Tracking Advertising Performance
Establish a method to determine how customers found you and keep track of the results. Some companies routinely ask "How did you hear about us?" of every new customer who phones or visits. Others have a "Referred by" box on each invoice.
Whatever system you use, unless you've done a coupon promotion and can simply count the number of coupons redeemed, tracking is the only way you can assess how effectively your advertising is working.
Tracking tells you which ads or media bring inquiries and which bring sales-a key distinction. If you track by invoice, you can also determine how much revenue each advertising dollar is producing.
Most important, tracking helps you decide how to readjust your advertising program periodically to make your budget work effectively for you. You'll know when to discontinue certain media and publications and when to pump more money into others. You'll be able to see which Yellow Pages directories and headings pull hardest for you, and you'll know when results are dropping off from previously good sources, signaling that it's time to give them a rest.
In the end, advertising is a trial-and-error process. You may need to spend several years trying out various advertising options and assessing results to know which target markets and media mix work best for you and your business.
References:
• Small Business Administration
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