POWER-SHIFTING TO REVERSE
It’s easy to calculate the investment cost for marketing… since it’s always at the bottom of the invoice. But how much is it costing you for failing to market your businesses to its maximum potential? Consider this “reverse-analysis” case study.
ASSUMPTION
Let’s assume a business sells its average product/service for $5,000, and that a new website to market your business costs $10,000.
QUESTION
What is the “least” number of new clients that would call, email or visit your doorstep… if your were to invest into a new website that was fresh, visually stunning, inviting, relevant, easy to navigate, up to date, a truer reflection of your brand… and more effective at shadowing your competitors?
FORMULA & RESULTS
If you were to only add 1 new client per month, at an average rate of $5,000 per each new client, you’d be adding $60,000 of newly found revenue over the next 12 months. If you were to add 2, you’d be adding $120,000 of new revenue. If the investment for your new website is $10,000, and the potential revenue from a new and more effective website ranges from $60,000 to $120,000… then the minimum cost of “not” upgrading your website is between $50,000 to $110,000 to your business over the next 12 months.
SUMMARY
Marketing is essential to the success of your business… and in this technology age… your website plays no small part in your marketing strategies. While counting the investment cost for your new website, brochure or any other marketing effort… be sure count the cost of “not” investing into your marketing and brand. You’ll inevitably find that it’s considerably more expensive to do “nothing” than it is to do “something.”
Computers, paperclips and office furniture are merely an “expense,” but your website and marketing efforts are an “investment” that deliver large financial dividends when executed effectively. How much revenue have you already forfeited in 2008 alone? Be a smart marketer.