Have you been tempted to cut marketing expenses when times are tough?
You are not alone! It’s very normal and one of the first areas where business owners try to “save” and improve cash flow in tough business and economic cycles.
It’s also very understandable, given that traditional marketing methods often does not provide a measurable, fast return on marketing spend any more. It feels like an expense now with only the hope of profit somewhere in the future. It’s also difficult to measure exactly how much profit will flow in the future compared to the marketing spend which flows out today.
So it’s normal to consider, “if I cut the expense and improve my cash flow immediately, will it really have a very negative effect in the long run”?
We’ve got great news. There is a MUCH better way.
But before we get there, below are some traditional marketing methods and why they are not very effective any more when it comes to new client lead generation and conversion.
The internet is flooded with websites and information, hence customers are reading less and have a shorter attention span.
The average website only convert 2.4% of visitors, hence acts more like a brochure for your business today.
2) Social media content posts
Facebook reduced the generic reach to 2%, which means if you post content to your followers with the hope that they will engage with your business, only 2% of them will see the post in the first place and very few will buy because of the post. It’s also very time consuming to create new content all the time.
3) Brand awareness ads on Facebook / Google
They can be a long term strategy if you have a large marketing budget to spend. Otherwise they tend to eat up cash flow without a high conversion rate.
4) Flyers / Brochures
It’s a “shotgun” approach where you don’t have the power to target the specific type of client you want. The cost is low but so is the conversion rates. People hardly read them these days.
5) Radio / magazine ads
They are very expensive, you can’t pin point the exact client you are targeting and they have a low conversion rate as people pass by it quickly.
6) Word of mouth
Social proof is very powerful and we tend to follow the recommendations of other people. This can work well over the long run but is a very slow process and cannot be the main strategy.
7) Generic marketing agencies
They can be quite expensive given that you see the expense but cannot tangibly measure the profit you made from new clients because of their efforts.
They often employ the various methods mentioned earlier which does not convert well any more.
They typically serve all industries so they are unable to specialize and speak the language of your ideal customer, the latter ability leading to higher conversions and lower marketing costs
8) Sales staff to bring in new clients
They can be quite expensive, needs to be managed, becomes troublesome if they don’t perform and are limited by the amount of hours they work per day.
Now for the great news. Below we will share the highly profitable marketing strategy employed by leading businesses globally, which overcomes all these challenges.
- It works well in all industries
- It produces new leads fast, consistently and in a cost effective manner
- It produces the exact type of client you want to attract
- It works on your behalf 24/7
- It’s easy to track marketing investment vs profit from new clients
- It can be setup, paused or stopped at will