For the sixth day of MyVR Marketing Tips, you’re going to have a look at what worked — and what didn’t — for your 2012 marketing efforts.
Use a simple template spreadsheet to list:
- Different marketing channels you used,
- How much each channel cost you (i.e. fees),
- How many inquiries came through each channel,
- How many of those inquiries turned into bookings, and
- The total revenue gained from each channel, if possible.
Based on this information, the spreadsheet will help you calculate the return on your investment: The average cost per booking, as well as how much money you earned from every dollar you spent on advertising.
Doing this analysis may take a bit more time if you haven’t been collecting this information all year. However, it’s important to do because you may be surprised by the results!
Not only can tracking your results help you assess which channels aren’t working for your business, but you can also identify where it may be worth investing more (for example, different advertising levels).
This post is part of our 12 Days of Vacation Rental Marketing series. Subscribe to the blog below and we’ll send you an email each day with a new post.