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Adam's Advice: Track Your Results
If you don't know what's working and what's not, you will have no way to focus your marketing efforts and will lose significant potential business down the road. And taking an educated guess at whether your marketing is working or not simply doesn't cut it. You must keep track of the numbers and let them tell you what is more successful. The numbers won't lie or just tell you what you want to hear.
Let's look at an example:
Campaign 1: Local Newspaper Ad
Cost = $20,000
Circulation = 15,000
Results = 20 new clients
Campaign 2: Direct Mailer to Referral Sources
Cost = $6,132
Circulation = 1,000
Results = 15 new clients
With this information, it looks as if Campaign I produced the most revenue. However, we haven't looked at the rest of the story...
Campaign I:
Each of the new 20 clients generated an average of 10 hours/week
10 hrs x $30/hr (nursing/hr rate) = $300/week/client
3 clients will have services for 12 months and 17 clients need 8 weeks of service
3 clients x $300/week x 52 weeks = $46,000
17 clients x $300/week x 8 weeks = $40,800
Total gross revenue from Campaign I = $86,800
Campaign 2:
Each of the new 15 clients generated an average of 15 hours/week
15 hrs x $30/hr = $50/week/client
8 clients will have services for 12 months, 3 for 6 months, and 4 for 2 months
8 clients x $450/week x 52 weeks = $187,200
3 clients x $450/week x 26 weeks = $35,000
4 clients x $450/week x 8 weeks = $14,400
Total gross revenue from Campaign 2 = $236,600
With these additional details, it is clear that Campaign 2 greatly outperformed Campaign I, even though at first glance it seemed to be the other way around. This demonstrates the importance of tracking your numbers to determine the true success of your marketing campaigns. Without tracking, you may have decided to run Campaign I again and ditched Campaign 2, missing out on huge revenue potential.
At TAG Marketing and Recruiting, we believe in tracking so much that we incorporate tracking into our clients' campaigns by offering TAG Call Trax to track each phone call response and TAG Campaign Admin which provides real-time reports of leads who have responded to campaigns online.
The bottom line is that it's in your best interest to track your results. Discover what's really working and run with it!
