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What is
Your Marketing Really Costing You?
By Charlie Cook © 2003
Small business owners are justifiably concerned about the expense of
marketing their business. Many look at marketing as a line item in
their budgets, and minimize marketing expenses in order to maximize
profits. But to grow your business and be more profitable, you need
to evaluate the costs of marketing from a broader perspective.
Like most small business owners, you know what you earned last year,
and you'd like to earn more. You know your target market; if your
marketing worked how much more profitable could you be? If you could
get all the attention you deserve, attract all the prospects that
your research suggests want your products and services and close
more sales, how much could you make next year?
If you made fifty thousand dollars this year and your analysis of
your market suggests an earning potential of four hundred thousand
dollars per year, then your current marketing strategy is costing
you the difference, or three hundred and fifty thousand dollars in
lost income each year.
How much is your present marketing approach costing you in lost
revenue? Evaluate your marketing strategy using these questions;
- How much less would you make if you didn't do any marketing?
- How much more will you make next year, using the same marketing
strategy you used last year?
- How much could you make if your marketing really worked?
The first step to making more next year is to identify your earning
potential. Clarify the number of buyers in your target market and
estimate how much each one is worth per year. Of course not everyone
who needs your service wants what you have to offer, but if your
marketing is working, a whole lot more will understand how you can
solve their problems and meet their needs.
Step two is to implement the marketing strategies and tactics that
will help you achieve your potential this year and in years to come.
No bones about it, to grow your business you will need to invest
both time and money in marketing on a regular basis. To get the most
out of your efforts, make sure to use a marketing plan that helps
you attract the greatest number of prospects and clients and grow
your business, year after year.
Don't let your marketing strategy cost you thousands or hundreds of
thousands of dollars in lost revenue next year. Instead cut the true
cost of your marketing by investing the time and money to make your
marketing work, to attract more clients, close more sales and grow
your business.
With a little knowledge, effort and investment in your marketing you
will be able to pocket the difference between what you're making now
and your earning potential.
2003 © In Mind Communications, LLC. All rights reserved.
About the Author:
The author, Marketing Coach, Charlie Cook, helps independent
professionals and small business owners attract more clients and
increase their earnings with the 5 Principles of Highly Effective
Marketing. Sign up to receive the Free Marketing Guide and the 'More
Business' newsletter, full of practical tips you can use at
http://www.charliecook.net
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