I realize the words “marketing budget" are probably two of your least favorite words. But before you run for cover, I encourage you to read this article and take a step in a different direction when it comes to your marketing budget.
I find that many small business owners and solo-professionals struggle when it comes to marketing budgets, for three reasons:
1) They don't have much, if any money, to spend on marketing.
2) They don't know how much they should be spending on marketing.
3) Marketing is an expense they wish they didn't have to incur.
I'd like to offer a different perspective on marketing budgets.
Rather than looking at your marketing budget as a necessary expense, look at it as an investment in your business.
What is an investment? It’s money used to generate more money.
Marketing done right is an investment because it gets you more clients and sales, and in turn that generates more money.
And who better to invest in than yourself, and your business, a business you believe in whole-heartedly?
Where it breaks down for most people is their marketing is costing them more than it's making them. So it is indeed an expense.
If your marketing is currently costing you more than it's returning to your business, then you need to make some changes. How do you know where to make changes? You consult your marketing plan.
You must determine which element in your marketing plan is “off. "
Either you're marketing to the wrong people, your message isn't effective, you haven't clearly established why someone should hire you or buy from you, you're putting your marketing in the wrong places, or you aren't getting your message out frequently enough.
Once you determine the reasons your marketing isn't working, you'll be able to make changes to make it work better. This is why having a marketing plan is so important.
It creates a foundation for your marketing. It gives you something to go back to when things aren't working.
I encourage you to look at your marketing budget with fresh eyes. Look at it as an investment, not as an expense. Consider how you can protect and maximize that investment so it comes back to you ten-fold.
And, the best insurance policy I can think of to accomplish this is making sure you have a well-thought-out marketing plan you can follow step-by-step toward success.
Debbie LaChusa created The 10stepmarketing System to make marketing your own business as simple as answering 10 questions. Learn more about this unique, step-by-step system and get a free www.10stepmarketing.com Marketing E-Course when you subscribe to the free, weekly 10stepmarketing Ezine at www.10stepmarketing.com