What are the most important numbers to review in your marketing?
You may think this sounds obvious <<first_name>>, but at its heart, marketing is all just maths.
The success (or failure!) of a campaign is all down to the numbers.
Recently, a business we know was struggling to understand why, (in their mind), their marketing wasn’t working. And it reminded us of the following example that will be useful for you in-case you find yourself in a similar position.
Here’s the story...
We know of a business who spent £100/day for 7 days on Facebook Ads promoting a webinar.
Here are the all-important numbers.
They spent £700 (£100 p/day for 7 days)
• Had 122 people register for the webinar
• Had 24 of those people show up to the webinar
• 5 of the 24 purchased a £99/month service.
Now, the business owner was pretty upset with these results when they first saw them.
Only 24 people showing up for the webinar was quite disheartening...
and only 5 x £99 for £700 didn’t look great either.
But when in doubt… get the calculator out!
Let’s do the maths:
They spent £700 and had 122 people register for the webinar.
All good so far.
Only 24 turned up for the webinar - there’s definitely room for improvement there(!).
And of those 24, five purchased.
Well, hold on a second - that’s a (just over) 20% conversion rate. 20% of people who saw the offer – BOUGHT, which is a pretty good conversion rate for a webinar.
So, the problem wasn’t that the offer was bad or that the pitch didn’t work – it was that not enough people had a chance to see the offer.
But then let’s look at the sales.
5 x £99/month – they spent £700, and, in round numbers, only got £500 back.
BUT… this service has a minimum 3-month commitment.
So the WORST case scenario is 3 x £99 for each of the five sales…
Which is £1,485!
They spent £700 and DOUBLED it in less than three months.
Not a bad return I think you’ll agree!
So, although the initial campaign didn’t look very impressive – once we stopped and got the calculator out – it was huge success!
It just goes to show… when in doubt – get your calculator out!
If you would like some help with your next marketing campaign, then give us a shout!
