By Kevin Nunley
How much should your business spend on marketing? Where should you spend it and who should you target?
1. Dedicate 10 percent of your ad budget on everyone. These should be untargeted ads. You wan to reach as broad a market as you can. You never truly know for sure where customers are going to com from, so cast a wide net. For example, an ad in a daily newspaper, on TV, or a very general keyword on Google Adwords. A press release is also a great way to reach a large audience.
2. Spend 30 percent of your ad budget on interested prospects. These are people who have shown an interest in your business, product, service, or idea — yet sill haven’t bought. You might keep track of everyone who has called or emailed asking questions, then send them a series of emails asking if you can answer more questions and pointing out your best deal. You can also consider people who often buy products and services like yours, yet don’t yet know about your business. Opt-in email lists, ezine ads, and targeted online ads are good examples. SEO work on your site also does the job of reaching interested prospects who don’t yet know about you.
3. Spend 60 percent of your ad budget on your current and previous customers. Nobody believes in you more than your customers. They are already sold on you. Your customers should be the first to buy from you again and again. So don’t miss an opportunity to answer their questions, create new products for them, and keep them up to date on what your business is doing. Right at the top of the list is having your own email list, newsletter, or updates that can keep current and past customers informed and excited.
Most businesses get 10-30-60 backward. They will spend most of their budget going after new customers. If you’re a new business that is exactly what you SHOULD be doing. But for an established business, 10-30-60 is the smart way to go.
One easy way to save money: Always ask if an advertising outlet has a cheaper rate or a special deal. Many do, especially in these trying times when every customer is appreciated. Those lowest rates won’t be revealed to the general public, but only to those who ask.
Get more of Kevin Nunley’s free marketing tips at http://DrNunley.com. And see his super cheap marketing services, like $5 ads and $40 sizzling sales letters, custom written for you at http://www.CheapWriting.com.