Avoiding Marketing Money Pits
Money pits sound like a fun place to visit with your friends. The word money pit comes from the idea that there is a treasure at the bottom of it that everyone wants to get their hands on. But what happens when you fall into one of these money pits as a marketer? Your time and resources can be wasted, and it might cost you more in marketing dollars than if you would have avoided the pit entirely. This article will show you how to avoid money pits, what to look for and how to avoid them.
The first pit trap is the idea that you need marketing dollars to get results. This is particularly true for small businesses that don't have a large advertising budget or rely on paid ads. Many marketers think they have to spend at least 5% of their marketing budget on paid ads, which if spent correctly can produce amazing results. But this idea of "spend enough so as not to lose money" is also a pit trap. What if you spent a mere $300 and had the same results? How much better would you feel about $300 spent than $3000 spent?
The social media grenade is one of the most dangerous. The idea is that one should spend more time on social media networks, especially if they are "hot" places to be. The problem with this kind of thinking is that you can burn yourself out trying to keep up with the Joneses in your industry and cause yourself to lose sight of what your objectives really are.