The amount you spend on marketing can feel like a tough number to determine. Spend too little on marketing and you go out of business. Spend too much on marketing and you…go out of business. Everyone tells you to “advertise” or “market” your business but where should you put your hard earned money? What systems should you invest in to bring in business now?
Before deciding on where or what to invest in, I would invite you to consider a different method. Stop thinking about putting up a new website, a new magazine ad, or even sending out a direct mail campaign. Take a step backward and ask yourself a simple question:
What is an average customer worth to me?
This number should easily roll of your tongue. Is an average customer worth $50? Maybe you sell higher-end items and your average sale is $4,000? Regardless of what your average sale is, once you know the number you are prepared to calculate how much you can spend on your marketing efforts.
Most people have a budget for marketing and that means it’s an expense item. Instead of having a budget, consider having a set amount that you spend that brings you new customers. For example if you invested $50 and that brought you a new customer how many times would you spend that $50? In other words how many NEW customers do you want?
Instead of a marketing budget, consider a Marketing Rule. The rule to live by, when you want to have a net income, is 7%. You can invest 7% of what your average customer is worth to you on marketing to get a new customer. So if a new customer is worth $4,000, you can invest $280 to get that customer.
With your 7% rule you can put a marketing system into action that meets a minimum of the following conditions:
Brings new business opportunities daily
Can be systematically put into action
Has elements that can be automated
Is easily track-able
Can work 24 hours a day
When your system meets a minimum of the above 5 requirements then you will have a marketing system that can meet your 7% rule and bring you new business monthly.
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