I believe there are currently a lot of misconceptions out there about how to spend money with your marketing budget.
I’m going to share some of my thoughts here but if you live in Columbus Ohio (or really anywhere in the state the drive will be worth it) I am putting on a 5 hour workshop Friday November 2nd from 9a-2pm.
You can purchase a ticket HERE and get all the updates HERE. The day includes breakfast, lunch, two keynotes, a group panel, two workshop group breakout sessions, and giveaways. Don’t miss out if you are fortunate enough to call Ohio your home!
Here are some of the problems along with my answers I am currently seeing:
Problem: How should I grow my Facebook and Instagram audience; the metrics have changed and not everyone can see my posts? Answer: Spend at least 60% of your paid budget on FB and Instagram ads. But first create amazing content that people care about seeing and is valuable to them and then use your ad budget to share that amazing content.
Problem: I don’t think traditional advertising works but I’m not willing to spend 100% of my budget in digital. Answer: Have you considered grassroots marketing, paying influencers/ambassadors, sponsorships, or experiential/event based marketing opportunities? These are all non digital opportunities that also aren’t of the traditional grain.
Problem: I don’t have enough time to do great email or social media marketing. Answer: Find the time or pay someone that will do great. Stop making excuses or at least stop trying to figure out why you aren’t getting the results you want.
Problem: I’m not seeing the results I want on my digital ads. Answer: Become a laser focused, minimally spending, data driven freak about your money on there. Test everything and don’t let anybody tell you otherwise. If something isn’t working try ten other things that will.
Problem: I’m not sure how to allocate the difference between my marketing and advertising spends? Answer: Don’t. Put them all into one basket and only open that basket for amazing opportunities. Marketing and advertising are different things but paid advertising like radio and grassroots marketing like pens for your client can come out of the same budget.
Problem: Everyone is lowering their prices and I can’t compete. Answer: Swim out of the red ocean (where there’s blood) and start swimming in a blue ocean without competition. Do something different other than trying to play the same game. Visionaries never follow what everybody else does.
Problem: I don’t know how much money I should be spending on marketing advertising. Answer: It depends on your industry but 4-8% is a decent estimate. Email Mike@MarketingFunWithMike.com and I can give you a more specific number based on your industry and desired revenue for 2019.
Would you like to see a part two with more problems and answers?
Let me know in the comments if this is helpful or any additional questions.
Don’t forget to join me on November 2nd HERE. Everyone in attendance will get my latest book and if you can’t come make sure you don’t forget that any good marketing strategy starts with People and Purpose instead of Price and Profit.
Thanks for reading and being a part of the MFWM Community. I am glad you are here!
Spread Good Vibes, Demand the Best from Yourself, Carpe Diem