Imagine establishing your ideal brand. Your potential and actual clients believe your value proposition, you stand out from the competition, and your marketing collateral is well-crafted and delivered through the right channels.
Now you must ask: Are you investing enough money in your brand? While a lot of things are free, at some point growth will be limited unless you invest time, money, or both.
Investing scarce dollars into uncertain returns scan be scary. However, it’s also necessary. Here are three ways to ensure that you’re truly putting your money where your brand is.
Use your tools correctly
Networking can be one of the most powerful weapons in a small business owner’s arsenal. But if your target market is firms grossing $100 million per year, the free local networking event is probably a waste.
Reaching your target market may require spendings thousands of dollars traveling to a conference, staying at a hotel, and sponsoring the conference.
The same is true with radio advertising. It may be the right tactic to reach your target market, but perhaps you should spend the extra money to be in the rush-hour slots instead of the 3 a.m. slot.
And, finally, posting on Facebook and LinkedIn is free. Maximizing these tools is not. One is a low-level tactic; the other requires strategic investments.
Your time is money
Bad networking can cost a CEO well over $100,000 annually in lost time and opportunity. The same is true with other marketing concerns — for example, should a busy CEO craft his or her marketing collateral, or should someone else handle that responsibility?
Remember: your time is money. And just as most of us hire mechanics for our cars and plumbers for home leaks, it may be worth the investment to hire outside experts or new staff so that you can focus on your best value to your organization. Whatever you decide to do, remember that your time is valuable.
Establish goals and compare results
Some investments won’t work out. However, you can’t know if an investment has been worth it unless you establish goals and look at results.
For example, did investing $5,000 in rush-hour ads bring in the revenue you wanted? If not, is this because the ad was done poorly…or is rush-hour advertising simply not worth the money?
If $5,000 did work, what went well? Is more money worth investing?
Human beings are susceptible to hoping, wishing, and wondering. It’s why gamblers go for one more roll of the dice. Firm goals and results assessment must be where an investment is either cut off, modified, or allowed to continue.
Let us help you spend right
Proven Media Solutions specializes in helping clients tell their story to target markets. Contact us today to see how you can put your money where your brand is and see better results faster.