by David Branby |
People often ask me how much they should allocate for marketing. For many years, the rule of thumb was 2-3 percent of revenues for large companies (think Procter & Gamble), and 5-10 percent of revenues for small businesses, especially start-ups. Today, there are many exceptions to this rule. Thanks to the Internet, search and data-driven advertising such as Facebooks ads, plus the steady or somewhat reduced prices for traditional media these days, you can be a bit more discerning about your marketing investments and still do pretty well.
I always like to have people consider the value of their time when making some of their spending decisions. For example, if you or your designated marketing person has to come up to speed on Google Analytics, Search, Adwords or SEO, you are looking at dozens of hours learning about these great new tools. In my mind, all that futzing with analysis and keywords and conversion rates is a re-allocation of the most valuable commodity you have: your precious time. Nevertheless, if you are going to send a positive message to the marketplace and do a lot of your marketing yourself, start with a simple — yet strategic — plan.
First, figure out who the “heavy users” of your product are, or who they are likely to be. For example, if I were going to sell cigarettes (not that I would, but bear with me), I would go after people like Keith Richards of The Rolling Stones. If I was selling beer, I would go after people like John Belushi’s character in the movie Animal House. The point is, 20 percent of your buyers (your “heavy users”) buy 80 percent of your goods or services, so focus on that 20 percent.
Next, figure out what your message is, and stay with it. A little “power copy” helps. In the words of ad great Jim Jordan, “the heart and the power of advertising is…a few words so skillfully targeted, so clear in their positioning, so vivid in their articulation and so memorable in their identification with a given brand…that they become people’s principal reason for buying the brand.” Think “When it rains, it pours.” (written in 1914) for Morton’s salt; “A diamond is forever.” (written in 1947) for DeBeers; and “You can do it. We can help.” (written a few years ago) for The Home Depot.
The last point is to keep it simple, and fine-tune as you go. Work closely with your media representative to tweak your message, and keep it benefit-oriented. As shallow as it sounds, we all have our own self-interest at heart most of the time, so appeal to that. Talk to real customers, and ask them why they buy from you. Whether you use a testimonial or simply write your appeals using the language your customers use, they will ring true to like-minded people, and your time and investment in marketing your business will be profitably spent.
For more info, contact David Branby, a writer and speaker on advertising, brand, and web marketing, at (775) 323-2444.
