I am going to share
1. The unwise approach to making more money and profit and
2. The Wise Approach to making more money and profit.
A. The unwise approach to making more money and profit:
1. Not investing the right amount of time & money.
“There is no free or cheap lunch.”
To make another $100,000 in your business, you will more than likely have to invest a combination of at least $20k (in terms of both money and focused time) into your marketing efforts. If you are investing too little focused time or focused marketing investment money, then the risk of failure goes up. Are there exceptions to this rule? Of course. However, these exceptions are very rare.
2. Not paying attention to your ROI and Profit
ROI is Return on Investment which means how much you get back in terms of money and (less measurable) satisfaction. Both are important to measure. The question for you is “Are each of your marketing strategies currently giving you sufficient return on investment individually and together?”
3. Not eliminating the efforts that are not producing results.
If you are measuring the results, then you need to put a stop loss on any investments and strategies that are not paying off over time. This can be complicated I understand – the complexity is determining how long you need to give a strategy enough time to work.
Actions to take:
1. Be more than prepared to invest in at least $20,000 of time or money into the next year for your marketing. At some point, it will make sense to use less of your time and spend more money. I say this because to make your business scalable, you will have to hire other people to help with or do the work of marketing strategy and implementation.
2. Measure your results if you are not doing so already. Look for more things that you are neglecting to measure e.g. opt in rates, google analytics, conversion into clients, etc.
3. Create stop losses on the strategies that are not working well for you.
If you would like to chat about any of this, contact me: Sunil@CahayaMind.com.
Marketing Business Coach – Santa Cruz, San Jose, Capitola, CA