What’s the first thing a business does when they need to save money? We all know it … Cut their marketing budget! BAD IDEA.
Marketing is the biggest influencer on your business and often the easiest one for people to cut not realising that through Marketing you get your leads, which turn into your customers. So why would you want to stop that channel?
There are many reasons why this is the WRONG decision for every business and it’s clearly reflected on Henry Ford’s quote – “a man who stops advertising to save money is like a man who stops a clock to save time”. To put it simply, it just doesn’t work or make sense to think like this since stopping time is impossible and stopping advertising should be the same.
What marketing does for your business:
It gets you a large percentage if not all of your prospects, which are your income in your business.
Business owners often think that because they can’t see it or hear it every day, it’s not worth anything, so we may as well turn it off; don’t think like this.
But if you are recording the leads coming into your business and your lead sources, you will know where your leads are coming from which means you can make an educated decisions about what to cut and what to continue. But if you don’t, you could cut the wrong one and in turn your leads could stop coming in.
If you’re thinking about turning your marketing off to save money, your competition is probably thinking the same thing too. So remember that out of sight…out of mind, and out of mind can mean out of business.
Marketing is not a start and stop process;
This means that it’s an ongoing need to grow a business. If your current marketing is not proving cost effective, by all means STOP and find your marketing channel that’s going to give you the best ROI for your business.
How do you know what works?
Here at Smart On Hold we have tried direct mail, email marketing, social media and of course Google – we don’t continue with them all, but we do record everything and work out which media is the best fit for our business. Based on cost, conversions and ROI – what is one customer worth to you?
Just always remember that you don’t need to put all of your eggs in one basket (don’t just have one advertising channel), because if one advertising channel fails, at least you get to have your back-up plan. Be business smart – get your Marketing sorted today.