A Guide on How to Waste Money with Your Marketing Efforts
Maybe I just pay attention to marketing more than the average person, but I am continually surprised by the amount of wasted effort and money people spend on marketing. So much so, I thought maybe I would just simplify the process for companies and easily define for them 5 ways to waste their marketing dollars
Wasteful idea #1: Don’t collect email addresses.
One of the most cost effective ways to communicate with clients and prospects is through email. When you don’t spend the effort to ask permission to add your contacts to your email distribution list, you are not utilizing one of the most cost-effective ways to stay in front of them.
Wasteful idea #2: Get big Yellow Page Ads
I am constantly surprised by the amount of money still spent in this area. Do people still think Yellow Pages is worth the money? Come on! I have talked with companies who spend $1,000, $2,000, even $5,000 per month on ads.
Wasteful idea #3: Don’t put effort into your website
Your website is a view into your company 24×7. It speaks for you when you are not there to speak for your company. Many times, it is the first impression a prospect or “influencer” may have for your company. For many of our service clients, one or two new sales in a year as a result of website improvements can more than pay for the effort.
Wasteful idea #4: Sponsor events without purpose
It’s amazing how many opportunities small businesses have to sposor something. A table at a networking event here, or a sponsor at a community event there, or for $$ we will put your logo on this here. Unless you see it worth doing as “good-will” such as an opportunity to give back to your community (which is not marketing any more by the way), you must adhere to a couple of principles: first ask what you should expect as a return on your investment, and secondly ask to speak to someone who has done it before you to make sure they feel it was a good investment for them. Not always does that mean it will be for you, but you can learn an awful lot that way.
Wasteful idea #5: Buy print ads
You want to blow through a marketing budget quickly, buy print ads. They are as expensive as they ever have been, but now there are much more cost effective ways to advertise including Google ads, even Facebook ads if your target audience is found there. Be creative when trying to reach your audience. We have two clients that actually traded ad space. One placed the other’s ad on their website, and the other printed flyers and taped them to their take-out boxes. Little to no cost for each!
These points seem pretty simple when you step back and think about it. Be honest with yourself if you are spending money in the above ways. Are you just doing so because you want to do “something”? Is there a better way to spend your marketing dollars? If you want some help doing it better, give us a call.
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Wasteful idea #6: Do exactly what another company is doing. Just because they are using certain marketing tools, it MUST work for my business… right?
I see a lot of businesses wasting money just because some other company was doing something and they didn’t want to be out of the loop. Lots of $$ wasted because it didn’t fit their business model.
Great blog post!