For example, you may say that you can’t afford to do search engine optimisation, Google PPC Advertising, exhibiting at an event, or attending a marketing training workshop. But the truth is that you can’t afford not to do it – if it works.
Let’s say you invest £100 in PPC Advertising and every time you do this it creates £1,000 worth of business. How often would you want to do this? Just once? Or, would you rather do it on a daily basis. Would you also rather invest £10,000 per month, so you get £100,000 of business….and so on.
So the real truth is, that you can’t afford to continue wasting your money on ineffective marketing.
Here lies the problem – MOST MARKETING DOES NOT WORK!
Let’s have a look at how most small businesses undertake their marketing:
- They have never been trained
- They don’t have a marketing plan
- They get some advice from someone who tells them that they should do ‘x’. They do it once, then it does not work. Consequently, they complain that ‘x’ does not work in our industry!
- They often get advice from someone who is not up to date with modern marketing methods
- They sometimes stop doing whatever it was that they were doing and they go and find the next thing that does not work
- They become disillusioned about marketing and stop wasting money. They then either go bankrupt, or they survive, relying upon referral, and repeat business
- The marketing that they agreed to do, does not get done, or only half of it does
- In short, they waste a significant amount of their marketing budget.
So what is the answer to the huge problem that small businesses have with marketing?
- Get trained. Marketing is one of the most important skills required to run a small business
- Produce a plan for your marketing, even if it is a ‘one page’ plan
- Take a look at what you are doing in terms of your marketing and improve it, then improve it again
- Start to measure what is working and what is not
- Test the use of additional marketing income streams and build a multiple approach to marketing. There is never one way of undertaking your marketing
- Identify what you can do to market your business for free using ‘marketing without money’ strategies
- Stop utilising the traditional marketing approaches that no longer work and start embracing the future, by becoming effective at internet marketing.
In short, if you are serious about growing your business, then you MUST devote TIME AND MONEY into your marketing, or more specifically into lead generation.
So what are you going to do? You can:
- Do nothing and watch your business struggle to survive for the next ten years, or go bust in 5 years like 80% of businesses do
- Get yourself booked onto my Prudent Marketing Academy. My goal would be to help you to double your business in three years. Here is a link – Marketing Training
- Write a marketing plan for your business
- Be prepared for the fact that you won’t get it right the first time and that being determined will see you through
- Find someone with the skills to help you. Make sure you hire the best, remembering that you often get what you pay for.
So what is the true cost of marketing?
The true cost of effective marketing is the money you are losing, by not doing it. What do I mean?
- If you are a one person business and you are not using LinkedIn properly, then you are wasting at least £50,000 per year in lost business. This figure can be 10 times more, if you are a larger business
- If you don’t understand how to use the internet and people are searching on Google for what you do, but they are finding your competitors, then you are losing even more money!
- If you are not using e-mail marketing to keep in touch with your clients and prospects, then you are again losing out.
- If you are marketing yourself in ways that are not working, then you are not only wasting the money you are spending, but more importably you are losing out on a significant amount of un tapped income, that you could be cashing in on!
- If your website has little traffic and does not convert traffic into leads, then your are missing out on at least 25% of your true income potential
I get told so many times – “I like your ideas on marketing Steve and in particular I love the idea of ‘Prudent Marketing’, but I can’t afford it at a monthly fee at the moment. So, I will wait until I can afford it and then I will get back in touch”.
Do you know the truth? I rarely hear from these people ever again.
To be honest, the monthly fee is totally irrelevant, compared to the increase in profit you will make on the programme. You need to do whatever it takes to join ‘The Prudent Marketing Academy. You need to take action and if you want my help, then I am sure I can help you. I have been helping businesses to market themselves prudently for over 20 years and throughout that time, I have consistently helped businesses to grow between 20% and 150% per year.