Have you heard of the five Ps?
Prior preparation prevents poor performance.
Testing and measuring are essential activities for businesses of all sizes, including yours.
Let’s look at how they can make a difference for you.
Why testing and measuring is essential for business success
So, why test and measure?
Put simply, so you can track progress for your business.
Proactive businesses are constantly analysing data and trying new things.
There are many insights your business data can give you to help you prepare for the future.
These activities give you the insight to know where you’re succeeding, where you can improve, and where opportunities for growth might be.
For example, every time you execute a marketing strategy, it is vital that you track the effectiveness of the strategy.
The benefits for your marketing and promotion
A business needs its marketing dollars to be used as effectively as they possibly can.
The insights testing and measuring can give you include (but are not limited to):
- Where your customers come from
- How, where, when and on what your marketing budget can be best used
Testing and measuring can be as simple as recording where your customers come from, on a spreadsheet or there are software options for this.
If you're not consistently - e.g. weekly, fortnightly, monthly, quarterly - testing, measuring and reviewing analytics, you may miss further opportunities to grow an increase your revenue.
You must be consistent in your efforts as you need to have a clear picture of what marketing is or isn't working.
If one of your ads is not eliciting enough response to cover your expenditure for the ad, then either the ad needs a tweak and/or it is not the right target market/place to run the ad.
This is why it is better to 'test and measure' the ad first before spending money and time running an ad for a longer time.
You need to know that you are spending your money and time in the right place, for maximum effect.
The difference it made for GRNSTR
Eliza had already begun on her business journey when she approached APM Employment services for business support.
Though she had established some solid foundations already by herself, she found the guidance and mentorship from the Self-Employment Assistance program gave her the extra boost towards success.
Having just set up her website and social media, she had some knowledge gaps she wanted to bridge when it came to promoting her swimwear label.
Senior consultant Matt’s support helped Eliza put together her business plan, understand insurance, experiment with social media advertising and how to manage business finances.
With the financial support she received through the program, she was able to focus her attention on social media marketing – learning how to manage her spend and do some thorough testing.
“With the program and the financial support that it offered me, I was able to have that flexibility to trial different ads and trial different campaigns and to see what works."
This enabled her to get the data she needed, which put her in the fast lane to success with national and international stockists, within 12 months of launching.