So, you’ve decided to dip your toe into performing arts advertising. You decided where you’re going to place your ad, what the ad looks like, how often you’ll run it, and everything else that goes along with this strategy. Because you’re just starting out, you decided to limit how much money you’re spending until you determine whether or not the investment is worth it. Now the question becomes how do you decide this?
Measuring your performing arts advertising ROI is an important step. You need to know if the money you’re spending is generating enough sales to justify the costs. Here are a few ways you can do this to help decide if this is the right path for you.
Track Your Results
First, before you start making any decisions, it’s important that you have a tracking system in place. You can’t crunch the numbers if you don’t have any numbers. Have a system in place that will tell you how many customers you’re generating, and how many of them are the result of your performing arts advertising. This could be as simple as asking your customers how they heard about you.
Compare to Past Results
The first thing you’ll want to look at is how many customers you’re generating now versus how many customers you used to get. If you implemented a performing arts advertising strategy but didn’t see any noticeable boost in sales, perhaps you need to tweak your messaging. On the other hand, if you doubled your sales, you know your messaging is working.
Compare to Other Campaigns
Next, compare your performing arts strategy to the other marketing strategies you’re using. Look at how much you’re spending on this campaign and the results it’s yielding. Then compare that to what you’re spending on other strategies – such as SEO, TV ads, social media, or other print ads. You should be able to come up with how much it costs to bring in one customer for each strategy. With this number, you can easily see if your performing arts strategy is doing as well as, worse, or better than your other methods.
Consider Growth Trends
Finally, when measuring your performing arts advertising ROI, it’s important to consider any trends. Let’s say you make an initial investment and let the campaign run for one month. You see some results, so you decide to double the amount of money you’re spending for the following month. The result you get next month could tell you a lot about your ROI. For example, if your results remain roughly the same, you know there is a limit to how much you can get from this campaign and adjust your spending accordingly. On the other hand, if after doubling your investment you also see double the customers, you know there is more room for growth.
Improving Your ROI
If you’ve measured your ROI for your performing arts advertising campaign, and the results weren’t what you hoped, don’t give up yet. Sometimes a few simple tweaks are all that’s needed to improve your ROI and make this a viable strategy. At Onstage, we’ll make sure that every dollar you’re spending is being put to the best possible use so that you have one less thing to worry about.
Measuring your ROI is an important aspect of any marketing strategy. For those of you who are new to performing arts advertising, it’s especially important so that you can see if this will be a viable strategy going forward. If you’d like to learn more about how performing arts advertising works, or how you can increase its ROI, please contact us at any time. Good selling!