This is the time of year that many of our clients are making marketing plans and budgets for the year. It’s part of the reason why I wrote the Smart Marketing List last week. If you are making plans, you should go back and read that blog.
One question I get a lot regards how to break up a marketing budget. Generally, a good marketing plan for a small business is built around direct marketing and Circle of Influence marketing. And, as I said last week, most of this should be measurable using online or tracking technologies. Direct marketing means consistent promotion and marketing messages that are directly delivered to a known list or database. Direct marketing can be email marketing, direct mail, direct promotion, etc. Anything that goes to a set list we can identify. Circle of Influence marketing is simply doing direct marketing to a list of existing patients or clients. In these cases, the odds of marketing success increase 10-1 because a trust relationship is already established.
Next up: Internet Strategies. These are a critical backbone for new business strategies. And, Internet strategies are a good next step up when it comes to bang-for-your-buck. This is a good next layer to add to your plan. Internet strategies are online strategies that drive traffic to your web site. There are plenty of choices for Search Engine strategies including optimization or Pay Per Click. Depending on your market and goals, a blend of the two is a healthy plan. Paying for clicks is not a bad thing. I like it because it is very accountable. Of course, a good Internet strategy requires a competitive web site. I think site modifications and upgrades should be a regularly budgeted item so you can remain competitive.
Once your direct, Circle of Influence and Internet strategies are in place, then it is time to look at the most expensive and usually least productive elements: mass media. This shotgun advertising approach unfortunately is usually where many business owners begin their planning. This often results in too much hope being placed in long-shot media buys, which ends up in disappointing expectations. As part of my coaching program, I help clients understand how and why mass media works to help modulate expectations and divert wasted funds into more productive strategies. Often tracking numbers in print, TV or billboards help me illustrate this point. Mass media is not a bad strategy but it should be kept in perspective both financially and in terms of expected results.
So, if you are planning your marketing budget for this year, keep some of these ideas in mind. My coaching program is open to you at any time if you want to get a grip on how to run it with a little more accountability or perspective. If this is something that interests you, please email me at donald@dogstarmedia.com.
