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Are you Tracking your Marketing Return on Investment?

Read Time: 2 min

There is no denying the importance of marketing your freelance writing services. Your goal is simple: to inform as many people as possible of what you have to offer. The further your reach the better chance you have of success.

Although marketing is a big part of your business, you are likely aware that it is costing you both time and money. While there is nothing wrong with this, it is essential that you track your return on investment. If you don’t know what you are getting in return for your efforts, you may be wasting time and spending money on strategies that have no chance of paying off.

Track Everything

Early in my freelance writing career, I never thought much about my return on investment as far as marketing was concerned. Instead, I focused on what I thought worked and hoped for the best. Looking back, it is easy to see that I was not always making the best decisions.

By tracking every move you make, in regards to your marketing plan, you can easily keep a running calculation of your return on investment.

Take for example a $500 investment in a direct mail campaign. This is money that you will spend upfront in hopes of earning a greater return down the line. You must track any new business that is a direct result of the campaign. This will allow you to determine if you lost money, broke even, or came out the other side with a profit.

Once you find out what is and is not working, you can better focus your resources. Subsequently, it is easier to grow your business without continuing to waste time and money.

If you are not currently tracking the results tied to your marketing plan, this is something you should begin to do in the near future.

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