The freelancers or any small business owners afford to squander the marketing time and money differently without trying to make new businesses. This needs setting of your marketing goals very easy.
Marketing should be delivering more customers or deliver more good prospects. To help you stay focused and make logical decisions, you need to put the things in order.
Your primary goal of marketing is essentially an issue of the following:
- The amount of money that you want to make in the upcoming year
- The number of clients or contract in average is worth
- The number of clients whom you can turn into paying clients
- The number of budding leads becoming the proposal opportunity
Now it is time to do a modest math. The next steps explain how this works. To make things a little easier you can do the following to set your marketing goal wisely.
1.Begin with your sales goal
Let’s suppose you have set up sales goal $100,000 for the present year.
Yearly Target Revenue = $100,000
2. Change over sales goal equal to number of latest clients you require
Break up your yearly sales target by contract value in average. If you find it difficult to have this number, try it by dividing total sales from most recent year by number of customers active now. For example, with an average indenture value of $5000, you need to get 30 new customers in the upcoming year.
So the calculation implies:
Yearly Revenue Target: $100, 00
Average value of contract: $5000
Number of new customer needed: 20
3. The closing Ratio
The closing ratio might be guessed here. Divide the target of the new customer by the percentage during the time of closure. You will get a few opportunities you need to achieve. Let’s suppose the closing ratio is about 50%. It implies that you are to produce 40 proposals.
Number of new clients = 20
The ratio at the time of Closing = 50%
Number of proposals required = 40
4 : Lead to proposal ratio
Finally, it is here you can apply the ratio of lead-to-proposal. Of all the leads you are entitled to generate in the way of networking, advertising, referrals, whatever, which proportion will become an opportunities of actual proposal. If it reaches 20%, you require creating 200 leads.
The marketing goal of this type should be followed wisely to get highest benefit.