Marketing is a necessary business cost. A marketing budget, including an estimate of monthly cash outflows should be part of the marketing plan.

It is often said that you can’t manage what you can’t measure.

Measuring the results of marketing activities will determine whether the business is getting  a return on  its marketing dollars spent, and importantly can help re-direct funds to maximise results.

Monitoring marketing activities provides an assessment of success:

• in winning more customers
• increasing revenue.

Each marketing campaign should be monitored against pre-determined targets and return on investment.

Monitoring marketing results also helps improve management decision making.

Visit the marketing module of the Small Business Tool Kit for further information, quizzes, case studies and interactive market planning tools.