The importance of correct monitoring
Businesses that don't monitor their success, set themselves up for failure. Not knowing why business is good or not so good, sounds like a scary prospect. Reacting too slowly to fluctuations in your industry could mean lost opportunities or worse, receiving a fatal blow that can lead to bankruptcy.
It’s so commonly accepted that it's really hard to find a business that does not monitor their progress. However monitoring your business does not stop with your performance and finances. Monitoring your incoming leads and marketing return on investment is key to growth and stability.
The way you set-up your marketing monitoring, what you monitor and how you monitor it, can spell success or disaster. It influences your success. Creating a scoreboard that reflects those figures in your business that reflect growth or contraction is very important.
You should have various scoreboards that reflect the true performance of the key functions in your business. Marketing is going to be one of the key pillars. Because this is where your income comes from. Monitoring your marketing helps you put a finger on the pulse of your success. But most importantly it helps you understand where the success comes from and what causes a dip in your income.
You should ideally create a dashboard that tracks performance and allows you to check in any time. One look and you should know where you stand. Whatever happens in your business,for example, a sudden dip in sales can be traced to fluctuations in your marketing. Your dashboard should allow you enough data to get a clear insight into what had changed when the dip occurred. You need to know what works and what doesn’t, so that those efforts that are not providing a good return on investment, can be improved or halted. What works well should be scaled up with the goal of doubling and trebling your results…
Over time this will give you a good idea of what causes the dips and the successes, so you can replicate more of what generated cash in the first place. You will be able to detect and solve the cause of a slow-down much faster. And you will easily detect what needs to be adjusted.
You will also immediately see what works, at a glance. This will give you the ability to act fast and take laser-focussed action every time.
We have created a roadmap that helps you analyse all the pillars of online marketing and understand where you stand in each. It helps you decide what your next best step is, to go to the next level and what combination of marketing techniques are going to get you there. Ready to find out?
