Small Business Marketing Consultant | Marketing Consultants Melbourne | Bright Owl Marketing Services

Simple Ways to Calculate and Measure Your Marketing Continued…

Last blog I delved into some simple metrics to help demonstrate the value of direct marketing. But one question I always get asked is how do you measure the value of a customer well beyond their initial purchase?

This value in direct marketing is called the Lifetime Value (LTV) of a customer, and is based on all activity of customers subsequent to their first acquisition. In other words, it is the net present value of all future contributions to profit.

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So how much is a customer really worth? Ultimately, all decisions in direct marketing rely on this question being answered.

Hence this blog intends to provide a simple, yet broad viewpoint of how marketers approach the maths of direct marketing and how small businesses can obtain real value from using it.

The main objective is to introduce the importance of measuring direct marketing and to bring about some accountability for your marketing efforts, which should be music to every small business owner’s ears!

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If you want to know how to acquire and keep a customer, then this is the perfect forum to discover how the database is really the hub of all direct marketing activities.

In this blog I’ll explain how to plan for a successful database while giving some thought behind successful direct marketing efforts based on using the humble database.

So why on earth do you need to keep a database anyway? Well here are just a few reasons:

• Provides a comprehensive picture of customers and prospects
• Increases the value of your customers by providing an opportunity to up sell and cross sell
• Allows you to match products and services to customers wants and needs
• It is the perfect tool to help you build relationships with customers
• Helps retain existing customers and acquire new customers

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Every marketing plan needs to involve some level of marketing research to validate any marketing initiative and to understand what your customers really want. But what are the best research methods to use to suit your specific business needs?

Before I start, it should be noted that not all marketing research should only occur in big organisations with significant budgets. There are number of different research methods which small business can use to analyse their market.

By keeping your research methods as simple and focused as possible will help you collect, sort and analyse information without getting bogged down or disheartened.

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In every small business, you would at least once a year sit down with your accountant and review your books and procedures and make recommendations and relevant changes to better prepare your business financially for the following year.

Yet how often do we sit down and have an objective review of our marketing efforts, to discover what worked, why some activities didn’t work, and what opportunities await us in the year ahead?

It is for this reason why I have decided to launch into the blogosphere to focus on direct marketing as a series of discussion topics.

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