Whether you are a small business or a huge conglomerate there should be a budget set aside for marketing. The difference between a business doing well and not, is usually the marketing. We have all experienced and seen this at some time where one cafe is empty and right next door the cafe is full. What is the difference? It all comes down to the marketing. Building a successful business comes down to successful marketing.
The best thing your business can do to make sure that your marketing budget is being invested well is to develop a plan. Trish and Chris have developed a comprehensive marketing strategy using two social media platforms which is outlined in their marketing blueprint. Following a well-defined plan will help ensure you’re investing your marketing funds in the right areas.
Trish and Chris’s marketing budget is an essential part of their marketing blueprint along with their target audience and any other resources required to advertise. In their blueprint they have carefully considered the time they want to invest in the online business.
Knowing how much money you are going to invest in your marketing means understanding where that money will be invested. It means understanding and knowing certain numbers and data, things like: –
- The cost per lead (CPL), the cost to acquire a lead or subscriber
- The clicks per advertisement
- The opt-ins rate, how many people become a lead or subscriber
- The return on your investment (ROI) money in sales over the cost of your marketing
- How many leads convert into sales?
- How many leads are you generating per day, week and month
For Trish and Chris they are advertising across 2 social media platforms being You Tube and Facebook. The paid marketing campaigns that they have across these platforms work really successfully for them.
The advantages of an online business is you can ‘pay as you go’ when it comes to investing in your marketing. So as you earn more money through sales or you come into more money through your job or a second job you can then invest into your marketing. You can go ahead and set your online business up and then invest as you start to market.
Trish and Chris also have unpaid marketing strategies as part of their marketing blueprint. Unlike the paid marketing strategies, these are slower to generate results. By running upaid marketing strategies alongside paid strategies, it brings down the cost per lead/subscriber (CPL), this is the cost to acquire a potential customer.
So it makes sense to run some unpaid marketing campaigns also, they just require more time to do them. Now that Chris has given up her full-time job and Trish is spending more time on this business, they dedicate time to developing these strategies.
Some unpaid marketing strategies they use are:
- Writing articles and posting them on different forums
- Creating content videos and uploading them to You Tube Channel
- Writing blogs and posting them to their website
- Creating content and posting through Facebook Live
- Boosting Facebook posts
- Inviting Facebook subscribers to attend a webinar
When you don’t have a lot of time to invest in your business there is a clear advantage to investing more money as it is going to give you more leads, much quicker than unpaid strategies. You don’t have to spend as much time creating lots of content to attract visitors.
If you don’t have either access to money or access to a lot of time then you can always look for a business partner. Trish and Chris both bring time and money to the online business which has helped to accelerate the journey.