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Now Look After your Money!

We Yorkshire folk have a reputation for being able to look after our money pretty well! But I still think there is a lot of money out there being totally wasted, and with a little bit more care and attention, can remain in the long deep pockets of us short-armed Yorkshire folk!

Now this Blog is primarily aimed at you Business people out there. So, if you are not involved in running a Business, or not likely to in the future, you could set your TV Planner for the feel-good factor of the next 3 Episodes of that cheery TV soap ‘East-Enders’. – On second thoughts, do I hear you say you would sooner read this Blog? Well, that is nice to hear!

I am often asked the question by some of our Business Clients ‘What’s the best way to advertise my Business?’ – Is it newspaper or magazine ads, the Web-site, pay-per-click campaigns, direct mail-shots, E-mail marketing, or even good old-fashioned networking?

No, none of these. My answer is always  - ‘The best way is always the one that gives you the highest return from your cost or investment’.

What do I mean by this? - To illustrate this, I usually use one of the famous quotes made in the 1930’s from Henry Ford. Who is Henry Ford, I hear you ask? Quick on the buzzer was Company Director Ian from Hook, near Goole. Sorry Ian wrong answer, he did not play left back for Leeds United! For you people out there who did not pay attention in your history classes at school, Henry Ford was the founder of the U.S Ford Motor Company, (see how much you could have learned in class by paying attention instead of having to dodge the dreaded blackboard rubber being thrown at you by the history teacher!)

But, back to Business. One of the famous quotes from Henry Ford in the 1930’s was: ‘I do know that 50% of my advertising costs are totally wasted, but unfortunately, I don’t know which 50%!’

Nowadays in Business though, we are all a little bit more knowledgeable and a little bit more aware. So, there is absolutely no reason why EVERY Business should not know what is the best way to advertise their Business. The simple and absolutely vital thing to do is to make sure you TRACK AND MONITOR every single lead or enquiry that your Business generates. If you do this (and we certainly do at JCL – Jones Cooper Limited), you will know exactly how many leads or enquiries each piece of
advertising or advertising activity has generated for your Business. This crucial information will tell you what has paid off and what has not paid off. This vital information will tell you what is the best way to advertise your Business, and at the same time tell you what not and where not to advertise, and so save you bucket-fulls of money in the process on wasted advertising!

So, how do you track and monitor the leads and enquiries your Business generates? This answer to this is certainly not as difficult as trying to predict when Leeds United will again be challenging for the major football honours like the Premier League Title, or dare I dream of the Champions League Title, (yes these sound as distant as Lance Armstrong ever winning the Tour de France again, or Coronation Street’s Roy Cropper ever winning the sexiest man on TV Award!)

No, it’s a lot easier that than that. In fact it is quite simple. All you need to do is to put in a system to ensure that whenever there is an initial lead or enquiry made, whether this be in person, via telephone, e-mail, Web-Site, or any other form of contact with your Business, then you capture, or at least take the trouble to ask, how the potential customer or client has found out about your Business. The system doesn’t have to be complicated but just needs to record the source of the lead or enquiry. I am absolutely staggered by the number of small Businesses that do not possess this information!

Quite frankly, if you had this information and you were able to pinpoint where the majority of your leads and enquiries were coming from, wouldn’t you just do more of the same and increase the level of advertising and activity in these areas? What effect do you think this would have on your Business Profitability and bottom-line Profits? Hmm, that holiday in the Caribbean starts to look more and more likely, or even the new BMW, or for you really ambitious people, what about that new Porsche you always wanted? (not sure why I brought cars into this, as personally I am not a car image person, as my brand new Reliant Robin will testify, – just joking on the last sentence before any of you really put me in the Saddo category!) Anyway, you get the picture about how valuable it is to TRACK AND MONITOR all leads and enquiries.

Remember the major aim of any form of advertising is to make the customer, client or consumer aware of your product or service. In otherwords, to market your product or service, and so to generate the lead or enquiry. There is a whole different process (the sales process) about the conversion of the lead or enquiry into a sale, and I will be writing a further Blog on the sales process in the near future.

Anyone who requires further help and advice on the system of tracking and monitoring leads and enquiries, then please contact me and I will be happy to assist.

Rickey

Rickey Cooper FFA, FMAAT, ATT
JCL – Jones Cooper Limited

 

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