How to reduce waste in your marketing
I get as excited about identifying marketing that doesn’t work, as I do about marketing that does.
If you want to build a sustainable business, you need a sustainable marketing system. In this case I don’t mean sustainable as in green – but marketing you can ‘sustain’ or ‘keep going’.
At the end of the day, the only marketing that is sustainable is that which is proven to deliver some sort of result – whether it’s more leads, more sales, more awareness, more profit, more volume – more.
At Blue Frog Marketing, we’re closing in on a milestone of 15 years at the end of February, and in that period of time, we’ve benchmarked close to 1000 SME businesses on their marketing practices.
Guess what percentage have measured their marketing programs? 5%!!!!
Yes, that means 95% of those businesses have not invested time or energy in trying to measure the impact of their marketing – good or bad.
If each business was only spending say $10,000 a year on marketing – that would be $9.5m in potentially wasted marketing dollars. When I say potentially, I don’t know if their marketing was bad or good, but the point is they DON’T KNOW!
If you want to reduce waste in your marketing investment – the first tip is you have to measure it.
I probably should call it the 5th tip, because there are other things you need to do first before you even implement a marketing campaign.
So here’s the other tips in quick succession:
1. Survey your customers – find out needs and wants and focus on delivering on those. And then find more prospects just like those customers who are then delighted with you delivering on your promises.
2. Research your market and competition – you really need to know what’s going on in the market before you start promoting into it. What are the competition doing, how are you positioned compared to them – is the market increasing or declining.
3. Know your positioning – where do you want to compete in the market – what are you going to communicate to customers and prospects about that positioning – we’re the fastest, we’re the strongest, we’re the most beautiful…
4. Pilot – trial the marketing you want to do in a small geographical area, or for a short period of time before you roll out.
5. Measure and change your marketing based on this measurement – stop what isn’t working, increase what does work.
It’s a pretty simple formula, if you can’t measure it don’t do it in the first place and if you refuse to measure it, then that is just dumb. May as well light a match and burn the money!!
Have an awesome day guys and gals.