Track Marketing for Redemption and Spend

redemption-and-spend

Are you Tracking?

I wanted to make sure that everybody tracks what is ‘spend’. We can do all sorts of marketing for you, we do tons of different things for our clients but those who track what they do, are the ones that really get on with their marketing and make a lot of profit.

To give you an example; I was working with a restauranteur last year, who said to me they were thinking of stopping the ‘birthday cards’ and I replied to him, ‘before you do that, make sure that you track them at least for a month to see what you’re spending on the marketing, how many people its attracting and how much money you are making in the end.’ So at the end of the month they did as I asked. They tracked everything and saw a spend of around $1,500, they made about $20,000 net profit. The following month, a little bit bigger on the spend and made $26,000 net profit. Those are good figures! Of course they didn’t cancel because they were making such a mark up which is not unusual if you do a great offer, you've got a good restaurant and do birthday marketing with postcards.

The other thing to recognise is how much redemption you get, how many people come through the door… You might send out 100 cards and only 30 get brought in but that 30 might bring in 500! Make sure you track redemption, bums on seats and spend from every marketing piece that you do and then you’ll see how powerful it is, how much profit you are making and you’ll always see the ones that aren’t quite as good as the others which you can improve or drop.

Take aways:

  • Make sure that you track all of your marketing.
  • In particular track your postcards.
  • Track redemptions, numbers who attend and sales.
  • Take time to analyse your results to improve winners and tweak or drop others.