Do you know how much money you made with your last marketing campaign?
Do you even know if it generated any sale at all?
If you can’t answer these questions, you are currently losing money, just like 99% of boat dealers.
Here is how you can make it right.
Base your decisions on ROI
ROI is the most important metric for every business.
Think about it: how much do you spend in marketing? And how much does it bring you back?
That’s right, you could even be losing money right now if you can’t answer this question.
Yet 90% of the people reading this article have no idea what their marketing ROI is.
The problem is that traditional marketing results can’t be measured. There’s no way to know who read your ad in the newspaper and bought from you afterwards. The only thing you can measure is the increase in boat sales from year to year, but you can never clearly link it to your marketing efforts.
Online, however, it’s a totally different story. Online data can be tracked and collected so that you know exactly the steps that someone took before buying from you. Did he click on an ad? Read one of your articles? Subscribed to your newsletter, then called you?
You will always have a very precise idea of your ROI when you start using online marketing methods. If an ad doesn’t work and you’re losing money, you’ll see it immediately, stop the ad, and keep the losses to a small amount. How about that?
Optimize your marketing campaigns
Another way you could be losing money right now is by not optimizing your campaigns.
When you know what campaigns work best and why, you can use that information to get a bigger ROI in your next campaigns, during which you will also learn how to do better in the next ones, etc.
You can also choose to invest more in the campaigns that are doing well while reducing the budget in those that produce less results.
Online, you can directly observe the behavior of your website’s visitors and of the people interacting with your ads. You can learn what they prefer, what they react most to, what they don’t react to, who they are on a demographic level, and a lot more things that will help you improve your ads and your website.
You can even apply this to your physical dealership! If everyone is searching for “maintenance service” in your website search bar, for example, you know it’s a service that people are willing to pay for and you can decide to start doing it.
If you’re not doing this, it means you’re losing money even if your current marketing efforts are profitable. You’re losing the money you would have earned if you had optimized your campaigns.
Ready to start growing your business online? Get your free digital marketing audit.