Here's How To Reallocate Funds to Grow Your Bottom Line
In the pursuit of business success, it's paramount to manage resources effectively, we know this, right?! So why do we keep throwing money away with ad spend tests, influencer marketing, content creation for social media and all the other digital 'must do's' (aka new client acquisition)?
If we're honest with ourselves, we already know the answer; 'because society told us that we needed to do so we did' even though we all know well the cost of acquiring a client is more expensive than keeping one and ascending them to higher offers. So now we're stuck in a cycle of content creation, testing and repeat. See what sticks to the wall and go with it. Well, I'm not ok with that anymore and from the sound of it, neither is my network of high achievers.
Our clients are not on social media and likely neither are yours.
We, like you, desire results from our efforts so in that spirit, we'd like to share strategies to decrease wasteful spending on marketing tactics.
As Reese Witherspoon said, "You always gain by giving love." Let's apply this wisdom to your marketing and sales enablement departments.
The Challenge of Wasteful Spending
Businesses are facing major challenges in the marketing and sales areas which in turn are significantly impacting ROls, and department heads are freaking out as their employees are burning out.
This not only impacts your bottom line but also diverts valuable resources from more productive areas.
<<< The question is: How can you ensure that every act, every investment, counts?
#1 Invest In Your 'Sure Thing'
Existing Clients - take 10% from 'social media' budget and add it to client retention budget, you'll be amazed at what your existing clients can do for you if they feel appreciated, honored and asked to get involved.
#2 Invest In Your Sales Enablement Program
Simply ask your Marketing Director when was the last time they updated the company's Sales Enablement strategies.
Firstly, if you don't have a Sales Enablement Strategy, you can start there. If you do have one, and they do or do not review the strategy often, ask them if they have gifting in place as one of the key pillars to ensuring more deals get closed. Ask your sales team, if they think this would help with prospecting and you'll get your answer very quickly.
#3 Invest Into Your Referral Sources
Ask your sales team, your leadership team, honestly, ask everyone, about who refers business to your company (if you're not the leading referral developer); take 10% from ad spend and start investing into those relationships.
The Returns will outweigh your ad spend returns 100 fold!
By reallocating funds to more efficient strategies into your marketing and sales, you can make every act count and secure a more prosperous future for your business.