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.
FUEL FOR SUCCESS
A BEAUTIFUL DAY AND A CLEAR BLUE SKY
Imagine a beautiful day, a clear blue sky, and nothing but the long road in front of you. You and the family are packed, and headed to a 5 star resort on the beach for a well-deserved vacation. You’ve worked hard to earn this time away. You’ve made preparations at the office, you’ve saved the money, you’ve asked your neighbors to watch your house and water the lawn while you’re gone, you’ve prepaid the bills that are to be due while you’re away, and you’ve made all of the necessary hotel and entertainment arrangements for the entire week of your get-away. It’s white sands and crystal clear water or bust!
Now… what if… half way there and 850 miles from your vacation destination, you decide that you’re simply not going to stop for gas anymore. It’s inconvenient to keep pulling over, it slows you down, gasoline is too expensive, and your hands smell of fumes after handling the fuel pump. By not stopping for gas, you’d remove the expense, inconvenience, and risk of getting your hands dirty, but you’d also remove any possibility of successfully making it to your vacation destination.
AFTER ALL, IT’S BETTER THAN OTHER STUFF THEY’VE SEEN
Sounds like a dimwitted decision… right? But this is exactly what I see business owners and professionals doing more often than you’d imagine. They just stop. They stop prioritizing and focusing on their marketing efforts. They stop updating their website with relevant information and inspiration. They discontinue their email marketing efforts because it’s too time consuming during their busiest season. They refrain from updating their print marketing collateral because it’s expensive, and after all… it’s better than other stuff they’ve seen… right?
JUSTIFICATION WILL SCREAM YOUR NAME
Hand-in-hand with your brand, consistent marketing is the primary source of fuel that allows you to reach your ultimate destination… a successful and profitable business. You must endure inconvenience to make it happen. Yes, there’s a price… but successful marketing is an investment, not an expense. Resist the temptation to justify your marketing neglect. “Justification” will scream your name from the sidelines of the race… “Quit, you’ve run far enough… take it easy!” But justification will not lead you to victory.
DON’T BE A DIMWIT – SOAR WITH THE BEST
Besides… if your competitors thrive, and your business fails… you’ll know a truer and more intimate definition of the words… “expense” and “inconvenience.” Don’t be a dimwit. Relentlessly fuel your business with consistent and effective marketing, and you’ll soar with the best.