Marketing must never be a cost, always an investment

As a business owner, you know that on your profit and loss account marketing spend sits firmly in the expense (cost) section, and its often why you cut it right back when things get tight.

The problem with that is, you’re not programmed to expect a return from it, and to change your perspective on marketing spend, and maximise the return from it, you should always view it as an investment instead.

This way, you should in theory, be able to create an unlimited marketing budget, because for every pound you spend your business is making more in profit. And when this happens, the potential growth of your business is without limits.

In this chart, which you can download here. You’ll find marketing activities split into 18 categories, and 10 strategies for each, giving you 180 strategies to choose from.

Now, I’m certainly not suggesting that you attempt to implement 180 marketing strategies at the same time. Have a look through and find 10 that you think would really suit your business model and be fairly straightforward for you and your team to implement. Then choose the next ten most suitable. Feel free to add your own strategies too, which aren’t in the chart, this is YOUR marketing plan remember.

This will give you 20 marketing activities that should work for your business, I say should because until you try them out and test & measure your results you can’t actually be 100% certain.

Now rate each of your 20 in order of priority for your business; which are the ones you know you MUST implement as soon as possible. Once you’ve rated them, choose 3, 6 or 9 that you know, given your current level of resource and existing conversion rates, for example, you’re able to get started with straight away.

You might be wondering why I suggest a number of strategies which is divisible by three, well that’s because we know that doing this makes it easier to compare results. You see, in general, one will perform well, one will have average performance and need some tweaking and the third won’t perform well at all. Of course, you’ll need to measure the results to know this.

Without measuring, you’ll see that you get some results from all activities, but it will appear that your marketing in general is underperforming if you’re not weeding out the poor ones & only keeping the high performers.

The next step then, is to swap out the underperforming strategy for the next one on your list, and start the process again.
In the end you should be left with 10 strategies that ALL work well for your business and which provide a return on investment.
In essence you’re building a lead generating machine, a marketing system that delivers!

If you’d like to chat through YOUR marketing strategy, or how to implement any of the above, then why not book a call with me?