My friend Carl Messina, President of Positive Impact Enterprises, was the main speaker.
After he spoke, a panel discussion of shop owners, vendors and one representative from the insurance industry was ‘on stage’. What impressed me to no end was that these business owners really knew their numbers!
At one point, their discussion focused on what percentage of gross sales a certain kind of product (paint) involved in the auto collision repair service these firms provided should be. I learned that paint product represents, on average, only 6 – 8% of a typical repair job. That’s a small margin to cover a bad call on your pricing or if you mis-manage your materials costs.
Your marketing is no different. Do you know YOUR marketing numbers just as well? How many impressions create a response? How many responses does it take to generate a client? If you don’t know your numbers, you may be marketing inefficiently. Not a good thing.
Knowing your numbers means marketing profitably!