3 Tips to Follow Before Spending Personal Funds on Marketing

3 Tips to Follow Before Spending Personal Funds on Marketing

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3 Tips to Follow Before Spending Personal Funds on Marketing

1. Answer the three questions every business must ask.

Why should a prospective client buy your product or service rather than a competitor’s? Know what makes you different. Perhaps you are easy to work with. Maybe you’re offering a great location or unique skill set. Perhaps you have a product service package different from your competitor’s. You must be able to answer this question clearly and concisely. If you can’t, prospective clients won’t be able to answer it either, and they won’t buy from you.

Is there a segment of the market that values the thing that makes you different, and is that segment large enough to support your business? Being different isn’t enough. You may have created a skunk-flavored coffee drink. And that would make you different. You might well be the only provider of skunk-flavored coffee drinks in town. Unfortunately, it isn’t clear that there is a large enough segment of the market that would be attracted to skunk-flavored coffee drinks to allow your business to succeed.

How will you reach the segment you have targeted with your marketing message? In other words, what channel will work best for you?

Related: 5 Ways To Optimize Your Digital Marketing Budget
2. Do enough marketing to reach a critical mass.

Research shows that for many products and services, you have to touch a prospective client an average of seven times with outbound marketing to elicit a response. It is unlikely that a single add will accomplish this. Doing too little marketing can be a complete waste of your money.
3. Do things that have worked for others.

Blazing new trails may allow you to hit a home run. Unfortunately, it also significantly increases the probability of striking out. There may well be a good reason others haven’t used that path. Pursue quick wins using proven techniques. Stick with the tried and true until you achieve some success. Then, use a portion of your marketing spend to swing for the fences if you would like.

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