How much do you invest in marketing to grow your business and increase your profits? For many women in business I can guarantee that it just isn’t enough.
But Melanie, I don’t want to spend money on marketing…
My profit loving heart breaks just a little when I hear “I don’t want to spend anything on marketing”. Saying you don’t want to spend on marketing is like organising a huge party and not inviting any guests because you don’t want people to eat your food and drink your booze (actually… the booze bit I kind of understand).
You have the space for your get-together (website, store, office etc…), you have spent money on decorating (branding) and you have a buffet of delectable goodies on offer (your products and services) but you don’t invite anyone to come over.
Guess what happens when you don’t invite anyone to the party?
You will be sitting around with a face like a smacked butt whining about the fact that no one likes you, you will stuff down pigs in blankets (sausage wrapped in bacon…. be still, my beating heart…), mini quiches and other heart stopping goodies alone. Completely ALONE.
Of course no one came to your party. Even though your horderves were bangin’ and the wine was flowing no one knew you were having a party. Sad.
You will blame lack of attendance (sales) on people just not liking you. You will question if people really like pigs in blankets (they do) and when the pain and humiliation wear of your party flop wears off you will consider having another party with even more snacks, better snacks than before (creating more products)! Because more snacks means people will come next time right?
The truth is that no one needs more snacks (or products from you), they would have been satisfied with your offering if they knew it existed. They didn’t know, you didn’t invite them.
Why can’t I just use free marketing to invite people to my party?
Free marketing is super dooper right? Except.. it doesn’t actually exist. If you use Social Media you still need to actively invest time to build your following, create content, post content and engage with your audience. Your time is not free. Your time has value.
Many women fall into the habit of spending hours a day trying to elicit a sale or two from free marketing activities. It is a frustrating and exhausting way to market your business when you could have saved a lot of time by spending some moula instead.
p.s Free marketing ‘may’ attract people to your party (business) that will eat all of your goodies (products or services), bitch about the party not being at a better venue, expect you to cook up something not on the menu and steal your cat. Oh.. and they probably won’t bring a gift (pay you). If they do it will be super lame and no where near the value it should be (because they love a discount). It might take them a few months to drop your lame gift around (late payers) and they might just crap on your rug (make you feel like doo-doo) on the way out.
What happens when you spend money to invite the right people to your party?
Lovely, sociable people with manners and good vibes will attend. They will respect your party (business). They will love your goodies (products and services). They will thank you for hosting such a lovely event, and will tell their lovely friends about your lovely event (referrals). Oh and they will bring awesome gifts! Gifts wrapped in expensive paper with bows and glitter (payment). When they hand you your gift in exchange for attending your wonderful party they will thank you and ask to come back again.
That, my Profit Lovers, is how good marketing works and why you need to spend some coin.