It may sound odd but not all business owners want to grow their businesses. However, they all want to generate more profit from the revenue they currently bring in.
Newbury Park, CA -- (SBWIRE) -- 01/30/2013 -- It may sound odd but not all business owners want to grow their businesses. However, they all want to generate more profit from the revenue they currently bring in. To do that they have to find low-cost, minimal-effort income streams that can bring in additional profits. “Enter what we call ‘critical drivers’” says Janet Switzer, author, Instant Income “from a marketing standpoint, the critical drivers of any business are things like the number of new leads, response rate, number of unique website visitors, cart conversions, open rate, and more.” So how do business owners identify, track, measure and meet their critical marketing drivers - those snapshots that tell whether income generation efforts are working -- or need to be improved so they can, among other things, motivate their staff?
Switzer says “there are five important marketing measurements. The first is monitoring leads, new customers and sales by product or product bundle.”
Second, business owners should gather key information from their website. Google Analytics is a free service that can help easily gather important data in just minutes.
The third key measurement is calculating response and conversion rates to their marketing campaigns.
The fourth key is measuring the results of email marketing. Once email addresses are captured from visitors to the website, future promotion of products and services to those names via email should be in place.
And last, tracking telemarketing results. If a business sells expensive products or services with the use of salespeople to follow-up with leads generated from prospecting campaigns, monitoring these salespeople is the fifth key to increasing sales.
It’s best for every business owner to choose at least one of the key indicators above and set-up a method for measuring it.
Janet Switzer is a New York Times bestseller and the author of Instant Income: Strategies That Bring In the Cash for Small Businesses, Innovative Employees and Occasional Entrepreneurs. She offers two free guides, the Instant Income New Business Planner for insuring long-term growth and the Instant Income 10-Day Turnaround Program , detailing day-by-day action steps for bringing in emergency cash in just 10 days.
The book, Instant Income®, details 35 strategies that help small businesses and self-employed people earn emergency cash.