So, last time together we asked the question, "does your marketing suck?" (of late, we've been doing an old-fashioned book report (remember that from your school days?!) on the book Your marketing sucks.
According to the author Mark Stevens of the acclaimed book of the same name, written in first release in 2003; your marketing indeed sucks if you spend more than you take in as a result.
Question: do you know where you spend your marketing $$$ budget today?
Would you include:
- Printed catalogs
- Google Adwords?
- Facebook Ads?
- Handout paper based or digital collateral?
- Marketing automation platforms like Hubspot or InfusionSoft
- Tradeshows that you attend
- The salary of your marketing assistant or graphics designer
- Direct Response Advertising
- Radio and or TV spots
- Magazine ads in trade journals
- Logo creation
- Strategy: where are we going and beyond demographics, what is our target audience
- Direct sales*
* Personally, I wouldn't be inclined to categorize my salespeople in my marketing budget and some people do. I suppose that there are no "absolutes" these days.
Next question, assuming part(s) or all of the above, do you know which of the above actually created the demand (the so called "marketing attribution?") Can you tie it back? Naturally, the "ideal state" is to make investments in the areas that are promising and trending up; and reduce exposure in the areas that yield little or nothing.
In closing, Stevens introduces the concept of Extreme Marketing; the process which you can determine a.) how every marketing $$$ dollar can be spent most effectively, b.) receive a positive return on your investment or ROI.
Certainly not 1:1. Maybe not even 2:1. How about 5:1, 10:1 or even 20:1?
The benefits of course are a.) you make more money, b.) you grow your business, c.) you increase the value of your business.
You will engage in Extreme Marketing , which means every dollar you spend will bring in more $ in return.
Next time, let's focus a bit more on the strategy component to start (EDITORS NOTE: in my work, I've found that most SMB CEOs, Presidents and Business Owners attempt to do this themselves or DIY if at all)