Viewing Your Marketing Efforts As An Investment
Two business owners compete against one another in the same field.
Business Owner #1 has worked in his niche for 30 years; he has a massive list of contacts; his reputation is impeccable; his clients are among some of the most satisfied in the industry. His expertise is unmatched. Word of mouth has been a friend to his business, but his niche is very specialized, which means that his name doesn't come up at many dinner parties.
Business Owner #2 is relatively new to the industry, also working in the same specialty niche. She's still in the process of building her contact list; her clients are largely satisfied, but the verbal buzz hasn't elevated yetshe's simply too new.
Which business owner do you think has realized the largest profit in the last 12 months?
Would you be surprised to learn that it's Business Owner #2?
How could that be?
One word: Marketing
Business Owner #2 invests whatever she can afford to lose in marketing campaigns, while Business Owner #1 simply can't seem to get past the initial dollar amount of the marketing expenses, and so, simply doesn't "get the word out".
As a result, the first business remains steady, but stagnant. The second soars.
Business Owner #2 possesses a Millionaire Mindset. Here's what's going on inside her head:
Marketing is an investment. Even if one campaign costs $4,000 (which is a significant amount of money for her fledging business), she anticipates that just one resulting sale will pay for the ad.
She views the campaign as an investment in her most valuable commodity herself. Because she has completed the research and knows that there's a noted demand for her product, she purchases each new ad with a faith that can only come from believing in herself and her business. She thinks, I'm the best investment I'm ever going to make.
She never invests more than she can afford to lose. Financially, she only invests what her business can survive without. Emotionally, she only invests what she can lose and still hold on to a sense of hindsight without depression.
She doesn't ruminate over the dollar amount of each marketing endeavor. Rather, she concentrates on its potential return. She understands that she'll realize direct returns, as well as future, residual ones.
She knows that she'll never reach millionaire status by pinching pennies.
She understands that by pulling out her cash and throwing it against the wall of cash that has become frozen in this, a stagnant, economy, she's multiplying her chances of getting a return. Unless she spends money, the wall of cash will remain rigid, eliminating a large portion of potential profit.
Though it was difficult for her to accept the idea of investment versus cost in the beginning, she becomes more willing to spend money with each profitable marketing campaign. Because of this realization, she has committed to educate her clients about the benefits of marketing, which will contribute to the stimulation of the economy.
Investment and return will never be a chicken and egg debate. Without investment, there can be no return. The return will never come firstin fact, it simply won't come at all.
If you want to find your own millionaire mindset, you must separate yourself from the competition's aversion to marketing and getting your name out there.
You could spend your disposable income on a new car, or a summer home, or a vacation. Oryou could invest that cash in a marketing campaignso you can afford all three.
Viewing Your Marketing Efforts As An Investment
By: Bernadette Doyle
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