Resource Allocation

By: Michele Borowsky

So here you are…a business owner. Bravo!

You’ve got a catchy name, you’re equipped with all the right tools, your website is up, and now you’re ready to do business. So you start to network online, join the right groups, check out search engine adwords, subscribe to applicable newsletters for insight, and buy some of the better known marketing gurus books.

Hmmmm, not much is happening.

Okay, so now you begin to check out local networking groups in your community. You may join the Chamber of Commerce, the Elks, the Friars, various business networking groups….. and a little more is happening.

Then you look into trade shows in your area. You need collateral materials to hand out so you create an attractive flyer, perhaps start to mail out some postcards, let all your networking associates know about your trade show booth. Then you work the show…… and a little more begins to happen.

Now you start in earnest a referral program for your existing clientele. You know, if you send me a new client I will give you ____% off your next order.

Hmmm….didn’t get much from that.

So you then conclude that you have to start the process all over again. Work harder. Put in more time. Network more and better.

Okay, all good. But what’s missing? The fact is that regardless of your category of business, you will actually, on average, do business with less than 10% of all those who are aware of your company. That’s it????? Yup.

So what can a business owner do? There’s only so much time in the day. I’m doing all I can.

Yes, you are. But how about using your time to do what it is that you actually do, rather than trying to find people to do it with.

It’s now time to let media start working for you.

The next step for you is to start budgeting all of your resources. Up until now you’ve been using time, the one resource which cannot be created or renewed. Once it’s been used, it’s gone forever.

How about starting to use another resource…..money!

Do you have an advertising budget? Have you ever even thought about it? Invariably an advertising budget is the one thing which new business owners don’t allocate for, don’t consider, and just can’t bring themselves to spend. And I ask, Why Not??!!??!!

One of the reasons is that you’ve been indoctrinated to believe that successful marketing is a function of mindset, positive, pro-active, enthusiastic, etc. All true. And all marketing. Your results to date have been less than explosive. Coming in dribbles rather than a downpour, and, as previously mentioned, your conclusion is to work harder.

What happened to paid for advertising?

How about working wiser for a change? Start to allocate a percent of each sale that you make to your advertising budget. Just like you have a household budget, you need to have a business budget.

And what will an advertising budget do for you? It will enable you to reach thousands of people with your business message, instead of just dozens. Can you imagine??? Thousands of people being aware of your company, thousands of people considering your products or services, thousands of people that you can market your message to. Wow. What a concept.

Marketing
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