Success is something most (hopefully all) business professionals strive for. What that success actually is varies depending on the person, and their goal(s). In late May, I began thinking through a few goals I had. One was to increase the number of subscribers to my email list which would in turn lead to potential clients.
Based upon the type of clients I target, the means by which I have to reach them, and the value they can produce for my business, I calculated a cost of customer acquisition. I then took that number and determined, based upon the number of new clients I looked to attain, what I was willing to invest to add these subscribers (and future clients). This led me to select a Google Nexus 7 as a great item to give away in return for email opt-ins and social media interaction.
Now you should be asking, “was it a success?” My answer is a resounding “YES!” I actually overachieved. Let me share with you some of the great numbers.
Email interaction (1 month period)
- 26 new opt-ins
- 57% open rate for these new subscribers
- 10% click through rate for these new subscribers
Social media interaction (1 month period)
- 17 new Facebook likes
- 25% increase in organic reach
- 57% increase in user engagement
What does all this mean for me? It means I will definitely be testing additional avenues similar to this to see if I can do better. I will also continue to closely monitor my statistics over the next month while I am not running a contest. If I lose significant engagement, I need to reevaluate the effectiveness of contests for the long term in my business. All in all, I am very happy with my results.
What does this mean for you? It means you need to make sure you are measuring every effort in both sales and marketing. If you aren’t, or don’t know how to, you should definitely shoot me an email or give me a call. I would love to help you determine your true measure of success, and how we can maximize it.
Oh and in case you are wondering, here is a link to the video announcing the contest winner.