Most businesses market themselves to attract customers. Marketing is a must-do activity; unfortunately, it’s not often done well. Many businesses end up spending too much on marketing and not bringing in the customers to show for it.
Actually, I should clarify: many businesses don’t spend enough on marketing… the problem is, the money they DO spend is spent on the wrong stuff. So in a way, they are spending too much on (the wrong kind of) marketing!
Here’s why most businesses don’t spend enough on the right marketing and too much on the wrong marketing…
Businesses are fooled into thinking that reach equals effectiveness. What I mean is: businesses are fooled into thinking that the wider they distribute their marketing, the more effective their marketing is. I completely disagree.
The way to measure the effectiveness of marketing is by how many people respond to the ad, book an appointment for your expert to visit their house, and ultimately to buy from you. Marketing effectiveness should be measured in new revenue earned.
But since most businesses think that reach (how wide you cast your marketing net) is the best way to market, they spend more money on thinly distributing their message all over the place. The problem is, they spread themselves too thin and their message doesn’t really have an impact.
The better method is marketing is described in chapter 7 of my book The Secrets Of Business Mastery. I suggest that business owners start much, much smaller. Even start with just a single street and market to everyone on that street over and over and over again.
You may spend the same amount of money as when you spread your marketing wide but you’ll achieve far more because of two reasons:
Repeat exposure to your marketing will create more customers than a single exposure to your marketing that you were previously doing when you spread your marketing too thin.
Once you start getting customers, the folks on the street will see your company’s vehicles parked in several neighbors’ driveways, so you’ll get even more exposure.
If you’re marketing once to a wide area, stop throwing your money away. Instead, focus your efforts and dollars on a single, smaller area – perhaps just a street or a neighborhood – and send marketing to them multiple times over several weeks or months.
Now that I’ve shared the best way to market, now it’s time to talk about budget: When you market like this, you should spend even more on your marketing than you are now… but don’t worry, you’ll find that your marketing is way more effective.
Your marketing should be pulling in many customers. But don’t confuse reach for effectiveness. You’re far better off to spend the same amount of money marketing multiple times to a smaller group of people.
P.S. – If you were waiting for the perfect time to seize this opportunity, the time is now. Read the Home ServiceMAX Magazine for FREE, today!
P.S.S. – Andrew likes Mike’s no nonsense approach. Accountability is key. Warrior Fast Track Academy Testimonial.