Is your marketing a money pit?
There was a fun movie in the mid 1980’s with Tom Hanks and Shelley Long – called the Money Pit – they’d bought a house and with every turn they found more things wrong that they had to spend money on. Eventually the house just collapsed if I remember rightly.
In over 25 years of sales and marketing, I’ve seen some money going down into the pit in marketing so I thought I’d share 4 ways you can make sure your marketing isn’t a money pit.
1. Survey your customers and pick the right target – there is nothing more wasteful that spending money on marketing that isn’t targeted to your customer. Firstly, because your target is too wide, and secondly because the messaging in your marketing will miss the mark too.
2. Learn to say no – no matter what you are marketing, you will find that you will get unsolicited proposals from radio, print, tv, and sponsorship seeking groups to spend money with them. You should have a planned marketing campaign, so anything unsolicited should receive an upfront no – no questions asked – unless in the rare occasion that you had money set aside for unexpected opportunity – a well planned campaign doesn’t need unsolicited proposals because you should have already worked out well in advance where you are going to target your budget
3. Have a plan – of course 2 above requires you to actually have a plan – in our benchmarking of small to medium enterprises, we found that less than 20% of these businesses had a written plan, so do yourself a favour and invest the time in a good, carefully written marketing plan – and save yourself the cash later. If you don’t have a plan every opportunity to promote to customers might look good, but with a plan you’ll know if it is or not.
4. Measure Results – after implementing any marketing program, campaign you should measure what you got out of it – how many leads, how many prospects, how many visitors, how many sales. If you can’t measure it, don’t do it in the first place. When you own a house, and spend money on something you would expect to see a result – nice new garden, freshly painted wall, renovated bathroom – so put the same expectations on your marketing and make sure you see a result.
Hope this helps your 2015 be a more successful and productive year for your marketing.