| By :
Richard Seppala
Copyright (c) 2010 Richard Seppala Knowing the Response Rate to Your Marketing Just Isn't Enough. In the past, measuring your marketing ROI has mostly been a matter of uncovering the number of responses to various ad placements - online, print, outdoor, etc. - or to different campaigns or messages. The more responses, the more effective the marketing and advertising, right? Well, yes and no. Just measuring the pure response rate doesn't take you very in-depth with the numbers. You can find out how many people reacted to your ad - but you still don't know how many ended up as paying customers. In other words, you're still not answering the essential question which you really have to ask about any marketing (especially marketing you're paying for)... ..."Did it make me any money?" Pretty important question, right? That's why I made it a point to develop an ROI measurement system - The ROI Matrix - that goes beyond providing the usual response rate information. When you enter The ROI Matrix, you won't meet up with Keanu Reeves (unless he happens to be a customer of yours...), but you will meet up with the kind of thorough information that helps you increase your marketing ROI in a more substantial manner. Our ROI Matrix system analyzes every call a business gets in response to a marketing placement. We first remove all repeat callers and sales calls, then we extract the data of every new customer that the marketing attracted. Next, we listen to how every call is answered, and look at whether prospects who called were converted to customers and how much they spent. For medical and dental practices, we also look at who scheduled appointments to come in, and how many didn't schedule - and we also take note of who actually showed up for their appointments! And for those who didn't...we can provide the contact data so your staff or sales rep can follow up to try to get them to reschedule. With that kind of data, my clients can answer that all important "Did it make me any money?" question - and identify which marketing actually generates the most revenue. Every business needs to discover its most profitable niche and its most potent marketing message. Uncovering a response rate is the first step to that - but it's far from the last. By continuing to trace the steps of a prospect response to see whether that person actually ends up committing to spending money with you or not, you can see which of your messages and/or placements actually attracts a prospect that will really follow through and buy from you. And that's the best, most accurate way to really measure your marketing and advertising ROI. Let's remember the "R" in "ROI" stands for "Return" - not "Response!"
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