If you are about to do a marketing strategy that you have never done before and you don’t know if you will get a result from it or not, so you are unsure if you should spend the money, then ask yourself this question.
‘If I do this strategy, spend this money and I don’t get a result, in fact the result is zero, will I cry if I lose this amount of money trying this?’
If the answer is yes, then the stakes are too high. Look at how you can do the strategy on a smaller scale or perhaps not at all. If the answer is no, then give it a go!
I have a $100 marketing limit. If I have a marketing strategy that I’m not sure if it will work – I have looked at it and think it could potentially work, but I have not ever done it before – and it is going to cost me $100 to give it a shot, then I’ll go for it. That is not an amount that I’d cry over.
If on the other had I looked at a strategy that was going to cost me $10,000 and even if I had done all my homework on it and thought it could work, I wouldn’t do it if it wasn’t tested (by yourself or another franchisee) because I would cry (maybe not actual tears but I’d be pretty upset) if I spent that $10,000 with no return.
As a franchisee, be careful when you get results on marketing strategies from other franchisees. I hear a lot of franchisees tell me that they are spending money on an advertising campaign of some sort and spending quite a lot of money on it, and they say it is working, but they don’t know the actual numbers…. stop and find out more.
They are not doing this because they are lying, it is simply because they want it to be working and some franchisee equate spending money with working, but if they don’t know the exact numbers (or pretty close) to what their return on investment is, number of leads and their conversion rate of those leads, then don’t take their word that this is a strategy you should be doing in your business. You have to know the numbers.
So what is your marketing dollar limit?
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