So everyone wants to know the secret to ‘marketing on a budget’. Well after years and years of being asked, I figured it was time to reveal the secrets behind the magic…
Are you ready?
Are you sure you want to know?
Well here goes…
In order to market your business, you need to actually set aside a budget.
I’m guessing that was a huge let down for many of you while the majority of you are thinking that I’m a complete idiot right now but I would like you all to answer me this – How many of you actually have a marketing budget?
In our experience, limited numbers of business’ actually allocate a specific amount to their marketing each year.
I run into businesses all the time who are crying for ‘cheap solutions’ to their incredibly ‘expensive problems’. They’re usually the same businesses that conveniently mistake the difference between ‘price’ and ‘value’ or ‘cost’ and ‘investment’.
And really that’s the secret. It’s not about how much you spend. It’s about making sure that you are going to actually spend it and that you spend it right.
There is no magic formula. It’s an individual mix for every single business. Your market, your business and your culture will be different to EVERY other business out there. No matter how close you become, there will always be a differential between you and your competitors.
At the end of the day, if you don’t have a budget, then you’ll never be able to market on one.
Marketing is all based on a foundation of planning. It’s a major flaw in many businesses that we encounter.
If you plan well, commit to a budget, listen to good advice and ensure that you are complementing your marketing with all the other important business facets that are required to take advantage of that marketing, then you have the basis for success in any venture.
Too often marketing is put on the chopping block rather than being seen as a catalyst for driving your business where you want it to go. But without a plan, a road map of the way ahead, you’ll never get to where you want to be. Or if you do, you’ll have wasted a lot of fuel getting there!
So now is the time to start budgeting for the next financial year. Look at involving your accountant. Use the resources you have at hand to make an informed decision and plan to be successful.
The secret then really lies in your execution…but that’s for another blog…