Marketing is the Key to your Success
Why do you think that Marketing is the Key to your Success?
Let me ask you How much is your marketing budget?
I believe to be successful your need to be spending at least 5 to 7% of your turnover on your marketing to your specific target customer.
Over the 35 years that i have been in business with testing and measuring our marketing, and it’s been proven that 5 to 7% of your turnover needs to be spent on marketing to achieve the sales you need.
You will find Most of the major franchises also use this these typical percentages for their Marketing.
Obviously there all types of Marketing, and different types suit different types of businesses.
So We have traditional Marketing, such as
- Television, Radio
- Press, Magazines
- Email marketing, Direct Mail
- Social media, eg Facebook, Instagram, Twitter, Linkedin
- Webinars, your website and Blogging
Here is an interesting statistic,
Only about 22% of businesses are satisfied with their conversion rates.
In the main part it is because they are not focusing on their target market.
What is the Reason for your Marketing,
The fact is – You can have the best product or service in the world BUT if no one knows about it, how can you sell it?
You can have the best product out there and be passionate about it, but if no one knows about it, you will never sell it.
When marketing, you need to ask yourself, who is my ideal customer?
This is so important to know, although many business owners don’t have a clue.
There is no point marketing to just everybody, when you have a target market.
Your marketing becomes much less effective when you generalise!
Your marketing strategy affects the way you run your entire business, if you want it to be key to your success, it should be planned and developed in consultation with your team.
It is a wide-reaching and comprehensive strategic planning tool that:
- describes your business and its products and services
- explains the position and role of your products and services in the market, and profiles your customers.
- your competition, can identify the marketing tactics you will use, and
- allows you to build a marketing plan and measure its effectiveness.
Always check what the opposition is doing and see what is working for them, it may well work for you.