Why should I spend money on marketing? This is really an unspoken question that we're answering all the time.
Especially in this crazy year, we know budgets are extra tight, and as you're planning for 2021, why should you put marketing in the budget? And more importantly, how do you make sure that it's worth it? To find out more, keep watching.
Hi, I'm Tom Malesic, Founder and President of EZMarketing, and you're watching Ask EZ. This is where small business owners go to get real answers to their marketing questions.
Marketing Should be an Investment, not an Expense
There's a fundamental problem with the idea of spending money on marketing. It's the word "spend."
Spend suggests that marketing is just like any other expense. It's kind of like paying the electric bill. It's important, you need it, but how excited are you to spend money on this line in your budget?
Marketing shouldn't be like that. It should be an investment. You should invest money in marketing because it generates a return.
If every time you gave me a dollar, and I gave you two dollars in return, how many dollars would you give me? You'd give me a ton of them, right? And that's how marketing should feel! When you give away that dollar, you know that you're gonna see some kind of positive return back to you.
Now you're thinking, OK Tom, but you're a marketing company. You're just trying to convince me that I should spend more money on marketing and hire you to do it, right? Well, the answer is kind of yes and no.
Yes, I absolutely believe that you should be doing more marketing, but no, I don't think that we're the right fit for everyone or that you should necessarily hire us. If you can do the marketing yourself, great! Look, don't pay me to do something that you can do for yourself.
Also, I have tons of free educational resources that might help you through the process so that you can be a great marketer.
Why your marketing feels like a waste
But if you're doing it on your own, and it still feels like it's a wasted expense,
it's probably for one of these reasons.
You're not measuring it
First, you're not measuring it. When you invest in marketing, you want to see results. But how do you know if you're getting results if you're not measuring anything?
I know how important it is to see results, and we provide regular reporting on everything we do for all of our clients so they can see how the marketing is impacting their business.
You don't have a marketing strategy
Second, you probably don't have a strategy behind your marketing. You're just doing stuff. You know you need to be doing something, but there's not a lot of planning that goes into it.
Business owners just sometimes need that reminder that says it's time to work on the business, not just in your business.
And this is why we do a marketing strategy session with every new client—to ask those big picture questions. Things like: what are your goals? Who are your customers? Who are your competitors? And a whole
You're not investing enough
And finally, you're not investing enough money to actually see a return. You probably don't want to hear this, but you know it's true. If you don't spend much, you're not going to get much in return.
Plus, the more marketing you do the more each piece builds upon the next. On average it takes 7 to 15 times for someone to see your marketing before they're going to contact you, and that's a lot of effort and a lot of different tactics that you're going to need to do.
So ask yourself: are you really doing enough marketing to get a result? We can help you take a look at your marketing budget and figure out how to invest it wisely and get the best return.
Stop wasting money on marketing
If you're struggling with marketing, and it feels like it's just a constant waste of money rather than an investment that generates a return, let's talk!
Contact us for a free, no-obligation marketing consultation, and we'll walk through your goals and give you suggestions for how to get the most out of your marketing, regardless of whether you work with us or not.
And of course, if you like this video, don't forget to like and subscribe.