Inquiry Summary Sheet and Lead Generation Metrics
Recently I did a webinar for Photobooth Supply Co and amongst other things we discussed the importance of recording metrics when it comes to inquiries. In the interest of making this easier for photo booth operators I created a downloadable spreadsheet template (see link at bottom of article) and have written this blog to help photo booth operators understand the importance of an ISS and how to use it.
What's an Inquiry Summary Sheet?
An ISS or ESS as we call it in my native Australia (We use "enquiry" in this case, 'inquiry" means something slightly different for us but I digress! lol) is a way of recording and tracking all the data related to every inquiry you receive. Many CRMs (Client Relationship Management) systems will have this built in but if your photo booth business is too small to warrant the use and associated cost of a CRM or you simply like the way this data is presented then having an ISS is a fantastic resource which will help you manage your inquiries whilst also having a lot of the data on hand to transfer into the Lead Generation Metric section.
What are Lead Generation Metrics?
This is the analysis of the hard data you collect from your ISS mixed in with the associated costs relating to the generation of those leads to determine certain values which you can use to benchmark your business and also guide you to make better business decisions especially when it comes to marketing.
Here is a brief description to help you with the spreadsheet's Metric tab. (download link at bottom of the article)
Any source of leads for your business. This can be your website, directories, venue referrals, word of mouth, print advertising, Social Media etc
Total Cost Per Lead Source
This is the total cost to your business for a given period from a Lead Source eg your website costs are hosting, URL registration, SEO, email, website development etc
No. of Leads
The Total no. of leads your business received from a lead source for a given period
Cost Per Lead
Determined by dividing total cost by no. of leads for a given time period (spreadsheet will do this for you)
No. of Bookings
Total no. of bookings you got from a lead source for a given time period
Determined by dividing total no. of leads by the total no. of bookings
Cost Per Booking
Determined by dividing the total cost per lead source by the total no. of bookings for a given time period.
Tracking and analyzing hard data about your inquiries, conversion etc will paint a very clear and indisputable picture about which marketing avenues are not only working the best but also giving you the best value for money aka Return On Investment (ROI). The worlds best CEO's use very similar metrics to make smart decisions about their businesses and they do so because it's makes making smart business decisions much easier which leads to growth and profits. You may not be a big CEO but there is no harm in acting like one, after all we all want our businesses to do well!
PS If you like this or any of my other articles which you can find in the operator resources section of The Photobooth Finder please feel free to share.