Marketing is an essential component to running a business. Unfortunately, it can be difficult to manage a sound marketing campaign on your own. The average one person business spends over 36% of their time trying to expand their customer base.
If you are trying to run a successful business, then you need to make sure that your time is spent effectively. Too many businesses have little to show for their efforts, because they spend a lot of time and money on unnecessary activities.
How Much Do Businesses Invest in their Marketing Campaigns?
The average business allocates 10.3% of their gross revenue to its marketing budget. Product based businesses tend to spend even more.
As a one person business, you may be able to grow your business by dedicating your time to networking and referral marketing instead of spending money on advertising. However, you need to remember that time could spent working for paying clients, so it needs to be viewed as a similar investment. If you charge clients $100 an hour, then spending 10 hours on networking activities is the same as spending $1,000 on advertising campaigns.
Executing Your Marketing Strategy Effectively
A poorly thought out marketing strategy can be very costly. Some businesses spend countless hours of their time or thousands of dollars on advertising without ever generating new clients. You need to come up with a well thought-out approach before diving in.
Here are some tips to execute the perfect marketing campaign as a marketing team of one.
Get Your Goals Clear
As a one person business, your time and money are extremely precious. You can’t afford to be spending money haphazardly hoping for results. You must have a clear set of goals and only invest in marketing activities that help you reach them.
Know When to Outsource
If you aren’t familiar with a particular advertising medium, then it is best to outsource to another agency. This is especially true for digital marketing campaigns.
The average small and medium sized business is spending 46% of their marketing budget on digital outreach. Many of these businesses try to manage their own digital marketing campaigns, but often struggle to master the complexities of the marketing platforms they are using.
The importance of budgeting cannot be overemphasized. Stretch your budget as much as possible by discontinuing any marketing initiatives that don’t generate results. This is particularly important with digital marketing, because you can blow through your budget quickly. Make sure that you are using it to actively test different variables (such as keywords in your PPC campaign, ad copy and campaign landing pages). Collecting data can be expensive, so make sure it is well spent.
Leverage Existing Partners
Always remember the 80-20 rule – 80% of your business will come from 20% of your customers. Jeff Woelker, vice president of the Zocalo Group, said that one of the best ways to make the most of your marketing strategy is to leverage existing relationships. Keeping good paying clients happy should be your number one priority. You will preserve profitable relationships and get referrals for new clients in the future.