I read an interesting – and worrying – statistic recently from Forbes. It stated that 45% of business owners think that ‘marketing efforts are wasting money’.
In many respects Rupert and I are in a unique position as Directors: we not only have to run and build our firm, we also get to advise dozens of other business owners on growing their firms, making sure their financial management is as good as it can be, and ensuring they don’t pay a penny more in tax than they have to.
However, we are different to most accountants because we take an active role in helping our clients grow. Carthy Club, out free monthly networking event is a prime example.
But when I read that statistic from Forbes it reminded me of the quote I’ve posted in the title, from department store mogul John Wanamaker:
“Half my advertising is wasted, I just don’t know which half”
It’s fair to say I have this discussion regularly with a number of our clients. They don’t measure the results of their business marketing efforts, so they have no way of knowing what’s working and what isn’t.
Obviously, being an accountancy firm makes us very ‘number conscious’. We do measure everything -that includes our marketing. I want to know if I spent ‘X’ on a strategy, what return did I get?
Why is that important?
Well, it means I know which strategies to invest more of our hard-earned money into and which strategies to ditch or try and improve. It’s not rocket science, but as small-business owners we have to watch the pennies and leverage as many things as we can.
I also smiled when I read that statistic from Forbes. I wonder how many business owners actually know what their marketing results are and which strategies work? It is highly likely they are just like John Wanamaker—they haven’t got a clue.
This one simple act of measuring the results (or lack) of all your marketing is so simple, yet it will have a significant effect on the growth of your firm. It’s your job to make sure you put in place a mechanism that gives you this data. In my experience, I can tell you, it is transformational.
If you’d like to come along and join our Carthy Club then email us at [email protected], and we’ll happily chat more about how to ensure that you’re getting the most out of your business marketing investment.