I worry at times about my clients expectations.
We have been trained as consumers to expect Instant Results.
I want there to be a realistic expectation in terms of Return On Investment.
But it’s deeper than that seemingly simple math formula.
The simple math is if I spend $100, I want at least $110 back.
But there are so many variables as to how to realistically measure.
My favorite client is one that commits to at least 1 year and gives us a full 12 months to produce a positive R.O.I.
I know it sounds like a long time and a lot of investment. But consider these variables.
The Buying Cycle of your product or service.
If you are a burger joint, you have up to 14 times a week to gain a new customer.
Lunch and Dinner 7 days a week, a majority of us are going to eat something and if you invite me to dine at your place, I may consider it in the next 24 hours.
However, it doesn’t always work this way with each person (buyer). There is a pizza place in my city that my daughter was raving about for at least a year before my wife and I stopped in. We liked it so much that we made a return visit the next day and it’s on our short list for really good pizza pie!
Now the buying cycle for engagement rings. Most people buy one (or two) in a lifetime. I’ve seen engagements from 6 months to 5 years in my family. The key is to be top of mind when it’s time to start shopping.
And that Top of Mind is what I like to create most of all in advertising campaigns. Which leads to…
Competition for dollars.
Notice I am not limiting the competition to your direct competitors. The burger joint also competes with the grocery store for food dollars. And they both compete with the gas station, the mortgage company, etc. Each of us as consumers decide where our priorities are for spending our dollars.
Your advertising and marketing need to continue to invite people to become your customers today and tomorrow. And next week. And next month.
But what about the instant results that we are told are possible.
Yes, we can do some things that speed up results in the advertising world.
For example if you want a lot of people in your store for a particular event, then you better have something fantastic to draw them in and spend enough money to reach enough people enough times that some will change whatever else they were planning on doing at that time, to come visit you instead,
Hey, we’re busy people with work, family and stuff going on every day.
So, if you want to Give Away Free Stuff and create enough awareness through advertising and invites to your event, I guarantee it will work.
If you follow to the letter the plan I give you, I can do it.
But in most cases, that’s not the best way to run a successful business over the long haul.
Giving Away Free Stuff usually means no money coming in.
Discounts are the next best thing to a consumer.
But coupon shoppers are not the best consumer for your business.
Don’t be fooled. They are not loyal to you, they are loyal to the best deal.
I urge you as a business owner to consider everything I’ve said before you spend another dime on advertising and ask yourself this question:
Do I want Instant Results for Short Term Gain or do I want loyal, steady customers who become my “brand ambassadors” that will sustain my business for the long term?