Whenever you have an online marketing campaign set up and implemented for your Removalists Melbourne business, you must have the means to check its performance. By doing so, it will allow you to take further actions that can complement and improve the campaign. As desirable as that sounds, unfortunately, many business owners do not measure their online marketing campaigns properly nor sufficiently.
Part of the problem is that some business owners have tunnel vision and thus the only number they look at is their revenue. Whilst this is certainly a key metric for all businesses, including removalists, it is not the only one. Further, it may not necessarily provide as accurate a measure of an online marketing campaign’s performance as is necessary.
Within any online marketing campaign, several markers paint a far more useful illustration of where the campaign is working, where it is not, and crucially, which elements are providing an excellent return, and which are not. The importance of measuring data is so that the campaign can be improved where possible, and if necessary stop some aspects of the campaign altogether if they are proving to be completely ineffective.
To assist you in measuring the performance of any online marketing campaign you are running now or in the future for your removalists business, here are 5 key data points which you should be focusing on.
It is important to point out that conversion rate does not just refer to sales. A conversion can relate to any action which you want to happen within your online marketing campaign. Examples include the percentage of visitors to a landing page who provide their email address, or how many people click a link within an email you have sent them. The goal is to increase conversions by tweaking the copy, the images, or the call to action, for example.
Cost Per Lead
This is a measure of how much it costs to get a person into your marketing and sales funnel. For example, if you spend $100 on a PPC advertising campaign to get people to sign up to your email list, and you get 50 subscribers, then the cost per lead is $2. The more you can increase the number of subscribers or leads for the same marketing spend, the lower your cost per lead will become.
Cost Per Client
By analysing this data point you will be able to calculate how much it is costing you for each paying client your removalists business gains via online marketing. Let us say over one year you have 20 new paying clients each month that you identify as coming to you via your online marketing funnels. If your total online marketing spend that year is $10,000, then your cost per client is approximately $42 each.
Revenue Per Client
The reason this is important is that it gives you an indication as to whether you are maximising the potential revenue that your removalist business could gain from each client. Maximising revenue can come from promoting additional services and upgrade packages. By optimising how you market these add-ons online, it should lead to an increase in what each sale generates in terms of revenue.
Return On Investment (ROI)
One of the measures that every business owner looks for is the return on their investment (ROI). ROI informs you whether your business is succeeding or not. The key is to make sure that you assess how you can enhance your online marketing so that for the same amount spend, your removalists business’s income is increasing due to greater conversions, lower cost of acquisitions, and more revenue generated per customer.