The words "marketing" and "quick fix" go together like oil and water. Many business owners throw their whole budget into a magazine ad or mailer, thinking that the possibility of an immediate payoff is the way to go. Some call it ROI. This one off type of marketing is a gamble and it rarely pays off.
Looking to really succeed in business? The key is to shift the focus from short-term.
When it comes to developing a consistently effective marketing program, you need to think medium to long-term. Your strategic marketing plan, brand and website especially need to span 3 to 5 years or more in scope, and your expectations for ROI need to match. Expecting a quick return on a website is like putting money into RRSPs in the spring and expecting to retire in the fall.
Your approach to funding your marketing initiatives should be long-term as well.
Our advice is to amortize your marketing costs over the benefit period (usually 3 to 5 years). The worst-case scenario is that you throw a pile of money at your marketing today, and next year you've blown your budget and can no longer support your marketing plan. Budgeting your marketing as an ongoing monthly cost helps ensure that your efforts remain both manageable and consistent for years to come.
If you don't have the cash on hand to begin investing in your marketing, we recommend financing your marketing initiatives through either your bank or a business-centred organization like the Business Development Bank of Canada (BDC).
The BDC offers two excellent, easy-to-access programs, geared specifically to business owners:
1. Financing for Technology Projects (ICT program)
This tech-focused financing option is available to businesses of all shapes and sizes. It includes financing for CRM systems and marketing consulting services including strategy, online marketing and social media marketing. You can apply online and turnaround time is quick. Learn more here…
2. Business Loans Up to $50,000
This flexible, low-interest financing option can be used to fund trade shows, marketing efforts and equipment purchases. You can begin your application online and it only takes 2-5 days to process. Learn more here…
Interested in Applying This to Your Business? Request a Free Consultation.
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