How you know what’s working and what’s not
MARKETING AND ACCOUNTING ARE CLOSELY linked if you look at accounting as dealing with the money that’s going in and out of your business, usually as a consequence of your marketing activities.
Recording your marketing activities
In our new online training course, Cash Flow Reporting, Budgets and ROI for Xero, you’ll learn how to enter all of your business’s expenses, including the money you spend on marketing. Anything to do with making your business “discoverable” by a potential customer is considered a marketing activity.
Anything to do with making your business “discoverable” by a potential customer is considered a marketing activity.
That includes business cards, website costs, domain names, Google AdWords, etc, and should be recorded in Xero as a marketing expense.
Determine marketing ROI
To determine your Return on Investment (ROI), you should use Excel or a marketing platform like Hubspot to record where your business comes from so you can assign each activity an income stream.
It’s important to monitor how your marketing spend is performing for your business. Otherwise how will you know what’s working and what’s not?
In our Cash Flow Reporting, Budgets and ROI course for Xero, you’ll go through the steps required to determine the ROI for certain areas of a business. If you refer to the Excel spreadsheet showing the income generated by particular marketing activities — print ads, hipages subscriptions, Google AdWords, etc, you’ll be able to work out the ROI.
Monitoring how your marketing spend performs for your business is incredibly important. It’ll help you to see what’s working, what’s not working, and what needs to be changed to make it perform better.
Learn how to determine the ROI of many of your business’s activities in our Cash Flow Reporting, Budgets and ROI course for Xero. To learn more about, or enrol in, our new Cash Flow Reporting, Budgets and ROI course for Xero, visit our website.
