All, Business Education, financial advice

These Marketing Channels area Waste of Money

When you’re in business, every dollar counts, and, counts big. Revenue is useful for many purposes, particularly those which propel your company forward. You choose where you spend your money wisely, and, always look to get a solid return on investment. This is why you are careful about your hires and day-to-day operations because these are the very backbone of your organization.

Of course, one of the ways to grow a company is to make more potential customers aware of what you offer. That can be tricky, especially when you have a strict limitation on the amount you can spend. Therefore, you do what you can to ensure that those dollars are working to get you more work and not just go out the door without coming back in the form of new business.

Don’t Waste Money on These Marketing Channels

Because we live in an age of on-demand information, there are more channels available than ever before to market through. It starts with you and your team, and, your website and social media presence are all essential. Though the latter two are very much used and highly popular, you have to remember that these are just tools.

Even during lean times, companies spend a lot of money on marketing, hoping that the spending will result in future sales. Unfortunately, marketing is one of those areas where it’s really easy to waste money. —Inc.com

A cottage industry emerged with the solidification of social media and is now a multi-million dollar industry. Traditional marketing remains an option, as does other forms of spreading the word. While you ought to be as ubiquitous as possible, there are marketing channels that are just a waste of money. Here are some things you ought to avoid because of their poor return on investment:

Internet marketing courses. These courses are supposed to instruct you on how to market your business online. The cost isn’t really the issue, but the amount of time you’ll spend learning how to do it and then trying to implement it is an exercise in frustration and futility.
Vendor-focused trade shows. Renting a booth or table at vendor-focused trade shows is often a very expensive proposition. This might be worth it if potential customers were also in attendance. However, because these are typically closed to the public, you’ll only be exposing your business to others in business, even in the same industry, meaning your competition.
Suggested content. When you’re reading an article, you’ll see titles related to what appears in front of you. Those aren’t there by way of magic, but through ad dollars paid by companies to get you to click through and be redirected to another page.
Search engine marketing. This one is something that very few people are able to get results through because of the sheer amount of money it costs to make it worthwhile. Even if you have a large marketing budget, you don’t control where your ads appear, how often they appear, and your ads will be in a crowded space filled with competitors fighting for the same attention.
Market research. This can be outdated and/or skewed to bolster a certain, predetermined conclusion. What’s more, you have no real way of validating all the information these contain.

Another thing you probably should avoid is mailing lists. These name and address compilations can easily be outdated, and, it takes a lot of time and effort to put a mass mailing together. What’s more, the response rate is very small, only between 1 percent and 2 percent. Some firms claim as much as 4 percent, but that’s still quite low.

The smart way to get your brand noticed is to build personal relationships.

One of my favorite equations to illustrate my point is how to build Trust. People buy from you if the like you and trust you. The only way to Trust, is by building a Relationship, and the only way to build a Relationship is through Communication. Not by e-mail or text or even phone calls, but by interacting personally with your prospects. Through this personal interaction and Communication, you build a Relationship, and in building the Relationship, you earn the prospective customer’s Trust. Once you have their Trust … assuming you’re likeable … you will have the sale!

So, a low cost way to market and grow your business is to build Trusted Relationships, and watch your business grow. It takes time, but how badly do you want to succeed with your business? You can do more to sell your products and services because you know all the information. Invest time into networking, mentoring, and volunteering because these are all worthwhile.

[shareaholic app=”follow_buttons” id=”26833294″]

Like this article?

Dunkin’ Donuts just Streamlined Its Menu — Is it Time for You to Do the Same?

January 22, 2018 No Comments

Dunkin’ Donuts just reduced its menu offering by 10 percent. While that doesn’t seem like a big decrease, it actually is. The company is removing afternoon sandwiches and some other items, starting New England, then onto the rest of the country. The reasons are obvious — some food choices just don’t sell nearly as well. But, it also represents a sound business practice. That is, the strategy of streamlining. Why Streamlining should be a Top Priority Business owners are go-getters. They look for the right people and avoid toxic personalities. But, they also can easily fall into a routine. After all, once a measure of success is achieved and maintained, it’s actually difficult not to fall into a routine. However, this usually presents a problem. It stops you from innovating or looking at things through a different prism. In short, it’s a comfortable but dangerous place. Streamlining your business removes wasteful or redundant steps to improve efficiency. Streamlining may involve modernization of your equipment, outsourcing organizational activities, and minimizing low-performing products and services to focus on what your company does best. In business, time is money, so a small business achieves several financial and operational advantages from streamlined operations. You reduce costs, attract more customers through nimble response times, drive higher revenue and compete effectively. —Biz Fluent.com It’s dangerous because you can no longer effectively see your blind spot. And, seasoned business professionals know once you stop seeking out an edge, you’re in for trouble. Take the defunct Blockbuster chain. One time a huge success, it fell prey to its own slow and stubborn adaptation of streaming. The list it joined is very long. This is where streamlining comes into play. It forces you to rethink a lot of things; and, that’s good. How to Streamline Your Business But, what can you streamline if you feel your company is already efficient? The answer is likely longer than the following suggestions. Think of these as a good jumping off point. From there, you can take more steps. Here are some helpful tips for how to streamline your business: Go paperless. While there are certainly industries where paper is a logistical and legal necessity, there are far more which simply don’t need paper. Go paperless wherever you can. This way, you’ll cut down on sorting and sifting when you need to find a specific document. Outsource. This is a great way to increase overall productivity. It’s also some entrepreneurs worst nightmare because it gives a level of control to others. But, the benefits far outweigh any negatives. So, give outsourcing a go and reap the rewards of higher productivity in shorter amounts of time. Automate repetitive tasks. Every business has those monotonous, repetitive takes. Identify these and then seek to automate them. Doing so will free up a little more time and also take the boring feeling out of doing them. Reduce your travel time. Let’s face it, when you need face-to-face meetings, you don’t have to travel across the state, county, or country. You can use video and voice conferencing. This not only cuts down on travel time (which is generally unproductive), it also reduces travel expenses. What’s more, it’s very convenient. How do you streamline your business? What steps do you take to make it more efficient? Please share your thoughts and experiences by leaving a comment! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Get Business Referrals in Secretive Industries

