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WHAT IS YOUR MARKETING REALLY COSTING YOU?
By Charlie Cook
Small business owners are justifiably concerned about
the expense of marketing their business. Many look at
marketing as a line item in their budgets, and minimize
marketing expenses in order to maximize profits. But to
grow your business and be more profitable, you need to
evaluate the costs of marketing from a broader perspective.
Like most small business owners, you know what you earned
last year, and you'd like to earn more. You know your
target market; if your marketing worked how much more
profitable could you be? If you could get all the attention
you deserve, attract all the prospects that your research
suggests want your products and services and close more
sales, how much could you make next year?
If you made fifty thousand dollars this year and your
analysis of your market suggests an earning potential of
four hundred thousand dollars per year, then your current
marketing strategy is costing you the difference, or three
hundred and fifty thousand dollars in lost income each year.
How much is your present marketing approach costing you in
lost revenue? Evaluate your marketing strategy using these
questions;
- How much less would you make if you didn't do any marketing?
- How much more will you make next year, using the same
marketing strategy you used last year?
- How much could you make if your marketing really worked?
The first step to making more next year is to identify your
earning potential. Clarify the number of buyers in your
target market and estimate how much each one is worth
per year. Of course not everyone who needs your service
wants what you have to offer, but if your marketing is
working, a whole lot more will understand how you can
solve their problems and meet their needs.
Step two is to implement the marketing strategies and
tactics that will help you achieve your potential this year
and in years to come. No bones about it, to grow your
business you will need to invest both time and money in
marketing on a regular basis. To get the most out of your
efforts, make sure to use a marketing plan that helps you
attract the greatest number of prospects and clients and
grow your business, year after year.
Don't let your marketing strategy cost you thousands or
hundreds of thousands of dollars in lost revenue next year.
Instead cut the true cost of your marketing by investing
the time and money to make your marketing work, to
attract more clients, close more sales and grow your
business.
With a little knowledge, effort and investment in your
marketing you will be able to pocket the difference
between what you're making now and your earning potential.
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2003 © In Mind Communications, LLC. All rights reserved.
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The author, Marketing Coach, Charlie Cook, helps
independent professionals and small business owners
attract more clients and increase their earnings
with the 5 Principles of Highly Effective Marketing.
Sign up to receive the Free Marketing Guide and the
'More Business' newsletter, full of practical tips
you can use at http://www.charliecook.net
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