Today I was very lucky to see my old friend and very long time client Phillip Raish from WILD FX. He is quite an amazing man and he is the one you can thank for those “Crazy Persian” coffee mugs across Sydney.
As we got to work on his fine business; we opened up on our performance in 2016 and I have been very active on sharing the knowledge gained from my wins and losses.
Interestingly, I spent a bit of time on my own business and worked out how much I make per Marketing Activity.
Two of interest that we looked at was my Business Networking / Events and then my Facebook Videos. In short, if I take the revenue I have made and average it out per activity:
- $350 of Revenue per Networking Event Attendance
- $20 per Facebook Video I do.
The networking events are fantastic obviously and let’s say it takes me a good 4 hours per event (including travel). I get to have fun, meet people and pick up clients.
With the Facebook Videos, I know $20 sounds quite slim – however, the videos cost nothing and just take minutes. The part of course that this whole analysis DOES NOT show the overlap. That is even though I have $350 per networking event, Facebook is a massive assist of that (e.g. I meet people, they follow me on Facebook and then become clients).
The analysis is of course not perfect, but it gives me a good guide and great motivation to do more marketing. Let’s say it’s an evening and I am tired and there is a great event. If I decide not to go, I am on average giving up $350.
Let that sink in for a moment…
I will lose $350 of potential revenue on average and of course I don’t want that.
My advice and thinking? Don’t get carried away and you can’t get it perfect, but it’s great to do an analysis to really know where your revenue is coming from. The better you understand that is the more focus you can get in your marketing activities to turn it into massive wins.
Thank you Phillip Raish for the great discussion, thank you for reading this and go hard and know your marketing numbers!
P.S. I also want to give Eric Cartman from South Park a shout out, he always knows his numbers in business!