| Getting the most from a limited marketing | | | | have sold your offering already, and you have |
| budget is quite a challenge for the average | | | | delighted your customers, then you already |
| small business owner. I always ask, business | | | | know who you should be prospecting to in the |
| owners how much they spent last year - and | | | | future. |
| how much business did that bring in. Can you | | | | |
| answer that question? And are you sure that | | | | Let's assume you are an accountant, and you |
| all of your spend brought the best possible | | | | do some analysis of your existing customers |
| return? This article, gives some simple rules | | | | and find that you have 10 plumbers on your |
| of thumb on setting budgets, an easy way to | | | | books. This actually makes you an expert on |
| track your spend and some tips on where to | | | | helping plumbers with their financial |
| spend your valuable budget. Generally people | | | | matters. |
| look for a 1:10 ratio on new products and | | | | |
| 1:20 ratio on established products to | | | | It would make sense to target plumbers, by |
| maintain momentum. | | | | ensuring your message, preferably by using |
| | | | testimonials from other satisfied plumbers, |
| Before you allocate any marketing budget, you | | | | is visible in the places that plumbers spend |
| must have set some goals on what sales you | | | | their time. |
| are looking to achieve. After all a game of | | | | |
| soccer would be pretty pointless without | | | | You should ask your self the following |
| goalposts! | | | | questions |
| | | | |
| Generally people look for a 1:10 ratio on new | | | | 1. Is there a trade magazine that they |
| products and 1:20 ratio on established | | | | subscribe to? |
| products to maintain momentum. This means | | | | |
| that for every Euro spent, you should get at | | | | 2. Are their key suppliers that run trade |
| least 10 euros in sales. | | | | shows, that you could piggy back on? |
| | | | |
| Going back to last year's budget, did you | | | | 3. Are their websites that plumbers buy |
| track it? Did you measure the effectiveness | | | | materials from that you could advertise on? |
| of all of your spend on Marketing? Large | | | | |
| companies do micro analysis on all campaigns, | | | | 4. Are their specific stores that Plumbers go |
| with lots of testing. At minimum, you should | | | | to, that you could leave some flyers, telling |
| track and monitor everything you spend. | | | | plumbers what advantages other plumbers have |
| | | | got from using your services? |
| It is good practice to have a sheet, such as | | | | |
| the table below, which you keep on hand and | | | | 5. Is their a plumbers association, that you |
| update as you go along. | | | | could contact, and offer them some special |
| | | | discount or introductory offer through? |
| This makes it easier to budget effectively | | | | |
| and track the results of your marketing | | | | The list is endless, and indeed each industry |
| spend. The headings above, are just examples, | | | | niche that you service, will have their own |
| you should track each individual campaign, so | | | | specific haunts and influencers whose advice |
| that when it comes to next year's budget you | | | | they seek. |
| will know what works, and what do ditch. | | | | |
| | | | Every industry is different, yet the |
| Who should I market to? | | | | principles of marketing are the same. We have |
| | | | created a range of marketing programs, to |
| Most people think that if they spread their | | | | enable business target their most profitable |
| message around, then someone is bound to | | | | niches, with messages that will turn them |
| respond. This is simply not true. You need to | | | | into eager buyers. Why not avail of our Sales |
| carefully select who your likely "suspects" | | | | & Marketing Assessment to see if we have a |
| are. | | | | program for you and your top 3 niches. The |
| | | | assessment takes 45 minutes, and is free with |
| Most business plans, suggest that you do huge | | | | no obligation on your part. |
| amounts of market research, however if you | | | | |