Covering some basics to marketing. Many believe marketing is where businesses go to just obtain leads. Takes money to make money. When you're in business you apply a percentage of earnings toward marketing. While some of this is true many businesses don't well understand where, when, or how. Marketing companies are telling you to buy and buy as much 'business' as you want.
Many business owners quickly learn that's not the case. Thousands of dollars are wasted in the beginning. There're not many options for business owners to start out of the gate without trial and error. For businesses owners that are able to find a good mentor or coach is ideal but many don't know where to start. Finding information online and reaching a point where you just need to do it.
Information out there indicates you spend a small percentage toward marketing and that's just what you do. With all the technology and different marketing technics this is not necessarily true. Yes, some forms of marketing need application but there're many options business can do. Achieve presence and sales without spending capitol: more time and effort. Time and effort is what new business owners often have an abundance of.
There're also some dangers to the throw money and hope it works approach. Having experience working with businesses now successful have to continue to throw money at advertising. They're not able to identify how effective their advertising is or was. Start out of the gate with 15% toward advertising in all different directions could place your business in a situation where you're stuck there. For example 5 years in business can't really afford to toy with cutting back their marketing efforts because they don't know what it could do to their business. A 5 year business could be highly impacted by even a 5% decrease in business.
Best to start out small and measure. Learn what works and what doesn't. Granted do something but pay close attention to the source of your leads. Focus on quality, time to close, value, quantity, trends, and retention. It may not be a businesses top priority but you're paying vital capital for those leads so pay attention.
Now that we've established starting out slow and steady is a good strategy what are different types of marketing. We're not going to get into the exact terminology here but more focus on general areas and what to expect from those types of marketing.
Content marketing is where it's at currently. There're many information and statistic sources showing content marketing is the best performer right now. Content marketing is where customers are actually eager to learn about products, businesses, or services through their content generation. When you're searching the Internet and spending time reading what's it about? You'll be surprise to find you're often researching products and services more than you're looking at pictures of people's food or political nonsense on social media.
Blogs, websites, social media information, are common sources for content marketing. The days of pop-up ads and banners are not effective. We're numb and often facedown in a device.
Purchasing marketing as a new business owner you need to be direct and specific about the leads you're looking to obtain. Magazines, banners, are good but for various reasons and business services. What works for one may not work for another.
Think of what you do when you need a service. Specifically what does your ideal customer do. We all go straight to an information source, Internet, and search. Some ask around and look for referrals, but even with referrals we'll still hit the Internet to learn about costs, service expectations, and more. If you're a service company don't by banner ads unless your banner is on the side of the road and your service company is towing or roadside assistance. Make sense?
Another mistake business owners make is complaining about ad performance. This is a rookie mistake. Some advertising is brand awareness and you're not likely going to get leads from such advertising. You may even be told "we have X amount of viewers". Apply common sense and think about your targeted audience. For example ever hear "Comcast Arena" or "Chevy Stadium". These are forms of advertising for brand awareness. Does Comcast call the arena and complain about not receiving business from their ad? When Comcast asks "how did you hear about us" you think those clients are really going to say "oh Comcast Arena". We noticed your name on the stadium and decide to start a lifelong debt for boobtube. Not likely. Instead they're captured through another ad.
Marketing is not buying leads. It doesn't work that way. You get in front of potential customers and hope they bite. If they don't bite you may look at things like your ad, location, and expected audience.
Start with cost effective advertising strategy and hold out from paying as long as you can. Social Media, Yelp, sign on your vehicle, word of month, self-promotion, ask for customer referrals, join networking events. Once you've exhausted these options then progress to next level marketing. When you start on this path you're able to identify progressively affordable what works and what doesn't.
Be patient with advertising and if you agree to buy advertising and it doesn't work as expected you did not do enough homework prior to purchase. Marketing is a gable, you don't always win or get your money back. It's on you the business owner to ensure the success of your marketing not marketing sales reps. If you're not able to figure out which direction to go Violet Services and other consulting companies are able to point the way. Hearing advice might be the best first step to take toward effective advertising. There's value in knowledge. happy marketing.