Just like me, you need constant inflow of new clients/customers every other day. And even right now. You have the capacity to serve and sell more. Unfortunately, if you focus only on the outcomes you want or things beyond your control, you continue to miss the mark.
Examples of variables outside your control – size of market demand for your product/services, target customers’ priorities, purchasing power, attention patterns etc.
People decide what they value and don’t value, as well as what they pay and don’t pay attention to.
So why 100k digital marketing budget? There are many business owners and consulting experts who have the potential to earn 10 – 100k per transaction. You know your niche market.
However, the real challenge isn’t whether or not there is demand for what you have to sell. I guess you see a proof of real demand almost on daily basis. From experience, I learnt the real challenge boils down to the following questions.
1. How many people are currently in need of your products/services, right now?
2. Among all of these people, how many of them can afford it within 1 – 30 days?
3. How will you reach, engage and convert them?
In practical terms, the way you answer these questions will always affect your sales volume in each passing day or month.
And that’s where digital marketing budget allocation comes in. NOTE: although there could be something like viable minimum in every unique market, you don’t need to have 100k before getting started.
Google Adwords: 25k
Yes, it doesn’t work for everyone, with every budget size in every niche market. but the fact remains that it really works for ‘only’ the people that do it well. With adwords, you’ll be attracting interested prospects exactly the time they are searching for your services.
Try to relate this with question #3. Compare this with posters and flyers. And then the traffic, leads and sales can start coming instantly within the duration of your campaign.
With 25k, you can spend $25 which will give you opportunity to get $100 free advert credit (coupon) on new adwords account.
Search Engine Optimization: 25k
When it comes to SEO, experienced bloggers doing adsense and professional digital marketers knows more than everyone else.
But when it comes to conversion focused business blogging, the story is different.
I had a chat recently with a flex banner printer, he told me they spent 170k on building their ‘beautiful website’. Asked how many visitors, leads and customer they get from it per day/month, and then his head went blank.
Now imagine the value of 1% (conservative) conversion rate from 100 – 1000 prospects searching for printing related services per month! Local SEO will help you attract people who are currently in need of your services and actively searching for them because they have money in hand to fulfill their need. Relate that to question #1, #2 and #3.
Spend 25k to create conversion focused content and build backlinks to increase ranking for high value buyer search terms.
Facebook Ads: 25k
In comparison to free posting on free business page on Facebook, the ratio of effectiveness is like 100:1. The things you post for free on your facebook page is never targeted at anyone.
Yes, you can get some ‘feel good’ engagement metrics but it often makes no difference. You need real sales, not vanity metrics.
Spend 5k to create pain point and value proposition based images. And then the rest of paid adverts targeting prospects based on their gender, age, location, industry, job title, interest, marital status and a whole lot of others. Make sure to start with 5k split testing to validate or invalidate some of your assumption around audience, copy, pricing etc.
Don’t assume that everyone in your target market is currently in need of your products/services and can afford it when you want (now).
But as for those who have shown interest, here is what you should do. Put multiple touch points in your strategy before the sales will start rolling in. That way you’ll be building up brand trust level needed to make great sales happen.
Learn to leverage on content> lead magnet> automation>. Understand that lead magnet is not about free ebook for learning only.
For example, real estate agency can compile a monthly updated list of available rental properties within some unique categories, location segments and price range.
So that prospects won’t have to move from one location to the other or browse page after page to find what they need – ‘now’.
Make sure to implement click to call button in your website to engage and attract people visiting from mobile smart phones.
With paid marketing, you don’t have to depend 100% on the reach and effectiveness of your personal efforts. We all know there is a limit to how many hour you can work in each passing day.
Now you can leverage of on technology, content and data to go beyond the limit of your current capabilities.
As noted earlier, insufficient digital marketing budget isn’t your only limitation. This means that you don’t need to have 100k exploring the demand in your target market.
Go take some actions today and learn something new, not from talks and mindless content consumption, but from your own execution experience. If nothing else, take this question away: how have you used your brain today?
Creative production tool or consumer storage device?
#Make Some Dots Connected. Today.
You can as well join our Facebook group – The Search Tribe to discuss, discover and leverage working strategies to attract only the people in need of your products/services – Now.