So Would You Rather Keep Spending Money On Expensive Ads Or Strategically Building Your Network?
How much did your last, (let’s be brutally honest here.) PPC (Pay per Click) ad campaign actually cost you? And did you ultimately either. Gain any new opt in email or mobile marketing subscribers?
Or did or have you ultimately made any front or back end sales? And if these continue on in this particular direction. Is it really worth it for you to continuously run these paid ads? And for how much longer?
On the flip side. How much time and other extremely valuable resources or assets, have you currently invested into steadily and strategically building your network?
And can or are you starting to see how doing so effecting propels your business or service forward? In a major way. In more ways than one. Absolutely. Correct? So the $64,000 dollar question automatically becomes. How or why aren’t professionally building your network 24/7?
Are You Starting To Wonder How Long It takes To Grow A Business?
Especially when you have major competitors. Who you know have outrageously large, traditional advertising or promotional budgets. Smile. Because the really good news is. Even though they may have outrageously large, traditional advertising or promotional budgets. For the most part.
Unfortunately for them. Very few locals are actually taking the time to read their outrageously expensive, local billboards. Or are actually listening to their pricey, local prime time radio or local prime time TV ads either. Say what?
Nod your head cadets. Because it’s true. In fact. In the time you or your major competitors invest in reading (and hopefully!) applying what you’re about to discover in this particular blog post.
Somewhere in your local area. Extremely hard working business owners, service providers and startup entrepreneurs etc. Have invested a chunk of money, in local radio or TV ads.
And you along with a ton of other locals. Won’t ever see them. Yet these extremely hard working entrepreneurs.Are still out of their extremely hard earned money. Because of wasted circulation.
This all too common occurrence. Happens far more often than you may currently realize.
So What Are The Stages Of Business Growth? (And How Can You Accurately Measure Them?)
Great question. And fortunately two of the most straight forward areas. In order to measure and nurture ongoing business growth, is both your current and future market share growth rates. And how quickly and strategically you can increase your overall market expansion and market growth.
But do so without having to rely heavily on outrageously expensive, traditional advertising or promotional methods. Say for example. Your single location retail jewelry store.
You just ran a series of outrageously expensive, local prime time radio ads.
And each lead, (potential 1st time customer) who came through your door. Once you actually tally up all of your advertising advertising cost. Your cost per lead (CPL) was a staggering $650 dollars per lead. Say what?
And lets say the average 1st time customer only spent $450 dollars each. Huh? Obviously your long term marketing strategy now is. You have to hope, if and when they’re ever ready to purchase anymore bling.
They’ll:
A.) Get it from you and not your local major competitors. Right?
B.) When they do purchase from you. They spend enough so it at least covers your front end advertising expenses.Right? Agreed. So you can clearly see there is an awful lot riding on banking on this type of reactionary marketing/promotional approach. Don’t you agree?
Doesn’t It Make Far More Sense To Have A Reliable Marketing And Promotional Strategy In Place Going In? (And Simply Adjust And Tweak It As You Go!)
For one thing. Since (or you definitely should!) already know before you ever invest a nickel, on any type of paid advertising or promotional strategy.You or your major competitors definitely need to have a realistic idea.
What your ideal customers, total lifetime customer value metrics are. This way you now have a much better idea, what you can safely afford to invest.
In order to generate your 1st time customer. So instead of just literally being at the mercy of your paid advertising campaign(s.) As in the case of the previous hypothetical example.
Where a typical lead cost you $650 or X number of dollars. Ouch. What if instead. You at least tested, using a proven-lead generation– marketing strategy. Where you or your major competitors pre set your cost per lead up front. Say what? And you decided to allocate just $50-$75 dollars or X per lad/prospect. Huh?
This way. You can now allocate this set amount per lead to the first 25 or X number of ideal prospects. So in this particular case. Twenty five times $50 dollars per lead.Equals $1,250 dollars or X.
So you approach an incredibly popular, higher end, women-s clothing and accessories store. Which is preferably a single location. And your top female sales reps, managers and other female staff already shop at.
And you consistently leverage their established relationships with the current or future owners.
After You Establish Rock Solid Relationships! (This Is The Initial Beginning Of Your Long Term Marketing Plans!)
Since both you and the clothing store can and will potentially benefit financially. You don’t just choose any local, upscale clothing store to (JV) Joint Venture partner with. No way. These potential partners will definitely need to be or quickly become cutting edge marketers.
Meaning: They need to either have their own opt in email or mobile marketing list. Or if nothing else.An offline direct snail mail postcard database. Coming up shortly in part two. You’ll discover how to connect the long term marketing dots.
For now. Hopefully you now have a much better idea. Why you need to invest at least part of your time, money and other extremely valuable resources.
Into strategically building your network Don’t you agree?
Strategically Building Your Network Is No Longer An Option! (It’s A Must!)
P.S.Now as is customary during this part of our show.Please share your extremely valuable comments (in the comments section below)
that you can apply to your business,product or service in the next 30 days or less!
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And if you’re currently registered on Linkedin or twitter,and you’re serious about about doing some type of power networking.Let’s get connected asap!
Extremely important note:And if by chance, you happen to know any of the lesser known podcasters,(or radio show host)
who also target,small business owners,service providers or aspiring startups entrepreneurs etc.
And they’re pro-actively looking for potential guest speakers.Please don’t hesitate to-either- pass their name and contact information directly
to me or vice versa!Thanks!
(Click the link just below, and watch the first video at the top of the page, if you’d like to see the entire 33 minute replay, of a guest podcast on
marketing your small business or service. I Recently appeared on.)
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