It has been almost a hundred years since John Wanamaker spoke those words and yet still today most business owners can relate.
The frustrating irony, is that today's business owners have the technology they need to 'close this loop' between marketing and revenue and gain a better understanding of where their budgets are being spent (and more importantly - wasted).
The unfortunate reality however, is that few business owners are taking advantage of this new, accurate and relatively cheap ability to track marketing spend and customer data.
If you want to guarantee sales and steady growth for your business you must understand how customers are interacting with your company and how your marketing (and marketing budget) is being used.
To do this effectively 'Closed loop marketing' tactics must be used.
A company's marketing mediums and marketing strategies must be connected to one another.
Closed loop marketing is about business synergy and maximising the value of individual marketing strategies.
'Closing a marketing loop' simply means that when a company spends money on marketing, they can try and see where in the chain they lose the customer.
It is important for any company to understand which marketing mediums are working and which aren't.
For most business', setting up a closed-loop marketing system remains too difficult, time-consuming and confusing to implement.
Effective marketing must link every lead, customer, email collected and more together and back to the marketing medium that generated it.
However, once such a system is built it offers tremendous power to any company.
Once a company has even a basic understanding of how its marketing spend is affecting its bottom line, it can feel more confident in increasing its marketing budget which in turn will increase sales and in turn reach a larger audience.
"In order to maximise profits, a company's online marketing, social media marketing, print and website must be synergistically connected".
A company's website should be at the heart of all of its marketing.
A company should always be trying to increase its website's traffic to increase its reach.
Successful websites are well designed, mobile friendly, easy to navigate, fast loading and able to capture visitors attention.
To help increase the ranking of your website it must be optimised for SEO.
Fresh, relevant content (Blog posts, articles etc) containing keywords relevant to your services and industry must be added to your website on a continual basis.
Adding relevant content which itself is SEO optimised to a SEO optimised website is one of the best (if not thee best) way to increase traffic to a website.
The process of optimisation takes time. I usually inform my (SME) clients it can take 9 to 12 articles before a website moves to the first page of Google. Also, that keeping a website's high ranking will require continued maintenance, tuning, testing, and monitoring.
You must also remain up-to-date on current SEO best practices.
Email marketing is the gateway that leads new customers to your website’s substantial marketing efforts.
Your website and other marketing outlets, such as social media, must have built-in email capture systems that encourages sign-ups.
Email marketing is the best way to continue to communicate and sell to potential customers after they leave your website.
Email marketing is not that difficult to start utilising and low-budget upgrades to a basic email marketing strategy such as better design, focused copy and more appealing incentives can offer massive returns.
Maintaining subscriber email lists; updating communications, delivery times, and incentives to match customer preferences; and measuring your results will be key to ensuring any email marketing strategy is successful.
You cannot grow a business based on social media alone. However, it is still an important piece of a closed loop marketing strategy.
Twitter, Instagram and especially Facebook remain incredibly powerful platforms to direct a growing customer base to a website.
Closed loop marketing is a multi-platform strategy which increases website traffic while converting website visitors to customers.
In today’s digital world having the right marketing strategy to connect with customers and potential customers is more important than ever.
Once any given marketing 'loop' is closed, around and around it goes.
It creates an upward spiralling marketing system which I implement, automate and setup to run indefinitely.
A good business owner should focus on his/her strengths, managing the day to day operations of running their establishment while a professional marketer grows their business.
If you are ready to take your business to the next level and once and for all establish a solid marketing strategy for your business then get in touch today.
I won’t just grow your business. I will input a solid business foundation of focused brand, optimised website and an energised online presence from email marketing to social media marketing.
Paul Feeney is a Brand Manager, SEO Specialist, Marketer and Designer who helps businesses increase traffic, attract more visitors, convert leads and close sales.
I offer weekly Mastermind calls which help business owners gain clarity, confidence and clients through advice, support & accountability.