When I’m working on creating Marketing Plans with clients (and November was a busy one, with plans created for four new clients) we always look at how much money should be spent on marketing.
“How much does marketing cost?” they all ask me. “How much should I spend?”
Good questions! Many people think that marketing is really expensive, but that’s not the case anymore. This issue of Scribbles will give you some pointers on how to get the best from your marketing, without wasting your budget.
With very best wishes for a great Christmas and a prosperous New Year.
Don’t Waste Money on Marketing!
There are so many new marketing tools that you can use these days, that don’t cost much, or that don’t cost anything at all, except your time. That doesn’t mean that you should only use the free stuff or that you should do loads of it. The trick is to look at all the marketing tools you could use and decide which ones might work, based on who your ideal clients are. Check out two of my recent blogs to read about identifying your ideal clients and working out what marketing is best to reach them.
Once you have your list of possible marketing activities, you can look at what each one will cost you – and what sort of return you’ll get from them. For example, you might have Twitter on your list, as a way of reaching a large market for your new product. Twitter is free to set up and use – the only real cost will be your time. How many of your products do you need to sell to get a good return for your time? If you’re selling a high-end product, it could take a long time to build up enough followers and create a good reputation; if you’ve got something smaller and easier to sell, you could get results more quickly.
When you’re selling a service such as coaching or consultancy and you know where your potential clients network, you can put networking on your list of marketing activities. How much does it cost to join the network and to attend meetings? How much time do you need to spend travelling to meetings, doing the networking and following up your efforts? Is it worth spending £500 a year on annual membership, £12 per event and an hour’s drive each way? It will be if you meet that ideal coaching client who wants to invest £500 each month in your support, for 12 months!
Stop and think!
Before you rush into doing any marketing, you need to go through the basic stages of marketing planning – think about where your business is and where you want it to go; get clear on who you really want to work with and find out where they hang out, to see what marketing will work. Take the time to look at how much it will cost and what results you’re likely to get, before you spend any money at all. That way, any marketing you do will be well targeted and it’ll be money well spent. For a free summary of an entire planning process you can use, click here to see the page on my website.
What’s the most cost effective marketing you’ve done for your business this year? Click here to answer this question on LinkedIn.