategic plan along with the necessary leadership skills “to pull it off. "
One quick question, if you could secure one new client or breakthrough that one roadblock holding you back from success, what would that mean to you? Then, take a risk and give me, Leanne, a call at 219.759.5601 to experience incredible results.
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