Back in 2006 we were all living the dream at the expense of lies in the Real Estate bubble. Hundreds of businesses seemed to thrive, several people in different industries thought they had it all figured out, that they were in fact the secret behind their sudden business success.
People talks about facebook much, and how a young adult made him self billionaire over night. But it is not the case. Facebook got a 500K investment from Peter Thiel before and then went to Accel Partners for more money.
What gave a start up a $98 million valuation? We know it was not the business model (They didn’t have one). But there was something there and people saw it. Mr. Thiel made a lot of money out of his first investment.
This are all stories about assessing risk. None of them is telling us how to measure success in the right way. That is a critical problem that needs fixing. Measuring success in the right way is critical for your organization.
In Digital Marketing we have some awesome tools that allow us to generate incredible change for our organizations. We can identify were our clients are coming from, we know so much about them, their location, their age, what language they speak. But what is a really deal breaker in Digital Marketing is that our audience is willing to tell us what they’re interested on.
Back in John Wanamaker’s days he knew that half is advertising investment was waste. He just did not know which half.
Today, we have the ability to reduce the waste to the bare minimum. We have the ability to track our efforts and measure the success of it all. This gives us a competitive advantage, a key differential for performance we can use to determine which campaigns are driving revenue and which campaigns are blowing smoke.
As a small business owner you know it is highly important to be profitable. Stop your decision making right now and ask yourself these questions.
- Do you have a solid marketing plan with projections by channel, and estimated sales?
- How much are you willing to invest in one media channel or provider before calling it a day?
- How are you going to make sure you deliver the numbers and reach your quota if several of your channels stop delivering qualified prospects?
- Are you planning to expand your media purchasing based on performance or are you purchasing all the media out of the marketing budget?
- Is your marketing budget self-sustainable. This means do you assign a percentage of every sale for marketing and branding?
How solid does you marketing strategy looks now? Are you taking every precaution to make sure you make it? Or are you jumping into an adventure?
I love the idea that fortune favors the bold, but I know as a fact that if you are bold and have a plan your chance of success are much higher. Create a solid marketing strategy to start selling in 2013 like you have no competition whatsoever.
Need help? I am always available for chatting and consultation.