We hear it every year: "Advertising is getting more and more expensive."
And franchisors are left wondering how to reach revenue goals in the face of it. To maximize their return, franchise brands need to understand if their marketing is working, why it’s working (or isn't), and how to get more out of their marketing spend. Success may look different for every owner, but franchisors and franchisees who see the most success know which marketing channels deliver revenue and maximize value.
Not All Leads Are Created Equal
While generating leads is important, it's also important to recognize that lead quality significantly impacts your bottom line. Focusing solely on cost-per-lead (CPL) provides an incomplete picture. To truly optimize your marketing spend, you need to understand:
- Lead Value: Which leads are most likely to convert into paying customers?
- Revenue Generation: Which leads ultimately drive the most revenue for your business?
- Return on Investment (ROI): Which marketing channels bring you the most money in return for your spend?
Once you know these, your investments get stronger, smarter, and ensure that your marketing efforts are focused on attracting the right customers at the best value.
Connecting Marketing Metrics with Revenue
Integrating your marketing data with revenue data provides valuable insights into the ROI of each advertising channel. It's important to consider that a higher CPL may sometimes be justified if it generates a higher volume of qualified leads or leads with a higher customer lifetime value.
By analyzing lead cost, conversion rates, and revenue generated by each lead, decisions are made based on what we know is working for you, not what we estimate is working for you.
Integrating Your Marketing and Revenue Data: A Powerful Combination (and a must)
Marketing agencies that deliver the most value for their customers are using technology to bridge the gap between marketing activities and revenue outcomes. By integrating marketing data with a franchise's Customer Relationship Management (CRM) system, networks gain a complete view of their marketing ROI.
For example, Scorpion offers a revenue dashboard and roll-up reporting that provides franchise businesses with the overall picture of the effectiveness of their marketing efforts. Scorpion integrates with leading CRMs, like ServiceTitan, to further enhance this capability by providing complete metrics and reporting, tied to revenue.
"The integration between Scorpion and ServiceTitan has been tremendously impactful for us.” - Roxanne Conrad, Chief Operating Officer of Premium Service Brands
This one-of-a-kind partnership between Scorpion and ServiceTitan gives franchise owners a centralized view of their data, which Scorpion uses to make informed decisions and maximize their marketing strategies and investments.
Using Data to Drive Continuous Improvement
By connecting marketing metrics with revenue data, you gain a deeper understanding of your marketing performance and identify areas for improvement. This allows you to:
- Optimize Your Budget Allocation: Invest in the channels that deliver the highest ROI.
- Enhance Your Marketing Strategies: Refine your campaigns based on data-driven insights.
- Improve Your Operational Efficiency: Identify and address bottlenecks in the customer journey.
“The partnership with Scorpion and ServiceTitan has really revolutionized the way that our franchisees have access to their metrics and their data.” - Courtney Spain, Director of Marketing at Premium Service Brands
By focusing on revenue generation and analyzing integrated data, franchisors have greater transparency in performance, allowing them to create hyper-local marketing strategies for franchisees. This approach can make it easier to scale marketing efforts across locations and realize results.
Ready to start growing your franchise?
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