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Hello, another Snacktime episode coming to you.

Today we’re going to be talking about measurement, one of my very favourite topics.

We are going to be tackling six things that your small business can measure.

Not going to lie, in my time working with small businesses, I’ve noticed that the measurement part of the marketing activity doesn’t seem to happen that often.

When we work with clients, we’ve actually got quite a rigorous measurement process and framework in place that helps collect measurements over a monthly basis and it helps track those measurements as well.

It’s not just collecting that data in isolation every month, it’s actually looking at that data month on month on month.

It’s also looking at that data in the context of the marketing ecosystem.

So, if you heard last week’s episode of Snacktime, where I introduced the concept of the marketing ecosystem and the fact that when we put marketing in place, we’re looking to put marketing activity that will achieve awareness, consideration, and conversion.

We hope that it will inspire repeat purchase or people buying more, as well as inspire our customers to talk about us to many people in a very favourable way.

If we put it into the context of the marketing ecosystem and then also layer your monthly measurements so that you’re seeing month on month data together, you can actually start to understand seasonality and trends.

You will also see how all of the measurements within the marketing ecosystem and all of the activities within the marketing ecosystem work together to actually achieve your ultimate results.

So, I’m going to give you six things that you can measure that will take into account the marketing ecosystem and the objectives within that.

 

Reach

Firstly, are you actually gaining the visibility and the awareness that you need to in order to drive more people through your marketing funnel?

Are we getting enough people in the top of your funnel becoming aware of your business so that they can then go on to consider it and buy from you?

Are we getting enough people in the top of that funnel and are the frequency of our touch points enough to make sure that we’ve got an ongoing flow of enough people coming through the funnel?

How we would measure this is with reach or video views.

Essentially what we’re looking for is how many people are seeing our content.

They just need to see it at this stage.

They need to see it and pay enough attention to build up a history of touchpoints in their brain.

If they see our logo, for example, or if they see the people in our business, or if they see our tagline or hear our jingle on the radio.

However they become aware of us, if they see it enough times, all of a sudden the subconscious will start remembering that brand.

Unless you make an incredible impact with your one and only piece of marketing, it’s not going to happen with a flash in the pan approach.

Awareness takes frequency of touchpoints. It can take anywhere between six and 30 touchpoints of your content before someone will actually go on to the next stage of consideration or to buy from you.

So, measuring how many people are seeing your content is really important.

Of course, we can really only do this quite accurately by looking at the digital marketing channels, because they do measure things like impression and reach and how many people see your videos, et cetera.

Unfortunately, when it gets to things like TV, radio and print it’s very hard to understand how many people actually see your outdoor ad or actually see that bus, or actually see that print ad in the newspaper or your TV ad.

You can certainly get some estimations from your media sales rep as to how many people they think are reading each monthly magazine or weekly paper.

They may also have general information on how many people they think are tuning into particular shows on the radio or TV, but you’ll never actually be able to get, well never say never, but at the moment it’s very hard to understand how many people actually saw that content.

 

Engagement

So, we need to think of the funnel again.

Once a potential customer has become aware, if they decide that this is something that they want to know a little bit more about, they go straight down into that consideration phase.

This is where they might start really engaging with your business so we’re going to measure engagement.

What’s engagement?

Well, it comes in many forms, but you might be looking at how many people are liking, commenting on, and sharing your social media content.

You might also look at how many people are replying to your emails, how many people are clicking through to your website from your social media content.

How many people are going to your website and downloading some of your helpful E-guides?

How many people are turning up to your events?

So, there are various ways that we can measure engagement.

 

Inquiries or leads

Now, this will of course differ for every business, but a lead will essentially be someone that has landed on the sales page of your website.

Someone who’s actually picked up the phone to find out more about your business.

Someone that’s emailed you via your website to organize an appointment or book an appointment with you depending on what you sell and depending on how you drive your sales and conversions.

These are the people that have come to you to inquire.

They haven’t quite purchased yet.

They’ve come to inquire and find out more with the intention of purchasing, but you as a business still need to actually convert them.

So, while number three is how many leads are we getting?

Number four is how many of those leads are we actually converting?

 

Conversions

We’re not looking at conversions based on the activity that we have going on in the awareness phase, because the marketing activity that’s up in the awareness phase, we’re looking at reach there.

When we’re looking at those leads coming through the clicks to our website, the phone calls, the emails, the people that come into our store, how many of those leads are we actually converting to sales?

