“I’m too busy”
“We need to just work on the next campaign”
“I don’t care, we just need more sales”
We are all guilty of focusing on the next marketing action without ever reflecting on what has, and hasn’t worked previously.
Generally speaking, it is a case of being caught up in the day to day operations of the business and feeling like we do not have enough time.
Well, enter coronavirus! A global pandemic that has caused the leisure, visitor and family attractions industry to grind to a halt. If there is ever a time to reflect, review and plan, it’s now.
Why is it important to reflect on your previous marketing efforts now?
We have time
It is not often we have the time to do the things we have consistently avoided for months and even years. Marketing reviews and reflection normally fall into that category.
Without dismissing the very real and challenging times the world is facing, if we can find one positive in this situation, it is that we have been gifted some time.
It’s an opportunity
This is your opportunity to develop a rock solid understanding of how your venue’s marketing has performed in the past, and more importantly, why.
It’s also an opportunity to take a look at the competition and the industry as a whole. You’ll either realise what an amazing job you’re doing, or learn where you could improve. Both sound pretty good from where we’re sitting.
We can learn
There’s no point collecting data if you don’t know what it means. Many of our clients have a lot of data that provides considerable information and insight useful for determining actions moving forward; but it is often overlooked as not everyone has the time to determine what it is they’re actually looking for.
Now is the time to upskill; put yourself in a position where you can ask the right questions of your marketing team moving forward and understand why they are proposing the plans / pivots / improvements they are.
What Data Should I Be Looking For?
When understanding your business’ relationship with marketing, you need to start at the top. There’s no point diving into the nitty gritty without a baseline understanding of your headline figures.
Here’s the figures we propose you start with:
Year to Date Revenue
This figure is vital for calculating more insightful figures further down. By understanding your yearly revenue, you can begin to work out how much you should be spending on marketing and when!
Year to Date Bookings
This figure is also important for calculating other data points. Knowing your footfall numbers helps you understand how many impressions, web traffic and brand interactions you need to generate to hit your targets.
It’s worth asking yourself whether you’re making the most of your footfall with your on-sight marketing opportunities?
Average Booking Value
Understanding this figure enables you to review marketing platforms more effectively. Once you know how much a customer is worth, you can work out how much you can spend to acquire them.
If your Average Booking Value increased by £1, how much additional revenue would this generate per year?
Customer Return Rate
Knowing how often a customer returns tells us how much a customer is worth once we’ve acquired them. It also helps us refine your marketing messages:
If you increased your customer return rate by 0.1 how much additional revenue would this generate per year?
*Top Tip: If your Customer Return Rate is high, On-site marketing should encourage rebooking. If your CRR is low, focus on increasing your average spend per head!
High Revenue Products
Where does your money come from? Knowing your big hitters influences the products you advertise to new customers. It also helps you focus your budget and attention.
Low Revenue Products
Where are the duds? There’s no point pushing the budget towards products that don’t convert. This doesn’t mean you should discontinue low earners, they are often an upsell or hold value in a different way i.e. Inclusivity Sessions.
Understanding your low performers helps you decide where NOT to spend money.
High Revenue Months
When are you rolling in cash? Once you understand customers purchasing patterns, you plan your marketing spends accordingly. Perhaps you can turn a good summer into a great one, or sit back and spend less, the customers are coming anyway.
Low Revenue Months
When are things a bit glum? Knowing when and where hardship is coming from allows us to plan accordingly. Does November require a little bit of marketing tlc? Or are you better off cutting your losses and reducing your ad-budget expenditure?
High Booking Months
When are people rushing to you? If you know you’re going to have a high footfall, you can start thinking about how you make the most of your on-site advertising and how you can increase your average order value. This won’t always correlate with your highest revenue months.
Low Booking Months
When are people less likely to come? If you’re looking at lower numbers, can you target a different customer group? If getting more people through the door is out of reach, can you focus on raising your average booking value?
When you’ve completed your analysis, you should have a far better understanding of how your business operates. We’ve included a completed example below. Remember there are no right or wrong proportions or figures.
Take this opportunity to review your data.
Does it match your expectations?
What surprises you?
Get comfortable with the figures. They might not mean much right now, but as your strategy develops, you’ll understand their value.
Our Free Marketing Guide has helpful worksheets & templates for you to work through these figures, what they mean and how this knowledge can build a foundation for your strategy moving forward.