By Joe Bayliss
June 1, 2016
I recently wrote a white paper, 7 Surprisingly Simple Marketing Lessons from Top Producers.
This post is a longer version of one of the 7 lessons.
If you want to download the full report, click HERE.
This is what separates the men from the boys.
And this is what separates those advisors who are making informed marketing decisions and growing their business – versus blindly throwing darts at a board.
They are tracking their results.
I spent “x” amount of dollars on this show/campaign.I generated “x” number of leads.
We converted “x” into appointments.
My cost per lead is “X.”
And for every dollar we invested, we had an ROI of “x” dollars and “y” cents.
They know their ROI on each marketing platform (direct mail; radio show; radio commercials; TV; etc.)
And they do it every week.
And every year.
But guess what?
The vast majority of advisors don’t take this extra step.
When it comes to tracking their leads, they haven’t a clue.
Or they’re merely guessing.
And that’s not good.
This isn’t a new concept.
Best-selling author, educator and business thinker Peter Drucker was known for a quote … “you can’t manage what you don’t measure.”
Measuring your results will tell you what is, and what isn’t working; where you should be investing more marketing dollars; where to cut your losses; when to change your message; and what’s trending up or down.
Financial services is an uber-competitive category.
So if you’re trying to grow your business, you have to be on top of your game.If you don’t have a system or a process to measure your marketing results, you’re not running your business.
And ultimately, you’re going to waste a lot of time.
Not to mention tens of thousands of marketing dollars.