Why do small businesses need Prudent Marketing in 2013?
There are currently three million business owners in the UK and most of them are confused and and frustrated with Marketing in general and Internet Marketing in particular.
Let’s face it – marketing can be a waste of money! In fact, I would go so as far as to say that more money is wasted on marketing, than in any other part of most small businesses.
You only need to have a look at most websites. A typical website for a small business might cost £1,000 to £4,000 and if yet most produce little, or no new leads, or sales!
One of the myths about Internet Marketing is “having a better looking website, will create more leads” and it simply is not true. There are two key factors to Internet Marketing success and they are:
The average conversion rate on the internet is 1% and that means that 99% of the people that come to the websites of small business owners, leave without making a sale.
So, why do you need to be more prudent with your marketing? Whilst the answer may be obvious, it really comes down to three things:
- Reducing the money and time that is wasted on marketing
- Improving the performance of each and every element of your current marketing
- Building new marketing and income streams on to your business
Where do you start?
The first things to understand are your marketing numbers. These include numbers like the number of people that visit your website, or the number of networking events you need to attend to get a lead.
Once you know where you are, step two is to start thinking about improving your numbers. How can you win more business from referral? How can you create an on-going stream of leads from LinkedIn? How can you improve your lead conversion rate?
Step three is to start to build new streams of income in a tested, measured and consistent manor.
What are my top tips for Prudent Marketing?
- Measure your sales and marketing
- Never be satisfied with the results you are getting
- Learn and embrace the new technology
- Use marketing without money strategies before you throw a load of money at marketing
- Take marketing seriously. Marketing is the key to your success. Consider yourself as a marketing company and as such, you need to be better at sales and marketing than your competitors.
If you want to know more about Prudent Marketing go to www.stevemillsmarketing.com and down load my free e-book called ‘The 10 Biggest Lead Generation Mistakes Most Small Businesses Make’.