Effective advertising starts with a marketing strategy.

September 23, 2012 at 7:27 am Leave a comment

I was recently asked to deliver a presentation for solopreneurs and small business owners about effective advertising on $50 per week.

You must be able to answer these questions:

  • What problem do you solve? (pleasure delivered or pain relieved)
  • Who needs help solving that problem?
  • How much pain does the problem cause?
  • How much will they pay for a solution?
  • What are the best ways to reach people willing and able to pay?
  • What do they need to hear to consider your solution?
  • What is a new customer worth?
  • How much can you afford to risk?

Bottom line…

When you have the answers, you will have your strategy.

  • Message
  • Media
  • Budget
  • Expected ROI

Can you advertise effectively on $50 per week? Yes, but the only way you will know is to make some assumptions,  jot down a plan and measure results.

If your goal is to find new customers, and the lifetime value of a new customer is $1,000, how many new customers would you have to get to justify six weeks of advertising at $50 per?

If the lifetime value is $10,000, you might (should) be willing to invest ten times as much, but you won’t really know if you’re getting your money’s worth unless you determine the source of every new lead and track it to the first order and beyond.

For a solopreneur, I recommend a scratch pad or the note pad on your iPhone.

Entry filed under: coaching.

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