If you own your own business, you may be overwhelmed with opportunities for advertising, marketing, and salespeople. You may be asked to donate to a sponsor or organization. You may have been attacked by a premium company trying to trick you into buying a pen with your company name on it.
So how do you know what to spend marketing expenses on and what to go through?
How do you avoid wasting money on marketing that doesn’t lead to more customers and more sales? How can you make sure that you was getting the “best value for your spending”?
The answer is to go back to your marketing plan and know your goals and objectives. You also need to know who you have identified as your ideal potential customer or target customer.
Then evaluate these potential marketing activities based on whether they help you reach your goals and whether you or your business puts you or your business ahead of your ideal expectations.
Sponsorships and donations are partly well-intentioned activities and are very rewarding for just that reason, but if you’re evaluating from a marketing perspective, you need to (especially if you’re seeking sponsorship). It is recommended to do so). or donations are often requested). Make sure that they give you your ideal outlook and help you reach your goals.
The share value you get should be worth the investment you are making. To determine the value of your engagement, consider the cost of reaching these potential customers in other ways.
The same test applies if you buy a pen with your company name written on it. Ask yourself how to use the pen. Do they provide a connection with potential clients and ideal clients?
Do they reach your prospects in ways that other marketing activities cannot? For example, if you are looking for a repeat business from a customer, having a pen with your name on it that they see and use every day may encourage them to go to your store.
If you plan to send a direct mail to follow up on clients who haven’t traded in a while, the pen might be a mailing benefit. Emails are read and discarded.
However, don’t order a pen unless you have a plan to use it or a goal you want to achieve. Just putting a pen with your company name on it is definitely a waste of money without identifying these two elements.
When wondering if you need to take advantage of a particular marketing opportunity, ask yourself three questions:
1) Does it provide a connection with your ideal potential customers or target customers?
2) Will it help you reach your marketing goals?
3) Is this commitment equal to the dollar I invest in?
You can answer “yes” to all three questions, and if you have a marketing budget, you should seriously consider the opportunities available to you.
If your answer to the first two questions is “no” and it doesn’t put you in front of your ideal view or help you reach your goals, then you “should just say no.” About that special marketing opportunity.
If the answer to the first two questions is “yes” and the answer to the third is “no” and the opportunity fits the marketing plan well, but isn’t worth it, go back and get more exposure. Or it is recommended to negotiate a lower price.
And last but not least, my advice is simple if you don’t have a marketing plan to help you evaluate these types of opportunities as they arise.
Unless you have identified who your ideal prospects are and what you want to achieve in your business, you definitely have valuable time and money on marketing opportunities that don’t fit your business. In fact, there is a danger of doing this every day.
If you need help creating a marketing plan, the 10-Step Marketing System is the way to go. Create your marketing plan using a simple, 10 step step by step marketing system to help your business succeed and not waste precious money on marketing that doesn’t produce valuable results. I understand that. ..
(c) 2005 Debbie kick
marketing plan, marketing, marketing budget