With the exception of one area, most small- to medium-sized business owners have a good grasp of all their expenses and budget. For example, a dentist can tell me how many patients he had last week and how much he spent on dental equipment, labor, and supplies. But when I ask them what percentage of return they get from different marketing channels, their answer is often, “I don’t know, but it’s all good.” So why are intelligent and diligent business owners willing to spend large amounts of money monthly on advertising without tracking mechanisms?
Small businesses often try to emulate large companies but their budgets might now allow it. Advertising to change attitudes and not change behavior is the advertising most people know. Although this is a great way to reach consumers, it can be time-consuming, expensive, and much more effort than the other types of advertising. It is often harmful to realize that what works for large businesses may not work for small and medium-sized enterprises.
Owners of small to medium-sized businesses should know with confidence that every advertisement dollar will yield at least two dollars in profits. They must also be able to track the results of each campaign by looking into their budget. While it is clear that a company’s advertising budget will have a positive return on its investment overall, not knowing the performance of each campaign makes it difficult for business owners to make adjustments that would disrupt something already working. However, a closer inspection will reveal that advertising campaigns with an overall positive return on investment include both profitable and losing elements. The campaign’s recovery can be dramatically increased by eliminating losing parts and growing profits.
Many software solutions are available for conversion tracking. Google Analytics is a free tool. Any page can have a conversion goal. A modification would be made by any visitor who visits that page. A home contractor might consider visiting a page requesting a quote as a conversion. After clicking the submit button, users will be taken to a page thanking them for requesting a quote. A representative will contact you within two hours to set up an appointment. Thank you. The page serves two purposes. It tells visitors when they can expect a call. From a conversion tracking perspective, it also means that a visitor has become a lead to business owners.
It’s easy to determine what percentage of website visitors turn into leads. Tracking software allows you to track how visitors arrive at your website. This makes it easy to compare the rates of information that are converted based on keywords, advertisements clicked, and landing pages visited.
To continue the example of the roofing contractor, some people will fill out the “request for a quote” form, while others will call the number directly. Call tracking is a great tool. It’s surprising to me how few businesses use this service, considering its simplicity and affordability. You can rent phone numbers for as little as $1 per month, so even having 10 numbers is an affordable expense. Each advertising campaign should have a unique call tracking number. These numbers can be used online or offline advertising and allow you to track how many calls were generated by a particular campaign.
Call tracking is excellent for offline media. But what about traffic to a website? Everybody sees the same website so everyone will call the same number, regardless of the acquisition channel. Wrong! It is wrong! This will allow for tracking and conversions. Dynamic call tracking services that replace the phone number field with a call number site-wide are available. They display a different number of website visitors who have been acquired through other channels.
No matter how profitable a campaign is, it’s always possible to optimize it further. Internet advertising is highly flexible. It’s possible to test five ads on five different channels and run them across five landing pages. Certain combinations will perform better than others; it is inevitable. The low-converting campaigns can then be stopped. High-converting movements can also be scaled up, and new campaigns created to test them against high-converting ones. Even the most brilliant advertising minds in the world cannot create flawless ads or perfect landing pages from their first attempt. It is impossible to predict how different groups of people will respond to other offers. It is essential to make a few guesses, then test each campaign to maximize its return on investment.
If I can’t find out how much each lead costs from any channel or what percentage of them will become customers, you are gambling with your advertising budget. Tracking techniques will allow you to see exactly where your money is going and which areas you’re wasting it in. This will help you increase the monthly return on all your advertising channels.
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