Match Your Marketing To Your Budget.

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Match Your Marketing To Your Budget.

Encourager-In-Chief: September 11th, 2019

Put your money where it will do you the most good.

Most small businesses struggle with their marketing budget. The main reason is it’s hard to know if you’re getting a good return for the amount of money you spend. Just like sales, it may take you years to recoup an effort you put into a marketing campaign (if you have recoup it at all). But that’s not an excuse for not promoting your business. You have to want everybody to know you you’re out there.

There are several good ways to do this. The first is to use free marketing efforts. These include networking, social media, and your website. (And if you’re self-absorbed enough, you might even try writing your own blog.) The best thing about free marketing is if it doesn’t work, you haven’t paid out any money to find out. You can also change very quickly to see if you will get better results. As one of my clients, David Leedom, put it, “free is better than cheap.”

When you’ve exhausted all the free methods of marketing and you still don’t have the amount of business you want, it’s time to crack open the piggy bank. Marketing doesn’t have to be expensive if you know what you’re doing. The reality is though, most people really don’t. Don’t be deterred—there’s hope for you still!

I noticed that one of my colleagues opened up his business and was spending money like water. When I sat down with him to look over his first year’s profit and loss statement, we saw that the losses won. What I recommended is that he practice intentional budgeting. In other words, don’t spend any money on marketing until you can demonstrate how you are going to get a positive return on investment from your outlay.

For example, years ago, I was the guest on a television show which was focused entirely on my new book, which I was promoting at that time. The television station was kind enough to give me a copy of the program and allowed me to duplicate it with the understanding that I would not sell the copies. Instead, I had 60 copies of the program made and offered it as my brand-new, limited-edition Pursuing Your Passions DVD, absolutely free to anyone who turned in their seminar selections for the following year. As a result of the $315 investment, I generated $9,000 in new seminar sales for the following year in one day. That is a great return on investment.

Of course, all marketing investments may not pay off with such a high percentage. It doesn’t matter. Start small and experiment until you’re reasonably confident that your return will be larger than your outlay. The more you do this, the better you will get at it.

Half of my marketing isn’t working. I only wish I knew which half.
- John Wanamaker

This excerpt is taken from my Survive and Thrive in Your Own Business III: Increasing Cash Flow, Sales, and Profits seminar.

Survive And Thrive III: Increasing Cash Flow, Sales And Profits

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I also encourage you to order my Survive and Thrive in Your Own Business video program which covers this topic in much greater detail.

Survive and Thrive in Your Own Business

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