Many small business owners are toughing it out, developing and growing their businesses against the economic headwinds.
What they find really important is to get great value from their marketing spend so limited resources can be used to great effect. James Sheard advises his clients to do the following:
- Work out the lifetime value of each new client. This might be the profit from each customer purchase multiplied by the number of times you expect them to return.
- Make sure you record your marketing spend both in money and time taken. It is really important to value what you consider your time is worth when you do this.
- Record the results of the marketing effort – have a different phone number associated with each activity, in this way you can systematically identify your results.
- Do more of the activities that work! Continue to fine tune your activity by conducting tests on new activities and test the results scientifically against what you were doing previously.
If these steps are followed you should be able to win more customers at a lower cost. If you would like to discuss getting greater value from your marketing, book in for a free no obligation initial discussion.
For further information, please contact Greenfield residents Julia or James Sheard on 0161 303 0610 or see TaxAssist’s thebestof Manchester feature. Fees are agreed in advance, so there are no surprises.