Another completely-made-up-yet-witty Proverb: “If you build it, they will come only unless they know about it through Google ranking, Search Engine Optimization, Social Media management, banner ads, customer reviews, blog posts, word of mouth, funny tv ads {see Old Spice, Dos Equis, Heineken, Dollar Shave Club, Busch “play deader Tim” Beer}, funny tv ads with equally funny celebrity endorsers {Keegan-Michael Key’s – Rocket Mortgage, Matthew McConaughey’s Carl’s Junior voice-overs and his quietly-absurd brooding Lincoln car commercials, Ving Rhames “we have the meats” for Arby’s}, brand ambassador {Steph Curry for Infiniti, Kendall Jenner for Adidas – I mean, come on, there’s NOTHING “sport” about her, BUT her and her family are social phenomenons, so, I get it!} and inbound marketing.”
According to the SBA – if you are putting money towards marketing your business, then your budget should equate to roughly 7%-10% total marketing spend, that’s almost half of your total budget for business expenses.
So unless you have Kardashian influence through your network or can write a check with 6, 7, or 8 zeros, stick to your budget and don’t break the piggy bank. Strategy and analytics are key when dealing in marketing.
Know what you spend. Know your return. Know your KPI’s.
Know which marketing outlet is paying off the most so you can re-allocate your budget for greater results.
Digital marketing is crucial, costly and worth every cent.
It just makes sense.
Previously I wrote about changing your perspective in how you think about money, and despite whatever your product, service or business model may be, you are in the business of making money as all decisions and options to improve your business can be a connect-the-dots graphic that reveals the money picture.
Now, to pivot on that conversation, I will tell you that NO MATTER WHAT YOUR BUSINESS IS, you are in the business of MARKETING…
…and making money!
There are 3-components of marketing: branding, advertising and marketing.
Check out the key concepts below:
Branding is all about story telling; its creating your narrative, your “why” – your purpose – and that narrative when told effectively will allow your customers to “buy in.” They will emotionally connect and invest in You [product/service/business] and will want to see how your “story” plays out.
Advertising is reinforcing your story – it becomes the high lights or cliff notes, ultimately, summarizing your story. Think about watching movie trailers on YouTube or catching sports highlights on ESPN/Sports Center. You’re committing your time to watching a story play out and you’re invested enough to see it through until the end while the glitz and glamour cycle loop the PAZAZZ.
Marketing is how you consume that story, where you consume that story and when you consume that story. All the outlets or platforms that customers will learn about your story – whether it’s the first time customers are hearing about you, or whether it’s the 101st time. Whether it’s the 1st commercial watched, 4th banner ad seen or 7th mailer in your mailbox.
If you glean nothing else from this post, other than the importance of marketing, then you my friend are well on your way to introducing more people to your business, and creating the opportunity to gain new customers.
Are you excited? You should be!
I’ll do you one better, 11/12 marketing ideas I mentioned at the top of this page have everything to do with outbound “traditional” marketing.
1/12 only deals with inbound marketing – which can simplify the customer acquisition process and eases the stress on your pockets, as it accounts for strategically placed digital breadcrumbs to have *CUSTOMERS CALL YOU.
*Food for thought.
If 11/12 people are playing in the same pool, then wouldn’t you say that pool is a bit crowded?
How about you do something different?
