Would it shock you to hear that Coca-Cola company spent c$4Billion in 2017 on marketing? I must admit I was surprised to hear this figure, purely on the basis that Coca-Cola is one of the most globally recognised brands in the world: surely a brand so well established shouldn’t need to spend such an eye watering figure on marketing to keep them in the public consciousness?
However, Coca-Cola aren’t stupid and have worked out that even as a massive established brand there is still a direct correlation between their marketing spend and their market share. With such huge volumes and revenues involved, a small swing in market share can have a big impact on their profit and success.
Despite this big number, Coca-Cola are in a very fortunate position; they know how much they need to spend in order to maintain their market share and deliver a predictable return. Any entrepreneur would jump at an opportunity to invest with such confidence.
This leads me to ask you a question – do you know how much you need to spend on marketing to influence your market share and do you think you are getting a good return from your marketing efforts?
With a quick internet search, you will see figures such as 8% to 10% of revenue being suggested as sensible numbers to grow a business. If you are spending 8% to 10% of your revenue on marketing, then this is still a significant investment even with much smaller numbers than Coca-Cola. More importantly this money can be wasted if your strategy is wrong and your conversions to sales are low.
Many business owners and entrepreneurs are entering the world of digital marketing hoping that this will be the magic bullet leading to that breakthrough moment and success. I suspect that this strategy may be highly speculative rather than a sound investment. Moreover, I wonder how many people are hiding behind the promise of inbound digital marketing to avoid having to employ more direct forms of action. The direct outbound forms of marketing involve facing the fears that many of us have about personal interaction and ultimately having to sell something to another person.
Picking up the phone and cold calling a potential client for many is scary, as is getting in front of a camera and pitching your ideas to a mass audience. But if you’re honest with yourself you know this is what you need to do to grow your business. Spending money on marketing is easy – closing sales can be hard. I know, because I have been selling for over 20 years. There is no point generating leads if you can’t convert them into sales.
Internet marketing guru and founder of Clickfunnels, Russel Brunson, in his book ‘Dotcom Secrets’, explains that in the early days of the internet it was relatively easy to track return on investment, which was roughly $2 for every $1 spent – but the internet is now crowded with 1 billion websites all vying for attention via google, Facebook, Instagram, YouTube, LinkedIn, Podcasts, Snapchat, Pinterest, etc. – the list of marketing channel grows on a seemingly daily basis and can seem overwhelming. He asserts that the dotcom bubble burst when the rules changed, and many internet companies didn’t evolve. Return on investment for digital marketing is difficult to track and devising a marketing campaign is highly nuanced and complex.
I know, I’ve tried with varying success. Since reading ‘Dotcom Secrets’ I am now engaging with experts in digital marketing who have grown with the riddle that is the internet to help me use this tool.
However, if you are attempting to sell higher price products and services you will need to create deeper customer engagement, i.e. SALES! Which needs to be delivered by a real person; probably you!
How much do you spend on your own personal development or that of your salesforce? If you are spending 8-10% of your revenue on marketing, why on earth wouldn’t you invest in your sales function and make sure you are converting that spend into profit?
I know for a fact that as you get better at selling you make more money. That’s why I created 360 Degree Group. Marketing sets your direction and creates leads for you but nothing happens until something is sold.
If you read ‘How to Win Friends and Influence people’ you can’t help but be struck by the simplicity but genius of Dale Carnegie – this inspired me to write my book, ‘Complete Selling’. ‘How to win friends and influence people’ was written in 1936! Is it still relevant? Hell, yes! Don’t take my word for it: buy it, read it and then answer that question… The advice is evergreen; not prone to being burst like the internet bubble.
Rather than spending your money and relying solely on social media campaigns, invest in your own personal training to lose the fear and become an effective sales professional who can convert leads into profit!
360 Degree Group can help you do this by training you are your sales team to become world class
What’s a Rich Text element?
The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
Static and dynamic content editing
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
How to customize formatting for each rich text
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.