For those that are seriously in the Sales side of this subject. Advertising is the key to your gross sales revenue. Are you happy with your revenue stream? Ask yourself. Are you increasing or decreasing your profit margin? Are your sales Delightful or Dismal? It is imperative that any business invest in some form of advertising. Above all else you need to have a mechanism in place to monitor and measure your advertising efforts, and the money you are throwing at it.
If you are not monitoring and measuring your efforts [labor expended], and money expended [advertising dollars], you truly do not have a clue of what is happening. Especially if your sales are stagnate. You are basically throwing away your time and money.
Don’t get sucked into a situation where you are handing over advertising dollars to someone selling you advertising type services, that can’t provide you tangible and measurable results.
This is a reminder to start with the basics, keep it simple, get the biggest bang for your buck, and know what your expended advertising money is buying you. After all, this expense greatly affects your profit margin.
At the basic core of this subject. Lets outline one of the most elementary techniques used by sole proprietors, to the mega Fortune 500 type corporations.
Coupons in conjunction with a mechanism of monitoring and measuring.
Before you produce any sales advertising literature you need to create the mechanics to provide feedback. Think it through. A system with something measurable. Measurable results you can bump up against the time and money you put into this effort.
Even your labor is important. Lets forget about the money you are also shelling out. For instance, would you keep spending 2 hours to increase your profits by $4.00? Thereby equating to working for $2 an hour? You could do better working at flipping burgers somewhere.
Lets say a coupon gets into the hands of a potential customer. You want the customer to physically bring that coupon to your business, present it when purchasing, then track the sales associated with that coupon.
If the calculated profit of that sale, or those sales, exceeds the advertising labor and money spent to fund that coupon campaign. Then you are on the right course of action. If your expenses exceed your calculated profit from this campaign you need to change course quickly.
Setting up the mechanics to track and measure this can be relatively simple. Or it can be more complex depending on your business model. It can be manually tracked by sales clerks, to having specially programmed POS terminals [cash registers], to more advanced automated accounting/bookkeeping.
But the point of it all is….Advertise & Measure the Results. Know if it is costing you money, or making you money. Continue to adapt to make these dollars earn money for your business, not bleed out from it.
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