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Eliminate Marketing Waste

The first step is identifying the problem.

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by Shane Hostetler in Building Your Local Business

Marketing is hard. Managing marketing for a small business is even more difficult. Brian Sutter, Director of Marketing at Wasp Barcode, states “I hate seeing money lost to wasted marketing. After talking to hundreds of small business owners, I’ve discovered many inadvertently waste much of their budget on misused or ineffective tactics and tools.

Marketing budgets for small companies are already too tight, and you simply don’t have the time or finances for things that don’t work.

To help you cut waste and boost success in 2016, I’ve compiled a list of the eight most common ways small businesses lose money with bad marketing AND what you can do turn those losses into gains.”

You can read the entire article here: 8 Common Ways Small Businesses Waste Their Marketing Money

Long story short: 

  1. Using Social Media to build a following
    Being present on social media is important for your business. Spending hundreds of or, thousands, of dollars on ineffective ads that rarely get seen or noticed is not benefiting you or your wallet.
  2. Expecting Too Much Too Soon & Giving Up
    If you are expecting crazy results after one week of advertising, you are setting yourself up for heartbreak. Sutter recommends a 2-year ramp-up period before you can expect accurate results.
  3. Not Understanding Your Audience
    If you don’t know who you are trying to reach, you are never going to reach them.
  4. Not Knowing How You’ve Attracted Your Biggest Customers
    You can’t expect to succeed in marketing if you can’t identify how you got your top 20% of customers to make up half of your revenue.
  5. Doing a Huge one-time Ad Campaign
    With a limited marketing budget, you can’t put all your eggs (and dollars) in one basket.
  6. You Are Not Tracking Your Money Well Enough
    You can invest time, energy, and money in all the right places, but if you can’t track your investments, you can’t expect to make them profitable. 
  7. You Are Trying To Do Too Much
     Small businesses like you don’t have full departments, they have people. You can’t do everything at once, nor should you.
  8. You Haven’t Adjusted Your Marketing Strategy in Years
    The world of marketing is constantly evolving. You need to evolve with it if you want continued results.

 

 

Sutter, Brian. “8 Common Ways Small Businesses Waste Money Marketing.”Entrepreneur. Entrepreneur Media, Inc., 14 Apr. 2016. Web. 22 Mar. 2017.

 

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