Remember when you first went into business? I do, I was super passionate about launching this new service.
In your case you probably rented a space, got a logo, started filling your store and hiring staff. Every day was filled with passion an excitement and possibility of doing something you love and are great at every day.
Over the coming months and year’s word of mouth traffic starts to build an you built up a steady customer base which keeps you busy.
Being busy is great… being burnt out is not.
The trouble is because you are busy… you are not focusing on how you can grow and improve things further. Which means your earnings become capped unless you build systems of leverage your time and the time of others to get more things done in the day your days may feel more like you are just “getting by” rather than great.
The big problem
One of the biggest issues for business owners is finding the time to understand which types of marketing are going to bring in customers and increase sales, and how to physically implement (and measure) them so their marketing is actually an investment (rather than an expense).
The trouble is you’re not a marketer, you’re not a copywriter and you’re not an analyst and you already have a day job to do.
So what do you need to look at as a business owner to measure the effectiveness of your marketing?
- Measurement – Before you do any marketing you need a measurement plan. e.g. If you spend $500 on an advertisement in the newspaper for one day how are you going to measure its effectiveness?
- Channels – Which channel (channels are the place where people see your marketing) will allow you to reach someone who will actually want to buy this product or service). e.g If you put up a billboard will everyone driving down that street be interested in your product?
- Targeting – Does the method of advertising you use reach your ideal customer
- Relevancy – Are the people you advertising to interested in what you have to offer. e.g. If you are spending 2000 on radio advertising for the month are the people listening going to want your product?
- Messaging – Are you using a generic come to our shop message we are awesome message? Or are you dialing in on your target market problems and giving them a solution?
Anyone of these 5 things could be costing you thousands of dollars in advertising costs every year and resulting in very few sales.
How to fix this?
- Get a Measurement Plan – When we work with clients, we make sure we have a clear measurement plan in place so we know exactly what success will look like, this lets us track whether or not any marketing budget, we invested was spent successfully, so we can do more of it, or unsuccessfully so we can turn it off and not waste money on things that do not work.
- Channels – Choose the right channels where your target audience hangs out. While thousands of people reading the newspaper, listening to the radio or driving down the street may see or hear your advertisement only a small percentage of them may actually be interested in what you have to offer which means you have a very low conversion rate. Advertising online means you can get in front of people actively searching for your goods and services and only pay to target those people, meaning your budget goes further and the people who see your ad are far more likely to buy.
- Targeting – Clone your ideal customer and find more people like them.
- Relevancy – Make it interesting and something your customer your customer would be interested in.
- Messaging – Don’t have a print or radio ad with a generic message about your business, be specific with your marketing by choosing specific products to promote.
How does your marketing stack up?
Are you blindly spending money on radio, print, television and other advertising without any way to measure the results? Are you unsure about if your marketing is working? or which parts are? OR do you have a turnkey system to turn on customers and turn up sales and measure the results so you can do more of the good stuff, and never spend a cent on marketing that doesn’t work?
Leave me a comment below and tell me your name, where you are and your number one marketing frustration so I can learn a little more about your business.