Rethinking Your Marketing Budget
An excellent tactic that financial advisors use when talking about investing is showing customers how if they invest X amount it will grow into Y amount down the road, resulting in a profitable investment.
If you invest money, have read investment books, or work with a financial advisor, you understand that the proper investment of money leads to more financial gain, more buying power, and more financial security.
When customers talk about their marketing plans and budgets, it’s a different story. I’ve noticed that clients tend to focus on their immediate challenges and don’t look at long-term opportunities. Some customers are very resistant to marketing because #1 they don’t understand some of the new marketing tactics and #2 they are hesitant to spend money on marketing services, tactics, and long-term strategies.
What if we changed our thinking about marketing budgets and positioned them as marketing investment portfolios? When allocating money to advertisements, social media, SEO, content marketing, and promotional materials, think about them as part of a marketing portfolio. How much should you be investing on each to earn more leads, more customers, and more sales?
Too many of us focus on the problems we have NOW instead of thinking about the future benefits that come from long-term planning and proper asset allocation. Focusing on long-term benefits instead of why you don’t have more money to spend can be a powerful motivator in helping you retain loyal customers and gain new ones. When working with your marketing plan, how powerful would it be to see how much benefit you can anticipate from your marketing investments?
Some of you may not have $10,000 a month or more to spend on marketing. Analyzing your marketing strategy and marketing investment portfolio as you do your standard investment portfolio will help you see the possibilities of long-term growth; as a result, it will help you plan and strategize for the kind of growth you want to achieve.
Lori Johnson (@ElleJisAwesome) is Sales and Marketing Manager for Branding Personality. Her dad taught her how to read the stock listings of the Wall Street Journal when she was 11 years old.