Oh, that’s right you don’t have an advertising budget. For start-ups, mom & pop shops and the like, it can be very hard to find the extra cash to get your name out there. You know it is important but just can’t find the money to do it.
Many people begin online businesses because they have such low starting costs but they do not realize that with that low starting cost you are being thrown into the big scary ocean of the Internet not the little pond you are used to.
“If you build it, they will not come”
Online businesses have an even harder time than brick and mortar stores because there is no foot traffic, you are afloat in the ocean and the competition is fierce.
START BUDGETING TODAY
The fact of the matter is, if you are just making it with your business or drifting into the red, you HAVE TO START ADVERTISING if you plan on seeing any growth or become profitable and it is never to late to start.
Step 1: Define your goals. It could be as simple as increasing sales by X% amount. Or it could be something more complicated like launching a new brand or product, or increasing exposure to a new demographic, et cetera. Regardless, you must define your goals in a measurable way, or you will have no idea where the money is going.
Start Small: Start with goals that are realistic and obtainable within a given timeline, say 1 year. Also remember, a little advertising over a longer period is typically more effective than one big push then stopping completely.
Step 2: Start to think of advertising as a vital part of your business and budget accordingly. Based off of your goals, create a monthly budget and stick to it, no matter what. You aren’t going to skip out on paying your hosting fee or for your internet connection. Think of your advertising the same way. If your goal spans 1 year, you better be advertising for that entire year.
Step 3: Measure results. Did you meet your goals. If not can you determine the reason. If your advertising budget equalled your increased profits than you are successful because of the increased exposed your gained for your company.
How successful have you been with your advertising campaigns?