Many times, over the years in our Mind Masters Group meetings, the question is always asked, how much should be spent on marketing and advertising. Some businesses start on a shoestring and grow rapidly. Others take hundreds even thousands of dollars and go at a snail’s pace. While I have never heard a hard and fast answer to how much you should spend, you need a strategy that will produce results for you.
The key here is not how much you spend, but that you consistently reinvest money in your business. Determine how much you can afford, is it $100 or 10% of your gross, or maybe for a new product or service launch you need more.
Here are some things to consider:
- Don’t get into bad spending habits, they can kill you. Learn to distinguish between your needs and wants.
- Know where you are going before you jump in too quickly. Make decisions for new products, services, markets or advertising based on good information. Do your research.
- Use creative financing solutions. Barter your services in exchange for what you need. Do co-op adverting/promotional programs with businesses that reach your same market. Learn what business loan options are available.
- Become known in your marketplace as an expert, your customer’s will send their friends and associates to you. Take advantage of marketing tactics that use your time and energy, then your money can extend your market reach. Write articles for your local newspaper, send a newsletter to your customers with tips or trends they need to know about. Offer those tips as a sign up offer on you website.
- To produce the results you want, there must be a return on any investment of time or money to makes sense for your business.
Remember it is the continued investment and perseverance that pay off. Small investments over time produce consistent results.
Your Challenge: Review what you are spending on your marketing.
Track where your best leads, prospects are coming from.
Adjust both your time and money.
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