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of the most powerful, yet underutilized tools, in marketing is tracking. By that I mean some form of measuring the success and failure of marketing initiatives. For most this practice might begin and end at measuring the response rate of a direct mail piece. What I am talking about though is a systematic approach to diagnosing and tracking what I call the Key Success Indicators in your business.
Starts with a vision
Before we can begin any discussion about measuring success indicators we have to talk a bit about vision. See, you can set targets and goals without an ultimate or at least short term destination in mind. If you are going to start tracking what matters you have to,Gucci Wallets Outlet, well, know what matters. By that I mean you need to have some picture of where you want your business to go in the next year, three years, five years. You must be able to see,Gucci Sunglasses Outlet, quite clearly, what it's like to run your business in the future. Before you can set action steps and tactics, you must have the vision and the strategy that will make it real nailed.
Where are you now?
In order to set some key success indicators it can be helpful to attempt some measurement of where you are now. I'm afraid I inserted the word attempt due to the fact that most small business owners don't measure very much.
At the very least we need to try to see where you are in the things that may be found hidden inside your accounting software so that we can use them as benchmarks for growth. Things such as revenue, profit,Gucci Purses, number of clients and number of transactions are a good place to start.
What can you know?
The next step is to add (if you are not tracking these already) things that we can know for sure such as number of leads, percent of leads converted to clients, average revenue per client, number of transactions per client, cost to acquire a new client. Next add a success layer for the number of referrals, number of PR mentions, number of speaking engagements, number of client testimonials, number of compliments.
These hard data items are essential when it comes to setting goals and even setting budgets.
What can you feel?
To take your tracking and measurement system to a higher level I suggest adding some success items that are little harder to measure