Because if you’re getting a truckload of leads, but they are not converting to sales, there’s a bit that you’ll need to do to make sure that you’re not wasting all of that marketing spend getting people to lead stage, and then not being able to actually convert them into a sale or a customer.

 

Customer Lifetime Value

Your customer might just purchase from you once, depending on what the transaction is, or you might have a product or service that they purchase from you repetitively.

So, we need to actually understand when a customer comes to you, do they just come and purchase once and then they never have to purchase again?

Do they come and purchase from you again and again, and again?

Or do they come and purchase from you and then go and purchase from your competitor because your marketing hasn’t been in place to ensure that you’re getting people to come back?

 

Referrals

Finally, we measure referrals.

How many people are you inspiring or surprising and delighting?

How many of those are actually then going and spreading the word for you, going to their weekend barbecues and raving about you to all of their friends.

There’s two word of mouth referrals.

There’s the type of referral that, for example, somebody asks you for a recommendation.

They might say “do you know a local lawyer in town? Do you know a local dentist? Who would you go to?”

The person that they ask might nonchalantly list off a few people that they know of.

They might say “Oh, well, I go to such and such, give them a try”.

That’s a word of mouth referral and that’s valid and will certainly inspire a few referrals, but imagine the person that walks into the barbecue on the weekend that they go to with all of their friends and they don’t even have to wait for someone to ask for a recommendation, they have just had the most impressive experience with your business that they literally start conversations by talking about your business.

Imagine if that barbecue was Facebook and someone without any prompting or any asking, just got onto Facebook and gave you a massive shout out because you do such a good job of what you do.

These are the kind of measurements that we look for to find out if people are just really nonchalantly recommending your business, or are they raving fans that are out there spreading the love about your business and giving you all of this beautiful free marketing?

 

So, six things to measure:

  • Are we gaining visibility and awareness? We measure that by reach.
  • Are we actually driving engagement? We measure that with engagement.
  • Are we driving them from engagement to leads?
  • Are we then converting those leads?
  • How many times do they buy from us?
  • Are they raving fans?

 

I hope you’ve enjoyed this episode and learnt a bit more about measurement because this is one of the most effective things that you can do for your small business.

Podcast Interview:

Jane Hillsdon:

Hello, another Snack Time episode coming to you today. We’re actually going to be talking about measurement one of my very favorite topics, and we are going to be tackling six things that your small business can measure. Now in my time, not going to lie in my time, working with small businesses, I’ve noticed that the measurement part of the marketing activity doesn’t seem to happen that often. When we work with clients, we’ve actually got quite a rigorous measurement process and system and framework in place that helps collect measurements over a monthly basis. And it helps track, it helps actually track those measurements as well. So it’s not just collecting that data, you know, in isolation every month. It’s actually looking at that data month on month on month. It’s also looking at that data in the context of the marketing ecosystem. So if you heard last week’s episode of snack time, where I introduced the concept of the marketing ecosystem and the fact that when we put marketing in place, we’re looking to put marketing activity that will achieve awareness that will achieve consideration that will achieve conversion.

And that will also inspire repeat purchase or people buying more. And also inspire our customers to talk about us to many people in a very favorable way. So if we put it into the context of the marketing ecosystem and then also layer your monthly measurements so that you’re seeing month on month data together, you can actually start to understand, you know, seasonalities and trends. And also see how all of the measurements within the marketing ecosystem and all of the activities within the marketing ecosystem work together to actually achieve, you know, your ultimate results. So I’m going to give you six things that you can measure that you can that will actually take into account that the marketing ecosystem and the objectives within that. So first of all, item number one to measure is, are you actually gaining the visibility and the awareness that you need to in order to drive more people through your marketing funnel?

Are we getting enough people in the top of your funnel, people becoming aware of your business so that they can then go on to consider it and buy from you? Are we getting enough people in the top of that funnel and are the frequency of our touch points enough to make sure that we’ve got an ongoing flow of enough people coming through the funnel. So how we would measure this is with reach or video views. This is essentially what we’re looking for is how many people are seeing our content. So they just need to see it at this stage. They need to see it and, and pay enough attention to build up a history of, of touchpoints in their brain. So if they see our logo, for example, or if they see the people in our business, or if they see our tagline or hear our jingle on the radio. However, they, they become aware of it if they see it enough time.

