How well do you remember 2016? Yes, we do mean 2016. And we might ask the same thing about 2015 –and the preceding years as well—going all the way back to the day you started your business.
Of course, we know you remember some things very well—like when you hired a great employee, or fired a lousy one. You can probably recollect landing a super customer or being driven nuts by one that was irrationally demanding. You’ll remember good times for sales and bad times … and a lot of other standout occurrences too. Your marketing though, what do you remember about your marketing?
Okay, we’ll lower the bar to merely recalling the year that’s just now ending. Many business owners might say 2017 is fresh in their memories, but is it? We’ll grant that you’re likely to be aware of how your most recent marketing budget was spent, but did you track the details of each marketing project and advertising campaign? Can you figure out which specific ad or communication went to which audience and when? Do you know the response rates?
Let’s say you did keep excellent records of what you did for marketing in 2017. Congratulations, truly! We can’t stress enough how good it is that you’re tracking how your promotional dollars are spent and understanding the results that they are providing. But effective marketing is a long-term journey, and the more years you have to compare, the better you’ll be able to plan how to advertise in the coming year. Without stats from 2016, 2017 can’t tell you nearly enough to help you make wiser decisions.
Still, everyone has to begin somewhere. So, if tracking your marketing dollars isn’t something you’ve been doing, resolve to do so in 2018. And if you find that being on your own in tracking and analyzing ROI of your marketing dollars is a bit too daunting, remember that you don’t have to be on your own. Your friends at Pinstripe are always available to help.