This report gives you your actual cost per opportunity and compares each advertiser.
When you understand how to use this report, your advertisers will hold you in higher esteem and your advertising effectiveness will dramatically improve.
You are now capable of tracking the effectiveness of each individual advertising campaign. The cost per opportunity report measures the average cost for each opportunity that walks through the door. This easily compares each type of advertising to all others.
When we customized your system we included the dollars spent on each form of advertising per month. TRAX divides the number of customers who respond to each type of advertising by the amount spent with each advertiser each month. It clearly depicts which advertising medium is your very best value and who is not doing a good job and should not get more of your money.
Don’t be hesitant to ask for make goods if warranted from this information. Most media sales reps have never seen this type of information and will have a new respect for your company when they see that you can track the true advertising activity on the floor, and know immediately if they are doing a good or poor job.
TRAX also provides an overall average for the showroom for easy comparison, and also a valuable comparison of cost per sale.
This report used properly will sometimes earn you free advertising in the form of well-deserved make goods.
I probably spent 3 million dollars in advertising in my market. I worked very hard at trying to understand Nielsen and Arbitron Ratings and all types of ways to analyze advertising. I used to analyze cumes cost per points and everything else you could imagine to try and get a fair shake for my hard fought advertising dollar. I learned that it is mostly smoke and mirrors. I actually made several buying decisions based solely on trust and how much I liked the rep. I even remember making several media buys based on the trips they offered to Europe. I don’t want to think about the amount of money wasted over the years.
The only way you can ever learn about your advertising effectiveness is by creating an easy to use, automated way of measuring what happened with every prospect (not just sold customers) that has entered your showroom.