Since advertising is a costly investment, small business owners need to be aware of the effectiveness of their methods. It is important to measure the efficacy of your efforts so that you can focus on what works best. Here are some tips on how you can accomplish this.
Implement Email Marketing
An email marketing campaign is not only cost effective, but it is also easily measurable. Encourage customers and potential customers to sign up for regular mailings. Be sure to use email software that offers metrics on the opening of messages and clicking on content.
Advertise on Social Media
Advertising on social media platforms allows you to focus your efforts on specific target audiences and obtain comprehensive data on the results of your efforts. This enables you to use split testing, which involves trying different types of ads to ascertain which of them are most effective. You can also use the data you receive to change various aspects of your ads as you go along.
Create an Effective Website
Instead of having your email and social media advertisements send all interested consumers to your home page, have dedicated landing pages set up so that people can immediately find exactly what they are looking for. You can easily track the visitors to your website with tools such as Google Analytics.
Virtual and physical coupons with embedded codes lure customers with the prospect of discounts. They also allow you to track the source of the coupon so that you are aware of which advertising methods consumers are responding to.
Survey Your Customers
Conduct simple surveys to find out how customers have heard about your business. These surveys can either be carried out online or one-on-one with customers at your physical location. Either way, you can accumulate valuable data that can assist your ongoing advertising efforts.
For more advice on effective methods of monitoring and improving your business advertising, get in touch with First Source Capital.