7 Signs You Need a Marketing Budget
Marketing is everything! And without it, your business will fail. But, before you decide to invest in marketing make sure you’re doing these seven things first. If you’re not, chances are your marketing investment will be a waste of your money, time, and effort.
- You’ve made a Commitment to run your business like a business.
You are creating structure around your business. You are organizing your day, performing specific tasks, committing to a certain number of work hours, finding a balance of working both in your business and on your business, and creating specific expectations. You have a measurement for productivity, and an evaluation criteria for activities. You understand how structure is your fastest path to freedom.
- You plan on turning a Profit in 2016.
You plan on making more money than you spend, and realizing a profit in your business. You have identified specific financial goals. You have determined how many clients you need, how much product you need to sell, the value of a client, and the types of activities you need to do to reach your financial goals. You will dedicate time to think about how you spend your money, time, and effort so you can maximize your productivity.
- You’re confident in your Brand.
You have completed a Brand review. You’re ready to bring your brand to life. You have your Who, What, Where, When, and Why answered. You know your USP. You have a clear positioning statement. You can segment your potential market, and target your various ideal client groups by pain point and key messaging.
- Your products and services are Packaged and Priced.
You’ve done an audit of your competitive market and identified gaps that only you can fill. You have research that supports your decision on the types of products and services you offer. You’re confident in how you’ve packaged and priced your offerings. You’ve done your homework, and you’re ready to promote your products.
- You’re creating a Plan that aligns your activities with your goals.
No more “BSOS” (Bright Shiny Object Syndrome) for you! You have a clear path to take with your money, time, and effort. You have identified a few (only 2 or 3) key strategies so your tactics can be focused, intentional, and consistent. You know which media outlets and social media platforms will best reach your ideal target. You understand the type of content you need to create to help your customer’s choose you. You can use your customer’s voice. You’ve identified analytics to measure the success of your activity.
- You’re ready for the Sales conversation.
You are ready and willing to talk to your prospects to qualify them, overcome their objections, and close them. You know how to listen and respond to their questions. You know how to understand their needs. You know the results you offer. You’re letting your prospects come to you in their own time.
- You will Follow Up until you receive a Yes/No answer.
You will do what it takes to create follow up activities that get a response from your prospects. These activities will include multiple points of contact to build awareness, visibility, credibility, and authority. You will remind your prospect that you will be there when they’re ready to make a decision. You will not stop speaking to that prospect until they become a customer or say, “No thanks.” And then, you will not take their NO personally!
These seven activities point to a place where you’re READY to invest in marketing! So now, make sure you’re doing everything you can to ensure that your investment in marketing leads to success by creating programs around the best strategies for you and your prospect! To your SWEET success!