Take the guesswork out of where to invest
For many business owners, the question of where to invest their marketing budget for maximum impact is something of a guessing game. The challenge is there are too many marketing options available, and too little money to invest.
Here are my 5 top tips for focusing both your time and money to get the best results and highest return from your marketing investment.
The first step is to review your past marketing activities and try to quantify the results they’ve delivered. Don’t overcomplicate things, if something’s worked for you in the past, then keep doing it – stick to what you know and focus your time, effort and money.
There’s always the temptation to try new marketing channels and tactics and be drawn in by deals and special offers, but the danger is that you’ll not only be spreading your budget too thinly to have an impact, but you’ll also be investing valuable time and effort in creating content for those new marketing channels. It’s far better to narrow your focus onto maybe just 2 or 3 marketing channels and really get to know those well.
The number one rule with all your marketing is to test and measure it, because if you don’t measure it, how can you tell if it’s working or not? So before you invest in any new marketing be clear on how much you’re spending, what you anticipate the results will be, and exactly how you’re going to measure its effectiveness.
4. Value you
Your marketing investment is not just about the cost in terms of cash, but also the investment in your time, energy and effort to create, deliver and measure it. Your time is the most valuable and scarce resource you have as a business, so make sure you factor the cost of that when you consider adding a new marketing activity to your plans.
5. Old school
With so much focus on online marketing these days, it’s easy to forget some of the ‘old school’ marketing tactics like newspaper advertising, or direct marketing. These channels may feel outdated, but they can still be very powerful and cost-effective for many businesses, so make sure you still consider and test these as part of your overall marketing.
It’s always possible to get great results from just a small marketing spend, as long as you’re focused on where and how you invest your money and time.
If you’d like to learn some more business growth ideas and strategies, then come along to one of our weekly Bizmosis® events.