Where business owners should spend there money when it comes to marketing is one of the top questions we are asked. Our answer varies depending on the business as many businesses differ in their approaches, but there is a methodology to decide which marketing avenues are worthwhile.
We have developed a system to help you determine the best marketing strategies:
- Develop who your target customer is. This means, Who is your ideal client? What is their demographic?
- Consider of all the possible ways you can interact with that target client whether it’s a means of advertising or not
- Categorize all of the methods of advertising you know of and list everything: Print, TV, Radio, Online
- Determine if your company is ready to advertise. Do you have a good brand? Does your brand accurately reflect your business? Do you have a freelancer budget or are you prepared for an agency's rate?
- Put together prices on all of your options. You will likely need to talk with some media buyers and marketing companies to get proper pricing and understand each method. Don’t let them sell you on anything until you have done all your research!
- Put together a manageable budget of your net income that can go toward marketing for the next 9-12 months. ex. If your company clears $5,000/month it would be reasonable to spend $1000 on marketing
- Now consider your marketing budget and look for what will provide the most value for the dollar.
- Online marketing is valuable in Business-to-Consumer companies and for Business-to-Business print ads in particular publications can be of more value. It depends on your target customer and your industry.
- When setting up a marketing spend, make sure everything is trackable. Use alternate phone numbers or methods to track business.
- For any marketing endeavor, look at it from a 6 month perspective and commit long enough to determine it’s effectiveness