Speaker 1:

All of a sudden the subconscious will begin to, to start remembering that brand, that it certainly won’t happen unless you make an incredible impact with your one and only piece of marketing. It’s not going to happen with a flash in the pan approach that the, the awareness kind of takes frequency of touch points. It can take anywhere between six and 30 touch points of your content before someone will actually go on to the next stage of, of consideration or to buy from you. So measuring how many people are seeing your content is really important. Of course, we can really only do this quite accurately by looking at the digital marketing channels, because they do measure things like impression and reach and how many people see your videos, et cetera. Unfortunately, when it gets to things like TV and radio and print, it’s very hard to actually understand how many people actually see your outdoor ad or actually see that bus, or actually see that print ad in the newspaper or your TV ad.

You can certainly get some estimations from your media sales rep as to how many people they think are reading each monthly magazine or weekly paper, or how many people they think are tuning into particular shows on the radio or TV, but you’ll never actually be able to get or, well, never say never, but at the moment, it’s very hard to understand how many people actually saw that content. So number one , reach.

Number two. So if we think of that funnel again and think, okay, so once they become aware, if they decide that this is something that they want to know a little bit more about, they go straight down into that consideration phase. So this is where they might start to really start engaging with your business. So we’re going to measure engagement. What’s engagement? Well, it comes in many forms, but engagement, you might be looking at how many people are actually liking, commenting, sharing your social media content.

How many people are, you know, emailing, replying to your email, how many people are clicking through to your website from your social media content, it might be how many people are actually going to your website and downloading some of your helpful E-guides. How many people are turning up to your events. So there’s various ways that we can measure engagement. So that’s number two, engagement.

Number three, inquiries or leads. Now this will of course differ for every business, but a lead will essentially be someone that has landed on the sales page of your website. Someone who’s actually picked up the phone to find out more about your business. Someone that’s actually emailed you via your website to organize an appointment or book an appointment with you, depending on what you sell. And depending on how you drive your sales and your conversions, these are the people that have come to you to inquire.

They haven’t quite purchased yet. They’ve come to inquire and find out more with the intention of purchasing, but you as a business still need to actually convert them. So while number three is how many leads are we getting? Number four is let’s look, how many of those leads are we actually converting? So we’re not actually looking at conversions based on the activity that we have going on in the awareness phase, because the marketing activity that’s up in the awareness phase, we’re looking at reach there, but when we’re actually looking at those leads, coming through the clicks to our website, the phone calls, the emails, the people that come into our store, how many of those leads are we actually converting to sales? Because if you’re getting a truckload of leads, but they are not converting to sales, there’s a bit that you’ll need to do to make sure that you’re not wasting all of that marketing spend getting people to lead stage, and then not being able to actually convert them into a sale or a customer.

So number five is we look at the customer the value of your customer over the lifetime or the projected kind of lifetime. So your customer might just purchase from you once, depending on what the transaction is, or you might have a product or service that they might purchase from you repetitively. So we need to actually understand when a customer comes to you, do they just come and purchase once and then they never have to purchase again, or do they come and purchase from you again and again, and again and again, or do they come and purchase from you And then they go and purchase from your competitor because your marketing hasn’t been in place to ensure that you’re getting people to come back. And finally we measure referrals. How many people are you inspiring? And are you surprising and delighting how many of those are actually then going and spreading the word for you, going to their weekend barbecues and raving about you, to all of their friends.

There’s kind of too word of mouth referrals. There’s the type of referral that say, for example, somebody asks you for a recommendation. They might say, do you know, a local lawyer in town? Do you know a local dentist? I’ve got, you know, a, who would you go to? And then the person that they ask, you know, might kind of nonchalantly list off a few people that they might know of. And they might say, Oh, well, you know, I go to such and such, you know, give them a try or whatever. That’s a word of mouth referral and that’s valid. And that will certainly inspire you know, a few, a few word of mouth referrals, but imagine, you know, the person that walks into the barbecue on the weekend that they go to with all of their friends and they don’t even have to wait for someone to ask for a recommendation, they have just had the most impressive experience with your business, that they literally start conversations by talking about your business.

And imagine if that barbecue was Facebook and someone without any prompting or any asking, just got onto Facebook and gave you a massive shout out because you do such a good job of what you do. So these are the kind of measurements that we look for to go well, are people just kind of really nonchalantly recommending your business, or are they raving fans that are out there spreading the love about your business and giving you all of this beautiful free marketing? So six things to measure, are we gaining visibility and awareness? And we’re measuring that by reach. Are we actually driving engagement, measuring that with engagement? Are we driving them from engagement to leads, then Are we converting those leads as number four, number five? How many times do they buy from us again? and number six, are they raving fans? I hope you’ve enjoyed this episode and learnt a bit more about measurement because really this is one of the most effective things that you can do for your small business.


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