How to measure the success of a marketing plan. This is something that my clients are not necessarily focused on, but they need to focus on it. And you need to focus on this too.

I've got six steps for you in your measurement process, how to build your measurement process for your marketing plan. And I'm going to share that with you today. I'm also going to tell you the one thing you should never do.

I've got a free gift for you, so stay with me. This is the Inside BS Show. So today we're talking about how to measure the success of a marketing plan.

And you know, this is something that all of my clients should focus on. You should focus on this too. I'm so glad we get to have this conversation and there are six things I'm going to share with you, six steps to measurement in a marketing plan.

And if you're looking to measure the success of your marketing plan, this is the video for you. So let's dive right into the content right now. The first thing you got to measure is whether or not you're attracting ideal clients.

I want you to think about this holistically. Think about your business overall. Think about the clients you currently serve.

Are you getting more clients who are like your best clients or are you just getting average clients or even crappy clients? If the quality of your clients is good and it's improving, then you have a good marketing plan. Your marketing plan should drive the best clients right to your doorstep. And if it's not doing that for you, you got to change some things in your marketing plan.

And in fact, I'm going to give you for free my version of a marketing plan. It's called the Revenue Roadmap. I'm going to give you that in just one minute.

The second thing you need to do is measure revenue growth. That's the second thing you should be measuring. So the first thing you should measure is attracting ideal clients.

Are you attracting good quality clients? Second thing, measure your revenue growth. Did your revenue grow this week? Did your revenue grow this month? Did your revenue grow this year? If your revenue grew this month, there's a pretty good chance that your marketing plan is solid. If your revenue grew this year, then your marketing plan this past year was fantastic.

You can create a similar plan, just aim higher for next year. So revenue growth is an important thing to measure. Year over year revenue growth.

So compare this month, this year, with this month last year. If you've grown, then your marketing plan is probably solid. The third thing you should be measuring is the number of new clients you've attracted.

Remember, there are only three ways to grow a business. The first way is to increase the number of new clients, and that's what I'm talking about measuring here. Number of new clients.

The second way to measure the growth of a business is to increase the average transaction size. Increase the dollars per transaction. So if every client buys more stuff or spends more money, you can grow your revenue that way.

Or you can also, the third way is to increase purchase frequency. People can purchase from you more often. They can use your services more often.

Those are the only three ways to grow. And you want to measure all three of those things, particularly the number of new clients. How many new clients are you attracting? The fourth thing you should be measuring with your marketing plan is the lifetime value of your clients.

The dollars per transaction and the number of transactions, the frequency of transactions, are all going to go into the big melting pot that is customer lifetime value. So the fourth thing you should be measuring is the lifetime value of your clients. If your clients have a lifetime value that's not improving month after month, year after year, you want to tweak your marketing plan because there's a pretty good chance your current clients don't know about everything you do or your company can do or your firm can do.

So you want to measure the lifetime value of your clients and make sure that's constantly increasing. If it is, your marketing plan's solid. If it's not, if it's stagnant or it's decreasing, you got to make some adjustments to your marketing plan.

The fifth thing you should measure is the cost of acquisition of a new client. How much does it cost you to get a new client? When you're measuring the success of your marketing plan, cost of acquisition of a new client is critical because you want to drive down the cost of acquisition of a new client over time. And you do that two ways.

One way is through leverage. So if you're a CPA or you're an attorney and you want to drive the cost of acquisition of new clients down, instead of investing in advertising, you should spend your time trying to attract speaking engagements. Why? Well, advertising you pay every time somebody clicks on that ad, if it's an online ad, but with a speaking engagement, you get in front of a group of 100 people and there are 100 prospects in that room, you've reached 100 prospects for free because it didn't cost you anything to speak.

You need to look for leverage to drive down your cost of client acquisition. And that's the fifth thing you should be measuring with your marketing plan. The sixth thing you should be measuring to determine whether your marketing plan is successful or not is the diversity of client attraction methods.

My philosophy is that it's always better to have 100 ways to attract a new client than one way to attract 100 new clients. So I just mentioned that speaking engagement before. That should be one of a dozen or two dozen or 100 ways you have to attract a new client.

Speaking, writing articles and publishing them, going to events where high profile people who can introduce you to other high profile people, that's a third thing you could be doing. A fourth thing you could be doing is chairing a charitable organization or being the person who puts together a charitable event. A fifth thing you can be doing is advertising.

A sixth thing you can be doing is a direct mail campaign to people who are members of an association which includes your best clients and it goes on and on and on. Diversity of client attraction methods is critical and that's the sixth thing you should be measuring in your marketing plan. Now I promised you that I would give you a marketing plan template for free.

My revenue roadmap. I'm going to do that right now, but before I do, I need you to do me a favor. Please subscribe to my channel and leave me a comment down below.

Tell me what you want to hear more of. What do you want me to make more videos on? You want me to make more videos about marketing plans? You want me to make more videos about strength of your networking game? You want me to make more videos about how to make great ads and produce ads online? Tell me down in the comments. I will deliver for you.

All right, you can get a copy of my revenue roadmap template. All you need to do is go down into the description. You'll see there it says free gift from Dave.

Click on that link. Enter your contact information. Like magic.

You'll get a copy of my revenue roadmap template. This is a marketing plan and I walk you through it step by step. This will teach you how to create the ideal marketing plan for your professional practice.

Download it right now. The one thing you should never do is coming up right now. Do not do anything with your marketing plan in your marketing plan that you cannot measure.

When you download the revenue roadmap, you're going to see that each step in the revenue roadmap plan is measurable. So go down to the description, click on the link, enter your contact information, opt in, and I will deliver to you through the magic of email autoresponders a marketing plan template. My revenue roadmap.

It's my gift to you. Thanks for joining me today. This is the Inside B.S. Show.

I'll see you right back here tomorrow for another episode. Until then, here's hoping you make a great living and live a great life. Take care.