Questions

2 1/2 year old business - established website - once a week blogging - sharing across Linkedin and Twitter. No Google ads but some advertising on AVVO.com. Linkedin, Avvo and Yelp are top three referrers. Want to get more aggressive - what's the best way to spend a $1k month budget - agency recommendations welcomed.

May I suggest that you may be asking the wrong question. Your question will attract answers that WILL help you SPEND that $1000 on "widgets"... Tactics such as Facebook ads or pay-per-click campaigns that aren't grounded in a strategy you've put in place to help increase the probability of successfully building your business.

A strong strategy will direct the tactics and ensure you are doing everything you can to secure a good return on all of your financial investments (such as the $1000/mo you currently have available for marketing). It will direct who you are attracting (aka inbound marketing) and who you are directing your marketing towards (outbound marketing). It will help you determine a strong market position (aka USP) and develop a compelling message and offer. And it will help you build a business model that will direct your expenditures and investments to, as greatly as possible, ensure your financial viability and success.

In order to know how to best INVEST (not spend) your money it's important to first understand what you hope to accomplish with that investment. In other words - what is your goal?

And the amount - $1000 - is only relevant with respect to what the cost of acquisition of a client is and how that relates to the lifetime value of that customer and your required margins in order to ensure the financial success and viability of your company. That amount - $1000 - is only relevant as it directly relates to your Business Model.

For example - in one of my businesses I determined that I can invest up to $250 to acquire one client. That amount allows for a good margin and is consistent with my financial goals.

I'd suggest that until and unless you have a strong strategy in place you hold off on spending any money. Instead invest it in developing your strategy. On the other hand - if you DO have all of those components in place - be sure to communicate them to whomever you decide to work with and hold them accountable to YOUR metrics and goals.

For help with any of this give me (or one of the other excellent strategy-based coaches here on Clarity) a call.

I wish you the best of luck as you move forward!


Answered 6 years ago

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