Today’s Episode: 👍  Why a Lot of Marketing Campaigns Fail

 

Season # 2 

Ep 162 of  Business Growth School for service providers

Welcome to daily 5-minute Business Growth lessons for service providers. Are you a Dentist, Realtor, Lawyer, Accountant, Plumber, Consultant or Contractor….If you provide services locally than this podcast is for you. Here we share strategies, tricks, techniques on how to generate leads, grow your revenue and sales.

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Last Episode # 161 👍   What To Do In Order To Be Seen On Facebook Newsfeed

 

 

If you feel like you may suffering from objectivius shinium syndromus, ask yourself these questions to better understand the opportunity.

1) Does the opportunity fit our all-up strategy?

2) Is my target audience consuming or active on this channel?

3) Can this opportunity impact our business goals?

4) Are there any barriers for you to be successful with this new opportunity?

5) Does the time and budget needed align with the market opportunity?

 

Without a clear approach, you will lose focus on what is important. If you are always chasing the next shiny marketing tactic, you won’t finish what you started. If you don’t have a clear strategy, you will constantly move on to the next shiny object.

To avoid slowing down or diluting your efforts, here are four ways to avoid shiny object syndrome:

1) Apply a 70/20/10 rule

One approach to ensure you are spending the proper time on proven tactics and not losing focus on new, exploratory projects is applying a 70/20/10 approach to your marketing efforts: 70% of your budget/time should be spent on marketing tactics you are sure are going to work; 20% should be spent on marketing tactics you are almost certain will work; and 10% should be spent on marketing tactics focused on innovation or exploration—i.e. the “shiny new object.”

2) Determine what you are going to spend less time/budget on

If you have asked yourself the right questions and still determine that this shiny new object is an opportunity, then you must determine what items will receive less time and budget. The downside of chasing a shiny new object is that it will distract you from tactics that have proved to be successful.

3) Carve out budgets and resources

If you follow the 70/20/10 rule above, you might have an idea of what you can spend on this new tactic. If you don’t have a clear breakdown of your marketing budget, you will need to determine how much budget you need to be successful at testing this new tactic out. You will also need to determine which teams and resources will be impacted by this. Common teams impacted by new marketing tactics are strategy, creative, media, and project management.

4) Set a specific amount of time to test this idea

You will need to set a realistic time frame to strategize, build, and test against this new idea. If you are already taking time away from proven tactics, be strict about how much time you will work on this idea before removing it from your innovation/exploration list. One approach is giving the idea 90 days to prove it is worthy of adding to your marketing mix. This amount of time should give you enough runway to develop the ideas and test against your existing KPIs and goals.

 

 

Here are some things to take into consideration when it comes to selecting your internet marketing strategies and tactics:

  • Do not use new internet marketing tools just to be on the cutting edge. You’ll end up wasting precious marketing dollars, and you may even alienate the people you want to reach.
  • Before you add any new strategies to your internet marketing plan, make certain your current strategies are giving you the results you want.
  • Make sure that any internet marketing tool or strategy used is appropriate for targeting your customer segments.

 


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