By: Edward Zia, FAMI CPM – Marketing Mentor, Blogger and Consultant for Condon’s.
One common problem we have seen play out hundreds (if not thousands) of times is how people see Marketing as a ‘Cost Centre’ and not a ‘Profit Centre’.
This would involve many seeing it as a necessary evil and spending as little as possible on the growth and development of their business. This can make some reasonable sense in certain situations, however in many situations the weaker marketer gets eaten up by the stronger players.
The first step with any company is product / service strength and quality. That is it comes down to having the ‘best goods’ (or service) available which sets the foundation for expansion. At this point, one can market with confidence bringing in high value clients with the knowledge that they will become regular purchasers.
In this type of thinking, ‘Marketing’ becomes an investment into the business where it’s important to measure it as much as possible. The most obvious way of this of course is how much you spend compared to the profit (from clients) that it brings in.
This viewpoint creates more of an ‘investor’ type of situation where one can choose to invest more into their business with a strong confidence of making whatever they spend back quickly and then creating a lot more.
Our advice and thinking? The first move is to measure how many clients your marketing brings in. Know where they are coming in from. Work out how much it’s costing you and then do the math. If you are making a strong profit, increase your investment. If you behind, time to improve your marketing.
This may be making cuts of what is not working, changing the message or even going into new media.
Trust that helps and wishing you luck in your business success. Condon Associates Group and the team are here to help you.