Show Me The ROI!
There are many different aspects to running a strong and successful business. Ranging from managing your employees to filling out tax documents to maintaining a quality product/service that will continue to bring repeat business. Through all of the busyness of running a business, marketing can sometimes take a back seat to the immediate necessities. However, maintaining a healthy marketing strategy may be more important that you think and too often it is ignored, pushed to the back burner or a common complaint is “I have no time.” The truth is you can’t afford to not make the time to do what it takes to bring more clients or patients in your doors. A proactive approach is critical.
The biggest hang-up for most companies when considering their marketing plan is that they see it as an expense. It is an investment. Expense marketing is when you pay for a certain level of promotion for a period of time. This can manifest in the form of a sponsored post on Facebook that eventually runs its course and either runs out of money for continued promotion or value by decreased consumer clicks, flyers and event promotions. Investment marketing, however, is when you invest in forms of marketing that will continue to bring in revenue and new customers on a permanent or semi-permanent basis. These include but are not limited to creating websites, reviews, business listings, training tools, compelling content for your social media including but not limited to engaging articles/blogs. These forms of investment marketing will permanently remain on the web allowing consumer traffic to flow and continuing to bring your companies name and mission to their attention at no further cost to you past the initial expense.
For most companies having a healthy marketing budget is more of a luxury than a necessity. When times a tough and you have to tighten the belt a bit, it is usually the marketing budget that takes the first cut. Although understandable, this can be a huge mistake. I rarely see those companies continue to dominate their market when they cut critical marketing that has been working for them. Investing in your brand is how you reach audience and bring in new business. Cutting back less your future revenue options and continues dragging you down in a state of diminished profit instead of prosperity. Successful companies like Kellogg and Proctor & Gamble chose to ramp up their marketing strategy during economic recessions and were able to stand out from their competitors resulting in substantial growth during times where most businesses were closing their doors. Following examples like this and shifting your mentality towards marketing being an investment instead of an expense will allow you to grow and expand - even in a time of low cash flow. If you cut anything best to cut your print marketing in this day and age. Let’s face it, reputation marketing including reviews, social media and targeted ads to your ideal consumers are what will set you apart from your competition and get you results.
By choosing strategies that create higher revenue than the cost to execute them will make your marketing plan more efficient and profitable. A formula for success is to pursue investment marketing avenues primarily then include some expense marketing. There is a time and place for both and each of them attracts your consumers in different ways.
Do not be afraid to branch out and try something new. Many of my clients and medical practices have done the same marketing over and over and are sometimes reluctant to invest in modern techniques that have been proven but feel uncomfortable to them because they haven’t tried them before. Marketing strategies have had to adjust to the age of the informed consumer. Think about how your consumers go about spending their money. Think about the steps you take before you make a purchase. Think about the steps your children take before they make an informed decision. In order to continue to move forward successfully, adjusting our methods to suit our customers is vital to continued business growth. This is why we offer programs that best suit how your consumers are using reviews, search engine results, micro moments and social media to make decisions on how to spend their money and choose you over your competition because you stand out in a way that nobody else does. Instead of mediocre, we help our business partners set them selves apart in a way that makes them the clear and obvious choice in their markets. To us, this is clearly an investment, not an expense.