Have you ever wondered if new clients are waiting to rush to the phones to call you if only you advertised?
I’m going to stop you right there. I am against service based small businesses advertising. I feel that there are way too many other ways to connect with and market to your ideal client that will result in much faster and higher returns on your investment. But I’m not here to judge. I’m here to help you decide whether an ad investment will pay out or not, regardless of my personal opinion about it.
- Your first step in deciding on if you should advertise is to be crystal clear on who your ideal target client group is. You know, the group of people who can afford your rates, who need what you offer and who love you as soon as they meet you.
- Once you’ve strategically found your target niche (as opposed to guessing it from your gut), then ask the ad rep how many of those target people will be reading/listening to or seeing your ad.
- Then take the cost and divide it by the number of people the ad will reach and you will get something called a CPM, a cost per thousand calculation.
- Now you do this same thing and find the CPM for other forms of marketing you’re doing, say a trade show cost vs how many people you talk to at your booth or a bus shelter ad and how many of the thousands will actually BE your ideal client etc.
- Then you choose the CPM that’s lowest which means it has the lowest cost to reach a client. In my experience, I’ve gotten the lowest CPM through networking, public speaking and trade shows. Let’s see what your CPM numbers will show you?
For the love of God, please don’t just throw your money on advertising and expect your business to triple in size. Make sure it’s a strategic decision and you won’t regret it.