￼￼￼￼I read an interesting (and disturbing) statistic recently from Forbes. It stated that 45% of CEOs agree that ‘marketing efforts are wasting money’.
Yes, I’m an accountant (and proud of it) but I’m also a business owner. In many respects I’m in a unique position. I not only have to run and build our firm, I also get to advise dozens of other business owners (our clients) on growing their firms, making sure their financial management is as good as it can be, and ensuring they don’t pay a penny more in tax than they have to.
However, we are different to most accountants because we take an active role in helping our clients grow. That’s why we invested a considerable sum to give our clients access to one of the world’s leading sales and marketing systems (the BGSvault).
But when I read that statistic from Forbes, it reminded me of a famous quote from department store mogul John Wanamaker, who said: "Half my marketing is wasted, I just don't know which half".
It’s fair to say I have this discussion regularly with a number of our clients. They don’t measure the results of their marketing, so they have no way of knowing what’s working and what isn’t.
Obviously, being an accountant makes my team and me very ‘number conscious’. We do measure everything.
That includes our marketing. I want to know if I spent X on a strategy, what return did I get? Why is that important? Well, it means I know which strategies to invest more of our hard‐earned money into and which strategies to ditch or try and improve. It’s not rocket science, but as small‐ business owners we have to watch the pennies and leverage as many things as we can.
I also smiled when I read that statistic from Forbes. I wonder how many CEOs actually know what their marketing results are and which strategies work. It is highly likely they are just like John Wanamaker—they haven’t got a clue. This one simple act of measuring the results (or lack) of ALL your marketing is so simple, yet it will have a significant effect on the growth of your firm.
It’s your job to make sure you put in place a mechanism that gives you this data. In my experience, I can tell you, it is TRANSFORMATIONAL!