How Much Time And Money Should You Spend On Marketing?
The best methods of marketing your business in the beginning will tend to require a lower cash outlay in exchange for a bigger investment of time and energy. Until your business is a little more mature, you should be willing to spend at least 40% of your time and money on marketing.
When your business is more successful and busy,you should at least maintain 20 to 30% of your time to maintain you sales. Too many times I have seen businesses get successful and the owner slacks off too much on marketing, thinking he has enough business, only to find his business in trouble in just a few weeks.
The best time to market is when you have enough business! If you wait until sales slow down, you may have to suffer through a longer slow period while you try to build sales again.
As your business grows and your more busy with customers, you will probably spend more money and less time in your marketing efforts.
Marketing methods differ as to how fast they produce business. As a rule, going out to find business has faster results than getting business come to you. Writing personal letters, calling on the phone or calling on potential customers by going door-to-door or business-to-business will probably be quicker than direct mail or advertising. They will even better than doing networking!
Next Monday, I will talk about 5 ways you can get business fast.
Have a profitable Friday and a good weekend!