If you have a project you are working on, or even simply a question to help you in your brainstorming, please reach out to us today.
When is the Best Time to Spend Marketing Dollars?
Q: When is the best time to spend your marketing budget?
A: When you’re making money!
Some companies find a lead generation source that works well, moving most of their budget there, and then becoming totally reliant upon it.
This is a HUGE mistake.
We’ve all heard the phrase “don’t put your eggs in one basket” — that is especially true here!
Nothing is forever. Eventually, there will be a shift, change, or disruption in your preferred lead source and then what other streams will you have bringing in business?
When a lead source starts generating consistent leads, it’s the prime time to take some of that revenue and invest it in experimenting and piloting other sales prospecting methods.
When you have good revenue coming in, use it to find more of the same. Don’t count on that one source to be your rainmaker for eternity. That’s how many companies find themselves in hot water with sales drying up and not knowing why.
In the same vein, another big mistake we encounter frequently is companies that see a lead source start performing well and then shift literally ALL of their marketing budget there – including the budget to maintain their basic brand social media and online presences.
Your website, social media presences, and Google Maps listings are your online bricks and mortar. The function of maintaining them is a given and supports the overall brand, authority, and credibility.
Not giving them the attention they deserve shows prospects that you don’t care, you are less accessible, and you lack authority – especially when compared against competitors who have these presences strong and functioning.
Social media and online presences (like a website) are primarily for building recognition, brand authority, and providing a place where you can interact with interested prospects and clients — but not necessarily lead generation. Treating them the same and thinking these presences are worthless or expendable because they don’t actively drive leads is a mistake.
What many companies also don’t consider is that your social media marketing, your website, and your other similar activities may be contributing more to lead generation than you realize.
You might have heard of the five-touch rule – that prospects require at least five “touches” (interactions with your business) before becoming a customer. Those interactions can include cold calls or emails from your sales staff, seeing an advertisement, passing by your product in a store, or – yes – seeing your content on social media or your website.
Last year, the number of recommended touchpoints actually went up to eight interactions before a prospect becomes ready to buy.
So even if you’ve found a lead generation strategy that seems to have the magic touch, it might not be doing all the work for you. In fact, part of the reason it may be so successful is your other activities you have in place – like your website or social media!
Hence, it is a great idea to regularly take a fresh look at new ways to generate leads. But don’t make the mistake of putting all your eggs in one sales prospecting basket.
The Purpose Company can help build a marketing strategy that includes both lead generation and brand authority.
Contact us today to get started. Call 647-880-9709 or visit www.thepurposecompany.ca.