Why is that, and what impact will that have in terms of your strategic marketing direction, and in terms of looking at participant acquisition and retention? Take the time to start to identify your market share, and where would you like that market share to be. If you're looking at growing, is market share a priority? Is it one of the key metrics that will be relevant for you being able to assess marketing performance? Slide 14 - Cost Per Transaction One of the areas where we can often assess marketing performance is through determining the cost per transaction. What are the associated costs in gaining a participant? What journeys do they undertake? What touchpoints are required? You need to be able to factor those in to make an informed decision around the cost per transaction. What are all the marketing activities that you're undertaking? What are the touchpoints that those participants have interacted with? What journey did they undertake? What steps? What level of interaction did they have with your organisation? Did they visit your website? Did they lodge a telephone-based enquiry? Did they speak to members of your team? Have they encountered you through community events? Through brochures? They're all part of the journey, and need to be equated when you consider the cost per transaction. What are the costs for those activities? How does that connect with the journeys that they've undertaken? What are the touchpoints then that are required? You can determine that on a per-participant basis. Start to identify how much it costs to acquire a participant, because from there you can start to optimise your marketing activities. How do you reduce the cost per transaction, that cost per acquisition, so you can start to optimise and identify where the stronger elements of your marketing activities are versus others. Identifying those costs enables you then to measure marketing performance. If competitive pressures change, what impact will that have on marketing costs? How will that impact the cost per transaction and the resulting acquisition that is required as a consequence of that?
Why is that, and what impact will that have in terms of your strategic marketing direction, and in terms of looking at participant acquisition and retention? Take the time to start to identify your market share, and where would you like that market share to be. If you're looking at growing, is market share a priority? Is it one of the key metrics that will be relevant for you being able to assess marketing performance? Slide 14 - Cost Per Transaction One of the areas where we can often assess marketing performance is through determining the cost per transaction. What are the associated costs in gaining a participant? What journeys do they undertake? What touchpoints are required? You need to be able to factor those in to make an informed decision around the cost per transaction. What are all the marketing activities that you're undertaking? What are the touchpoints that those participants have interacted with? What journey did they undertake? What steps? What level of interaction did they have with your organisation? Did they visit your website? Did they lodge a telephone-based enquiry? Did they speak to members of your team? Have they encountered you through community events? Through brochures? They're all part of the journey, and need to be equated when you consider the cost per transaction. What are the costs for those activities? How does that connect with the journeys that they've undertaken? What are the touchpoints then that are required? You can determine that on a per-participant basis. Start to identify how much it costs to acquire a participant, because from there you can start to optimise your marketing activities. How do you reduce the cost per transaction, that cost per acquisition, so you can start to optimise and identify where the stronger elements of your marketing activities are versus others. Identifying those costs enables you then to measure marketing performance. If competitive pressures change, what impact will that have on marketing costs? How will that impact the cost per transaction and the resulting acquisition that is required as a consequence of that?