-•- TheHomeBizDigest Newsletter - Issue 225 -•-
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Marketing Tip
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Pay attention to yourself, not everyone else. Every business has a
different way of measuring things, even the most simple of things, 
so don't pay too much attention to what everyone else is doing. I
love stats, figures, and surveys, but I found myself worrying 
about them more than benefiting from them. Every business has its 
own needs, and should have its very own way to measure success. 
For example, a car dealership might be lucky to sell a car to one
of ever 50 people who walk through the doors. That same dealership
might be willing to spend up to $20.00 to get each person through 
their doors, that's $1000.00 they spend for every sale. Now think
about a fast food restaurant. That fast food place probably sells
to 98 of every 100 people that walk through the door, and they're
probably spending as little as $1.00 to get each person through 
their doors. Just looking at the figures, it makes no sense. The
car dealer has a far worse lead to sale ratio, and spends a heck
of a lot more generating leads. The fast food restaurant has an 
amazing lead to sale ratio, and spends near nothing brining the 
people through the doors. If you just look at the figures, or you
don't know the whole story, selling cars makes no sense just going
on the stats. Let's take it a step further. A Toyota dealer might
spend $20.00 to get a person through the doors, while a Jaguar 
dealership could be willing to spend $100.00 for each person that 
walks through the doors. Both are car dealers, but both of them 
have different needs. A Jaguar dealer might need to sell 10 cars 
a month, but the Toyota dealership might need to sell 50. Don't 
be fooled by the fact that both are car dealerships. Sure, they
are the same, but at the same time they're totally different.

 
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Featured Guest Article
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WHAT IS YOUR MARKETING REALLY COSTING YOU?
By  Charlie Cook

Small business owners are justifiably concerned about 
the expense of marketing their business. Many look at
marketing as a line item in their budgets, and minimize
marketing expenses in order to maximize profits. But to
grow your business and be more profitable, you need to
evaluate the costs of marketing from a broader perspective.

Like most small business owners, you know what you earned
last year, and you'd like to earn more. You know your 
target market; if your marketing worked how much more 
profitable could you be? If you could get all the attention 
you deserve, attract all the prospects that your research 
suggests want your products and services and close more 
sales, how much could you make next year?

If you made fifty thousand dollars this year and your 
analysis of your market suggests an earning potential of 
four hundred thousand dollars per year, then your current 
marketing strategy is costing you the difference, or three 
hundred and fifty thousand dollars in lost income each year.

How much is your present marketing approach costing you in
lost revenue? Evaluate your marketing strategy using these
questions;
- How much less would you make if you didn't do any marketing?
- How much more will you make next year, using the same 
marketing strategy you used last year?
- How much could you make if your marketing really worked?

The first step to making more next year is to identify your
earning potential. Clarify the number of buyers in your
target market and estimate how much each one is worth
per year. Of course not everyone who needs your service
wants what you have to offer, but if your marketing is
working, a whole lot more will understand how you can
solve their problems and meet their needs.

Step two is to implement the marketing strategies and
tactics that will help you achieve your potential this year
and in years to come. No bones about it, to grow your
business you will need to invest both time and money in
marketing on a regular basis. To get the most out of your
efforts, make sure to use a marketing plan that helps you
attract the greatest number of prospects and clients and
grow your business, year after year.

Don't let your marketing strategy cost you thousands or
hundreds of thousands of dollars in lost revenue next year.
Instead cut the true cost of your marketing by investing
the time and money to make your marketing work, to
attract more clients, close more sales and grow your
business. 

With a little knowledge, effort and investment in your 
marketing you will be able to pocket the difference
between what you're making now and your earning potential.

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Charlie Cook, is Chief Executive of Inspiration and 
Ideas, In Mind Communications in Old Greenwich, CT and 
can be contacted via www.charliecook.net, or by calling 
203-637-1118. To get the Free Marketing Guide and the 
'More Business' newsletter, full of practical marketing 
tips go to www.charliecook.net


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Beware
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Don't spend your "nest egg" before retirement unless it is absolutely
necessary. You spend years building up a decent amount of money in
savings, and it looks so tempting when you need it for something else,
but unless we are talking about life and death, don't touch it. You
will soon learn how hard it is to build it up again.

 
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