May 16, 2017 No Comments

Referrals are one the most important parts of a successful business. When these come in and you deliver, more are likely on the way. In addition, these are a surefire sign that those you serve are more than satisfied and want to show support and appreciation. Unfortunately, there are industries which operate under a significant amount of discretion (read: secrecy). Examples are sports agents, investment bankers, ghostwriters, healthcare providers, and even business development professionals. Because of this, it’s a lot more difficult to get referrals. You can’t necessarily ask your clients to spread the word since they don’t want others to know what you’ve done for them. To the outside world each client is successful on his or her own and not because you provided advice, action plans, and of course work product. Although you feel a sense of accomplishment and pride, you can’t just use these experiences freely. How to Get Business Referrals in Secretive Industries Referrals are a cornerstone of doing business, and it’s what entire entities are based upon — examples include Angie’s List, Yelp, Healthgrades, and Home Advisor. These services provide consumers with real customer reviews and that relatable trust is what gets people to pickup the phone. In some industries, like those listed above, the provider might not be able to tap into the same resources. Your best source of new business is referrals from happy customers or clients. You cannot receive a better lead than one that has been sent your way with a strong referral. You cannot have a more motivated prospect arrive in your store or restaurant than someone sent there by a raving fan. —Forbes If you want to get referral business, but are in a business that’s subject to secrecy, you can still do so you just need to be a little more creative. This is especially true if it’s not just based on discretion but also guaranteed with non-disclosure agreements. Here are some ways to get business referrals in secretive industries: Use a “degrees of separation” approach. One way to get referrals when you’re subject to secrecy is through former industry insiders. Connect with individuals who use to be in the business and speak with each about being a brand advocate. The friend-of-a-friend approach is also worth giving a try to get more referrals. Ask a willing client to speak on your behalf. You might have a current or former client or two that are willing to speak with others about doing business with you and their experiences. Take advantage of this and show your appreciation with a gift, discount, or another way of saying, “Thank you.” Give potential customers more control. One thing that scares new prospects is the fear of making a big and/or long-term commitment. To overcome this objection give potential customers flexible and short terms. Openly demonstrate your plans. Possible customers might also be unsure of what you’ll be able to deliver — because of this, the secretiveness balloons into a larger problem. To combat issue openly demonstrate your plans and let him or her evaluate and ask questions. Another thing you can do is to give away a little to entice potential clients to doing business with you. By doing so you’re demonstrating your confidence in your abilities and willingness to do what it takes to earn his or her business. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Should I Automate Part of My Business?

December 30, 2021 No Comments

The use of automation in small business is becoming more and more popular. We all know that machines can do things faster and better than humans, but what about when it comes to replacing them altogether? In this blog post, we will discuss the pros and cons of using automation in your small business. The Automation Conundrum Automation can help businesses run more efficiently by replacing manual labor with machines. This can lead to increased productivity and lower costs. However, there are also some disadvantages to using automation in a small business. For example, automated systems can be unreliable and may need maintenance or repairs that can be costly and time-consuming. There is a growing need for business leaders to seek innovative ways to increase the output of their workers in order to retain their competitive positioning. Deciding to automate your workplace, partially or fully, is an important decision that needs to be made after carefully considering the pros and cons. —Businessing Magazine Additionally, if not used correctly, automation can actually decrease productivity by replacing skilled workers with machines that do not have the same level of expertise. In conclusion, it is important to weigh the pros and cons of using automation in your specific business before making a decision about whether or not to incorporate automation or even replace human employees. Business Automation Advantages and Disadvantages Of course, there are always upsides and downsides to making such changes in any size company. So, let’s take a look at the biggest advantages of using automation in a small business: Increased efficiency and productivity: Automation can help small businesses to run more efficiently and produce more output with fewer inputs. This can lead to increased profits and competitiveness. Reduced costs: Automated systems often require less maintenance than human workers, leading to reduced costs over time. Reduced risk of error: Automated systems are far less likely to make mistakes than human workers, leading to improved accuracy and reliability. Although these reasons definitely make it seem like a smart move and bode well for streamlining with technology. There are distinct disadvantages of using automation in a small business, like the following: Lack of flexibility: Automated systems are not able to easily adapt to changing circumstances the way that humans can. You might be faced with expensive and tedious reprogramming. Extra expenses: Can be expensive to set up and maintain automated systems. Machines break down and this alone could lead to substantial out-of-pocket costs. Overall efficiency: Automated systems may be less efficient than human workers in certain tasks. What other pros and cons would you include in regard to introducing automation in a small business? Please share your thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

These Marketing Channels area Waste of Money

Don’t Waste Money on These Marketing Channels

The smart way to get your brand noticed is to build personal relationships.

Like this article?

Related Posts

Dunkin’ Donuts just Streamlined Its Menu — Is it Time for You to Do the Same?

How to Get Business Referrals in Secretive Industries

Should I Automate Part of My Business?

Imagine Selling Your Business…

How Would Your Life Change?

Thank you for your interest in learning what your business is worth. We will be in touch shortly.