How Much Should You Invest Towards Marketing Your Business?
I hear this question way too much.
Here is the answer... As much as you want.
I know, you are probably getting ready to fire up your email program and roast me for such an elementary answer...but don't do that just yet.
Here is the rest of the answer...
In the right places, using the right techniques, directed at the right audience. Period.
This mentality with your marketing will consistently produce a solid Return on Investment. So, invest as much of your available funds this way...because it will just keep making money for you. But here is the catch...
Miss any one of the three key elements:
1) The right places (market area)
2) The right techniques (correct message, and type of marketing)
3) The right audience (marketing your product to someone who wants to buy)
And your campaign goes BOOM (it implodes)!
Period.
It doesn't matter if you invest 3% of your sales or 30% of your sales...if you do not have the three key elements locked in...you will get pretty much the same proportion of Return On Investment.
Nothing.
But if you invest $100 on marketing your business properly, and get $200 in sales from that investment...what would happen if you invested $1000 in the same marketing campaign? $10000? $100,000? That's right, you can keep on trading investment for profits until the market dries up (which is extremely rare, so no excuses). =)
Marketing is a science, so when you are successful, the proportion of investment to results is pretty close to the same using the same campaign to the same list.
In my humble opinion you have two options...
1) Keep tossing a bunch of marketing and advertising dollars at the "wall" and hope they stick.
2) Focus your message, use the right method, and make sure the people reading that message will want your product or service. And PROFIT ALL DAY LONG. I already know which option you would like to choose. What are you going to do in your business today to choose it?
Joseph Ratliff is a professional direct response copywriter, marketing consultant, and author of The Profitable Business Edge... You can visit The Profitable Business Edge for more insights and actionable marketing strategies at http://profitablebusinessedge.blogspot.com