These are quick tips to ensuring the money spent marketing your product translates to profit. After doing your homework expending time and detail to your design, using iconic graphics and styles, designing eye-catching suite of marketing materials, including advertising, direct marketing, and state of the art embellishments on branding, how you measure the effect of your hard work to your profits is key to making any progress related to your marketing expertise. How do you measure where each of your marketing Naira should be optimally spent to realize the highest return on investment from any given budget?

“Hilton Worldwide relies on technology to support its most critical marketing spend decisions across brands, portfolio and media types”

Martin Stolfa VP, Commercial Services Analytics Hilton Worldwide

Optimizing your marketing mix requires a predictive, dynamic and holistic approach to planning with analytics. However, if you are an SME (Small and Medium Enterprise) and don’t have money to purchase elaborate analytics platforms, what you need to do is devise a full proof strategy that-

· Mirror real life scenarios and answer your ‘what if’ questions.

· Maximize your marketing budget to better invest every Naira.

· Eliminate cumbersome guesswork to connect marketing spend to revenue.

To achieve this, these tips are keys to ensuring the job is well done.

1. Social Media– Use social media platforms to deduce your brand perception metrics including awareness, familiarity, favorability and purchase intent. Social media gives you the platform to immediately measure, it gives you real-time reporting and flexibility in selecting KPIs {Key Performance Indicators}, provides a custom view to evaluate and optimize results at each phase of the campaign.

Example-you can set up a short survey on product awareness on your product on twitter for free. Google analytics can also help and it is free to a measure.

2. Codes- Include codes that define the specific medium so you can actually measure the specific channel the campaign was received.

Example- For each promo advert you post on any medium, say a BRT bus, or UNILAG Cafetaria, ask that customers reference that to get some discount or voucher, etc.

3. Improve engagement through Play : Games, Trivias, etc- Find fun ways to engage your target audience outside of selling products to them, then get the opportunity to use survey monkey to get your analysis on engagement.