How To Not Waste Money On Marketing

How to​ Not Waste Money on​ Marketing
If you​ own your own business,​ you're probably innundated with advertising and marketing opportunities and salespeople .​
You probably get asked to​ sponsor events and donate to​ organizations .​
Maybe you've even been hit up by the​ premium company trying to​ get you​ to​ buy pens with your company name on​ them.
So how do you​ know what to​ spend your marketing dollars on,​ and what to​ pass on?
How do you​ avoid wasting your money on​ marketing that isn't going to​ result in​ more clients and more sales? How can you​ ensure you'll get the​ biggest bang for the​ buck?
The answer is​ to​ go back to​ your marketing plan and look at​ your goals and objectives .​
You'll also want to​ look at​ who you​ identified as​ your ideal prospects or​ target clients.
Then you​ simply evaluate these potential marketing activities based on​ their ability to​ help you​ achieve your objectives,​ and their ability to​ put you​ or​ your company in​ front of​ your ideal prospects.
While sponsorships and donations are in​ part a​ goodwill activity and can be very worthwhile for that reason alone,​ if​ you​ are evaluating them from a​ marketing perspective (and I​ recommend you​ do,​ especially if​ you​ get asked to​ sponsor or​ donate frequently) you​ need to​ make sure they will give you​ exposure to​ your ideal prospects and contribute toward reaching your objectives.
The value of​ the​ exposure you​ receive should be worth the​ investment you​ are making .​
Consider what it​ would cost to​ reach those prospects in​ another manner to​ help determine the​ value of​ the​ exposure.
As far as​ purchasing pens with your company name,​ the​ same tests apply .​
Ask yourself how you​ will use the​ pens .​
Will they provide exposure to​ your ideal prospects or​ clients?
Will they reach your prospects in​ a​ manner no other marketing activity can? For example,​ if​ you​ are looking for repeat business from your clients,​ if​ they have a​ pen with your name on​ it​ that they see and use everyday perhaps they will be reminded to​ frequent your business.
If you​ are planning to​ do a​ direct mail follow up to​ clients who haven't done business with you​ in​ awhile,​ a​ pen might be a​ nice premium to​ include in​ the​ mailing,​ and it​ will continue to​ serve as​ a​ reminder long after the​ direct mail piece is​ read and thrown away.
But do NOT order the​ pens if​ you​ don't have a​ plan for using them and an​ objective for what you​ hope to​ achieve .​
Just having pens with your company name without these two items defined is​ definitely a​ waste of​ your money.
Whenever you​ are questioning whether you​ should take advantage of​ a​ particular marketing opportunity,​ ask yourself these three questions:
1) Will it​ provide exposure to​ my ideal prospects or​ target clients?
2) Will it​ help me achieve my marketing objectives?
3) is​ this exposure worth the​ dollars I​ am investing?
If you​ can answer YES to​ all three questions,​ and you​ have marketing budget available,​ then you'll want to​ seriously consider the​ opportunity.
If your answer is​ no to​ the​ first two questions,​ and the​ opportunity doesn't put you​ in​ front of​ your ideal prospects or​ help reach your objectives,​ you'll want to​ just say NO! to​ that particular marketing opportunity.
If the​ answer is​ yes to​ the​ first two questions,​ but no to​ question number three and the​ opportunity is​ well-suited to​ your marketing plan but the​ value just isn't there,​ you​ may want to​ go back and negotiate more exposure or​ a​ lower price.
And,​ last but certainly not least,​ if​ you​ don't have a​ marketing plan to​ help you​ evaluate these kinds of​ opportunities when they come your way,​ my advice is​ simple: you​ NEED to​ get one.
If you​ haven't identified who your ideal prospects are and what you​ want to​ achieve with your business you​ will most certainly waste valuable time and money on​ marketing opportunities that are not a​ good fit for your business .​
In fact you'll be in​ danger of​ doing this everyday.
If you​ need help creating a​ marketing plan,​ the​ 10stepmarketing System is​ a​ great way to​ do it .​
When you​ create your own marketing plan using the​ simple,​ step-by-step 10stepmarketing System you​ are setting your business up for success and you​ can be sure you​ are not wasting valuable dollars on​ marketing that won't deliver you​ the​ results you​ deserve.
(C) 2018 Debbie LaChusa

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