Welcome to Marketing Tips From Nial Adams
Your First Marketing Tips Email
Marketing Strategy That Drives Business Results
Welcome! Thanks for joining the Weekly Marketing Tips Course from Make Marketing Work…
So to get you started here’s your very first tip…
It’s All About Profit –
Before you even begin to start marketing your business or enterprise there’s one absolute fundamental you need to understand and be clear about and this is it:
Marketing is about PROFIT. It’s about spending money (and time) to make more back.
This may seem blatantly obvious to you but you’d be amazed just how many people spend money (and sometime a lot of money) every week, every month, on marketing that is not making them any money at all. In fact, it’s costing them money. They’re just wasting hard-earned profits.
If you think you might be one of them I want to show you how you can stop this and turn your marketing into a profitable exercise. This Marketing Tips Course will put you on the right track.
The whole principle of marketing is that you invest something (normally time and money) and in return you get a bigger result back. When it works this way the more you spend, the more you get back. It really should be that simple.
This outcome is your Return on Investment.
Perhaps you’re already actively marketing and keen to get a better result. Great, this Weekly Tip Course will help you with this, and you’ve got access to lots of other resources.
But there’s something fundamental you need to do before you go any further or start trying new ways to market your products and services. You need to change the way you see your marketing budget, which in turn will change the way you approach marketing as a whole.
“But I don’t have a budget, I just spend out on advertising and promotions when sales are low”.
Whatever you spend, it’s a budget; maybe you just haven’t set a formal budget yet (you’ll learn more about this in coming weeks). And remember your time is also a valuable resource, it costs money too!
For the most part it goes like this; advertising opportunities turn up, perhaps a call from someone at the local newspaper, offering to sell you an advert. So once you’ve got what you think is a reasonable deal, something affordable that you’re willing to take a punt on, you sign on the dotted line… and keep your fingers crossed, desperately hoping that you’ll at least make enough new sales as a result to pay for the advert.
Trust me, this IS the way that the vast majority of business owners and manager think and act. The majority of marketing outputs, like advertising, online promotions, etc. are bought purely speculatively, and normally because these have been sold to business owner/manager.
Again, if you recognise this scenario and if it’s something you’ve been doing up until now, I want to show you how you can stop it, take back control and turn your marketing into a profitable exercise.
“So how do you ensure that you’re not just speculating on your marketing?”
There is one crucial thing I’m going to recommend you do first:
STEP 1. Take an Audit of your current marketing activity and spend.
If you’re already in business and have spent anything on marketing over the past year, or intend to, then you need to take a simple audit of this.
You can do this in a notebook but I’d recommend you set up a really simple spreadsheet to do this.
Write down EVERYTHING you do in terms of marketing and promotion, even if there is no direct cost for this. You’ll see why this is important in a minute.
Add each activity on a new line, then in the next columns add the following –
Start Date, Frequency, End Date, Cost, Result, ROI
By doing this you’re creating a picture of what you do and spend on your marketing. And most of all you now have a really simple way of matching up information with what you spend with what you get back.
It might look something like this…
STEP 2. Now you can identify, accurately, what costs money and what generates sales.
For some reason people often become very emotionally-attached to their marketing. You’d be amazed at how many businesses pay each year for a listing in the yellow-pages, or other directories, but then admit that they can’t confirm if the advert makes more profit than it costs.
Just because you’ve been doing something for years, and that may have worked for you in the past, doesn’t really mean you need to continue doing it. If you’re spending £1000 a year on a directory listing but you have no evidence that it generates a positive ROI then you need to find out.
And if it’s not a profitable exercise then stop doing it. Save your money, or better still invest it in marketing activities that WILL make you money.
STEP 3. Take action; start doing this now!
Honestly, if you’re really serious about making marketing work for you then this is the very first thing that you need to do. It’s going to be a cornerstone of everything you do in marketing and you simply won’t reach your full potential until you do this.
Yes it will take you a little time, maybe a morning or so. You’ll need to get all the facts and figures together and then build up a true picture of your marketing.
Please, trust me on this; it’s so important.
If you struggle with this or feel there’s some reason why you’re not taking action please get in touch; you may want a little help with this or want to understand it a bit better before you dive in.
There’s also a comments section below, feel free to add your questions, experiences or thoughts on this Tip (but no spamming or link-dumping please!)
Your next weekly Marketing Tip will follow; just remember to check your inbox (you might also need to check your spam box!)
– Author of Make Marketing Work
PS. If you want to really accelerate your learning and marketing know-how, try Section 1 of Make Marketing Work completely free – find out more here.