Spend $$ to Make $$$$

We’ve heard it before. “You have to spend money to make money.”

It’s true, but that doesn’t mean you have to waste money! As you start your next quarters marketing strategy (I’m thinking Christmas?), keep a few things in mind. It will help you stay on the right track with your effort, outcomes and budget.

1. Demographics

That’s right, what’s your demographic? Who are you trying to reach? Where do they live, work and play? How old are they? Do they have kids?

You have to know your target before you can appeal to them. I’ve talked about this before. If you need a brush up, check out 50/60/70/80.

2. Product v. Value

What are you selling? This can be a product or a service. More importantly that the product, you need to be able to explain and show the value. Why does your demographic want what you are selling?

Once you have pinpointed the answer– sell the value. It’s truly the only thing that separates you from your competitor.

3. Voice

How are you going to reach your clients? Mail, email, web, TV, radio, etc.? Knowing your audience will help you make this decision. How you choose to contact your ideal customer is crucial. Spending thousands on a magazine ad is silly if your ideal customer is age 21-35, drinks coffee regularly and has a smart phone- just sayin’.

How you choose to contact them is going to reflect directly on your business and its vibe. Your advertising is essentially your voice. Yelling through a loudspeaker on a busy street might be exactly what you need. Maybe you need to sponsor a local event or school, maybe an old fashioned newspaper ad is more attune to your demographic. Do the research to find out.

4. Execute

Even the best plans are unsuccessful without execution.

Once you know what you’re going to do. Do it.

Don’t put it off- get it done, now. Set yourself a deadline. If you don’t have the time, find a company near by that does. Spending an extra couple hundred may be well worth the time you don’t have. If someone else can do it for you and do it better, than it’s usually worth the extra money.

5. Track Results

Sending a mailer to every resident within 5 miles doesn’t matter if you don’t know how many of your customers are here because of that flyer. You need to know how effective your efforts were. You need to know why they came in and keep them coming back.

So ask them. I mean right there, at the register ask “Did you get our mailer last week?” “Wonderful! If you would like to add your email to our list, we’ll send your our monthly offers.”

 

Plan well, plan effectively and execute.

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