This single important metric is ignored by most people.
As marketers, we know that measuring our efforts matters. Looking back at results helps us learn from success and failure, teaches us more about our customers, and builds confidence that allows us to scale. However, I’ve realized that a lot of advisors and marketers alike fail to measure one of the most important metrics of event marketing.
In this blog post I’ll share with you one of the most important metrics you’re likely not tracking and prove to you why it matters more than you think. Before we get too far, let’s take a moment to remember why we do event marketing.
- Event marketing allows us to scale our time. One-to-many presentations lets us spend an hour or so making an impact on dozens of people at a time.
- Event marketing gives us the ability to demonstrate our expertise in a public way. This display of value empowers prospects to act with confidence when they choose you.
- Event marketing lets us build rapport. Clients do business with you when they know, like and trust you. There’s no better way to build this rapport than through public education.
OK, what does that have to do with measuring marketing?
Most marketers are focused on tracking metrics like total cost, cost per lead, cost per appointment, or even cost per new customer.
If the primary purpose of event marketing is to get people to know, like and trust you, and if we know we accomplish this by demonstrating our competence in a public presentation format – there’s a big metric that most of us aren’t measuring.
The major metric most marketers aren’t measuring is Cost Per View.
I’ve had the pleasure of working with some of the top financial advisors in the country. One of them just completed their best year ever, bringing in $350,000,000 in new assets in just on year. As amazing as that number is, there’s actually another number that’s more powerful to me as a marketer. Amazingly, 61% or $213,500,000 of that business was written on leads generated before this year.
If you knew that more than half of your business was going to come from people you had met in the past but who had not yet done business with you, how would you measure your marketing differently?
The best leads in your system aren’t people who are on your email list, who just responded to your seminar or who recently filled out a form on your website. The best leads are the ones who already know who you are, to whom you have already provided value, and who already regard you as a financial leader. These are our pre-indoctrinated leads.
To put this into practice, we need to stop evaluating every marketing program at face value of assets gained from our initial sales push. Instead, we need to look at cost per view to see how much work we were able to accomplish for our future sales in starting that rapport building process today.
Want to see how cost per view helps you choose the best marketing system?
Check out this video I made that evaluates cost per view with traditional webinars vs. our brand-new Evergreen Webinar campaigns.
Yes, cost per lead, and cost per customer matter, but cost per view matters too. I’d encourage each of you to add this metric to your marketing measuring efforts to see what leads you’ve done the hard work to win now that could pay off big in the future.