Posted By:The iYFA Team

Post Date:October 18, 2017

A limitless marketing budget

There is a beautiful boutique hotel in Somerset which today, sadly, has very few guests and having sat down with the owner iYFA soon discovered why. They had spent all of their money on the hotel, not giving a thought to how they would get people to stay there. Result? No advertising of any sort was being done and the outcome was few guests. An important lesson there we think….

Ask most business owners what their marketing budget is and you tend to get one of four answers:

  1. They don’t have one
  2. It’s what they have left over after all other expenses have been meet
  3. It’s some arbitrary amount (maybe a percentage of turnover or 10% more than last year)
  4. It’s what they can afford to lose

But it doesn’t have to be this way. In fact it certainly shouldn’t be that way.

So what if for every £1 you spent you knew that you would get £1.50 back? What would your marketing spend be then? At iYFA we hope that your answer was – limitless.

Now you may be thinking that it’s impossible to know that and not so many years ago you would have been correct. John Wanamaker (1838-1922) was a very successful United States merchant and is credited with coining the phrase “Half the money I spend on advertising is wasted; the trouble is I don’t know which half”. But today things are very, very different.

Today just about every form of advertising can be tracked and analysed and this is something you must do. Google Analytics will tell you all you need to know about your website and some stuff you might not want to know and both pay-per-click (PPC) and Facebook advertising are analysed in amazing depth and detail. Every card, leaflet, advert, sign-written vehicle, banner and anything else you might try can be analysed and the ROI (return on investment) worked out. How? By using QR Codes (we can help you with these); each of your advertising items has its own code which again allows you to analyse exactly what is working and what is not. You stop what’s not and do more of what is.

All of this means that over time you can work out your ROI of every pound you spend. And then in simple terms you can spend your £1, get £1.50 back and then spend the same £1 again, getting £1.50 back, and do it again, and again.

At iYFA this is something that we work on with all of our clients ensuring that their marketing strategy works and gives a healthy ROI.

The iYFA Team

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