Low Hits and Little Traffic: Are you spending enough on marketing?
You’re all set with your morning coffee in your favorite cup and you’re ready to start the work day. You decide that your first task of the day will be to check your website analytics and you suddenly discover a flatline. Uh oh, now what? You have to ask yourself the question… am I spending enough on marketing? Well… maybe not.
With that daunting question tap dancing in your head, here are some things to consider when addressing this question.
• What’s the overhead on something like that? Trying to figure out the cost to invest on marketing isn’t as complicated as it may seem. The easiest way to do this is to add up the dollars spent advertising during a specific period and then, using the magic of basic division, plugging in the numbers of customers acquired during that period. This is important because it shows you a) if your marketing and advertising is effective, and b) how much money should be put aside, or not, for the next period for these purposes.
• Let them eat cake! Advertising and marketing compliment each other, but knowing the difference is crucial. Lets make the analogy that advertising and marketing are like a cake. Advertising is the shiny layer that brings people in, and marketing is the sweet foundation that keeps them coming back for more. Knowing how much to spend on each is important because without a clear message delivered in the right way, to the right people, you end up with a shaky marketing campaign that loses dollars in advertising. This leaves your business with a pile of advertising icing, without the yummy marketing cake.
With these two simple, but important, aspects of marketing to consider, you can start to look at what you are doing right, and what things you may have to reevaluate. Marketing is always changing, and the way a business assesses the cost effectiveness of it should as well.