How to Efficiently Utilize Your Marketing Dollars
Marketing is a mystery for almost every business owner. It doesn’t matter if you’ve been in business for one year or 30 years, marketing is most likely still a challenge. As owners, we either don’t have enough time or we don’t have enough budget, and if we have both of those, we’re not getting the results that we want.
One of the most effective ways that my clients get results with their marketing is that they test and measure. It’s important to understand that marketing and advertising is an investment and must be viewed as an investment. By not running unsuccessful strategies and focusing more on those that are working, you’ll start to make a real profit from your marketing activities.
One of the tools that my clients and I utilize is called a 10 by 10 marketing plan. With this tool, we identify ten activities that we think will generate leads for our business and, with each of those 10 activities, we expect to generate 10% of the total leads that we want. An activity can be anything from a postcard, to a cold call, to a networking event. It should be whatever activity that you feel will generate leads for your business.
Once you identify those activities, the next step is to then identify the budget associated with your 10 by 10. Let’s say it’s $1,000. So, put $100 towards each of the 10 activities. Statistically, once you test and measure, two of those activities are going to far outperform the other eight. Once you know what those two activities are, you can take what you spent on the other eight and load it up on those first two.
Utilizing the 10 by 10 marketing plan and identifying your most successful activities will help you use your marketing dollars efficiently and effectively.