Here we explore how the data given to you by EventServiceCheck.com can help you and your business make clear future marketing decisions due to tracking your marketing cost per transaction for your business.
To be able to record this information most accurately we recommend using a CRM (Client Relationship Management) system, which has the function to allow you to tag the ‘lead source’ of your enquiries, or put simply allows you to tag where the enquiry came from - Keap (formerly Infusionsoft) or Sales Force or Sage CRM are all good options for this purpose.
Within your private account area, you will be given information about the behaviour of viewers who have clicked on your page, which includes clicks on:
The * items above are the essential links for you to track cost per transaction.
Once an enquiry comes in from any of these links you need to update or create an account in your CRM system to record the prospects contact details and ‘tag’ them with a tag that reads for example ‘Event Service Check Enq’ or (ESC Enq for short). Your CRM system should also have the functions to create a sales funnel and nurture the enquiry through to confirmation. A CRM system should also allow you to create specific reports using these tags. The report you want to produce is with tags ‘Confirmed Business’, ‘ESC Enq’ and the ‘Time Period’ you want, which will then produce a shortlist of clients specifically based on this data and your selected tags. From this shortlist you can then simply divide the cost of the advertising for that period by the number of transactions for the same period. If this is for a shorter period than a year, just divide the annual fee of your marketing by the number of weeks you want to track for. So, if it were £450 per annum and you want to track the cost per transaction for 6 weeks – firstly divide £450 by 52 weeks = £8.60 (per week) x 6 weeks £52.00. Then calculate the number of transactions confirmed for the same period, for this example we will say 6 transactions confirmed, so the marketing cost per confirmed transaction for this period via ‘EventServiceCheck.com marketing’ is £8.66. This data allows you to then compare the cost per transaction for all your marketing channels, just do the same process with different ‘lead source’ tags. If you have not already or if you are a new business, you may benefit from experimenting or ‘split testing’ channels to see the most cost-effective options. Our suggestion is split test for around 12 months and then keep at least your top 3 – 5 most cost-effective marketing channels, whilst keeping monitoring at least quarterly and annually onwards.
You can also use the valuable data given to track prospect behaviour and identifying weaker areas of your businesses marketing.
You can see that the system records each of the activity clicks for your social media channels. This helps you identify the trend of which social media channel people like to view most from the options available. It also gives you information to consider such as what is not working so well, for example if you have 200 prospects click on the link for your own website but you have only receive 2 or 3 enquiries in the same period it identifies that your website may need changes to convert their visit to an enquiry. The same goes for all the channels being tracked, you will be able to make future marketing decisions with more confidence by using the facts over opinion, pride or feelings.
Another KEY measurement to monitor platforms such as ESC would be by number of enquiries they generate as their main purpose is to introduce you through their platform to relevant, key people and showcase your services in a bid that they contact you direct with their requirements. These platforms don’t have any influence on the final decision, that is down to you once you have the enquiry. Simply calculate the number of enquiries obtained by the spend for that period to give you the cost per enquiry.
Other helpful data you can track is the number of enquiries you receive vs amount of confirmations, which will help you identify weaker areas in the enquiry handling process at your end which may be able to be improved upon. This may be your pricing structure, the time it takes to produce a proposal / quote, your sales funnel system, your standard of product / service compared to your competitors.
There are many more ways the data tracked through your ESC account can help make positive decisions for your businesses future, if you’d like to know more please do contact us on 01793 374 430 or send an email request to email@example.com . We’d be delighted to give you a free demo and answer any questions you may have.