Effective marketing – the kind that gins up legit leads and spins those leads into cold hard cash – requires a hefty investment. We’re talkin’ a considerable amount of time, sweat-effort, and more often than not – a tidy capital infusion.
And if you’re like most small business owners, time, effort + cash money are your three most precious resources… Time is in short supply (perhaps the greatest understatement ever?!) and they ain’t makin’ any more of it. You’ve only got some much energy, and far too many tasks to spread it around among already. And capital? Well, let’s just say the “marketing budget” for most small businesses is Less Than Zero…
Now, it’s fair to say more and more marketing processes are being automated these days. And sweet new time-saving tech tools are emerging all the time. But while these hacks can expedite some of the grunt work, truly effective marketing – the aforementioned lead + cash generation type – can’t be put on autopilot. Effective marketing is genuinely a Hands-On task.
So with all the effort required, it’s no surprise business owners are asking: How Much Marketing is ENOUGH?
This very practical question brings us to…
One of the Most Overlooked Aspects of Marketing
When you first launch your business, and throughout the “early days” (which is generally the first 3-5 years), you’ll take whatever you can get. You’ve gotta keep the lights on and food on the table, right? Sure. Thus practical considerations win the day. So when just about any paying client comes down the pipe, you’re — open for business!
But if you market your business effectively – leveraging your growing experience, expanding your reputation, and filling out your client roster – over time you’re not beholden to every yahoo that comes down the pipe, waving a wad of cash under your nose.
So the short answer to the “how much marketing is enough?” question is: Market your business enough so that you can (a) pick the clients your work with, and (b) choose the projects you work on.
A Good Marketing Rule of Thumb
Now, I realize this “answer” doesn’t give you a specific number. Everybody wants a number, right? Of COUSE! Well, a good rule of thumb is roughly 1/3 of your business related activity should be dedicated to marketing your business.
For many, this ratio drops to about 1/4 of all business related activity as your reputation grows and your client roster expands. But keep in mind, the “picking and choosing” part of the “how much is enough” solution is intended to give you more latitude in your client and project selection.
In other words, if you’re doing “enough marketing” you’ll have the liberty of “firing” clients you only took on because you “needed the business.” Not because they were your ideal client, or you really wanted the project. And if you’re doing “enough marketing” you’ll have the liberty of axing clients that have proven to be too difficult, overly demanding, and just plain inconsiderate (and lord knows, plenty of those types of clients are roaming around out there!).
And this leads us to our next point…
Don’t Fall Into the Marketing Complacency Trap
As your aforementioned reputation and client roster increases, it can be tempting to take your foot off the marketing gas pedal. Don’t. This mistake can take a dump on your business in a couple of ways…
Your pipeline runs dry. When your biz is rollin’, it’s easy to overestimate the volume of incoming new business. The assumption your pipeline will remain full based solely on reputation and client roster, however, can make an a$$ out of you and your bank account. Reputation only reaches so far. And clients, even some of the most loyal, come and go. To make matters worse, when your pipeline runs dry …
You’re forced to take on clients + projects you’d rather avoid. When pain-in-the-ass client #7 springs up again with yet another boring, low-paying project, you’ll desperately wish you had other paying gigs to replace it. But if your pipeline’s choking on its own dust, you’ve gotta take any business you can get. And as I’m sure we can all agree, that’s a YUUUUUGE bummer!
Are You Marketing Your Business Enough?
Has your business fallen off lately? Are you taking on clients + projects you can’t stand just pay your bills? It could be you’re not marketing your business enough. Swing by my Google+ page and we’ll take a gander at your current market approach, and see if we can’t tune up a few things!