Clearly not.
So far you have only decided.
How effective and how efficient are the different media channels at attracting and
converting traffic?
However, there is a very important other critical element.
You need the reach and the volume.
You need to be able to know how many actual costumers
is each one of these channels bringing to your business.
For that you need to do the following analysis.
Right.
You need the actual size of sales that are coming from the different channels.
Before cutting at the very minimum, you will want to perform this analysis.
Now,you are in a much better position to asses whether cutting local newspapers,
free newspapers, or regional magazines might be good idea or not a good idea.
Some of those sales might still be very, very profitable.
So by actually cutting the marketing spend,
you may be shooting yourself in the foot.
So, that does not mean that you know
exactly how each one of those channels is working.
But you're in a much better position.
There is still, there may be cross dynamics between the different channels.
For example, we know that advertising online and
advertising offline works better, and it multiplies the effect.
Than just simply reaching customers by only one of those methods.
So the co-cost attribution, or how one channel
impacts the effect of the advertising of the other channel and vice versa.
That is the holy grail of marketing.
Still we have not yet done this for this particular media.
And you hope you will have to carry that particular analysis for
the specifics of your business.
But at least you're in a much better position to remember
how to measure the return on investment from your different companies.
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