Are You Investing Enough Money In Target Marketing? What should you be expecting to pay to advertise your products and services? Why so many holistic and spiritual business owners have challenges around investing in this aspect of their business.
With so many Free forms of Social Media Platforms, yes it is possible to start a business with very little investment. In many ways, it is cheaper than ever to start and market most businesses. But that doesn’t mean your business will grow or sustain itself without an investment.
Most Businesses Won’t Grow Without Investment
The reality is most businesses won’t grow if you don’t invest enough money in target marketing. A big mistake many therapists and coaches make!! The fact is most free promotional activities won’t convert into enough leads to have a constant flow of paying clients.
Every business needs some sort of marketing investment, especially in the early years. Most start-up businesses spend a large part of their initial investment in marketing and then at least 10% of the revenue you bring in. If want your business to remain sustainable, you need to invest in the things that will help that business to grow, so you really need to set aside a budget for investing in promotional activities or your business won’t have the necessary resources to be visible enough. The bigger and quicker you want to grow the more investment in time, energy, and money you normally need.
Now that doesn’t mean you need to stop using free resources available that are right for your business. But choose wisely the resources you use, look for resources where your niche/typical client will hang out. You may think I don’t have a typical client, but I can assure you, not everyone is your target market, your clients. We are all unique, all different, clients go to different healers, therapists, coaches, and counsellors for all sorts of different reasons.
It is so common for holistic business to genuinely believe they shouldn’t need to pay to advertise or that they can’t afford it. Many say to me but I am doing what I am supposed to be doing and for some reason they don’t seem to equate this to running a business.
Your prices should always include a set amount not just for what you need to charge but include an amount for reinvestment into your business. So even if you only charge £40 for something at least £4 ( I would recommend £8) should go back into your marketing budget or business to get more customers. For one of the training courses I sell, that I sell at £597 I have to invest usually at least 20% of that in advertising to convert. The more you know your figures the better, now again that doesn’t mean I make an 80% profit. I have thousands of pounds that go into the running costs of my business, to create and run my courses.
Everyone Is A Potential Customer?
Another myth in the holistic and spiritual industry, especially the healing industry is that everyone is a potential client. Hmm, as a consumer and healer for about 30 years I would say this is so wrong. And is another big reason many healing businesses are struggling.
You’re ideal client or customer is often very different from another person you know who offers the same modality. As a business owner, it is your job to get in front of your right audience, your niche. Another reason why you need to invest enough money to reach your target market, your Soul Clients.
Creating A Business And Marketing Plan
You do that by creating an effective business and marketing plan. If you don’t create an effective plan. You could spend more of your time doing marketing than actually doing what you are here to do. out your budget find you.
For many types of business, marketing can encompass more than a few hours of work in a week. But if you don’t invest or plan, it will be more like a few hours a day.
Consumers are more savvy than ever, they are bombarded daily with advertising and marketing that makes all sorts of dishonest claims or highly manipulative strategies. So today potential clients can take a lot longer to warm up before they buy. They need to connect with you, trust you. So it’s your job to build up a good audience-client relationship.
Allow potential clients to see that you are not just there for the sale, but you genuinely care and your business is there for the long-haul not just there for that one event or just for your latest venture.
Things You Need To Consider Before Doing Any Marketing
What do you want to earn in a week ?
How many clients do you need to earn that in a week?
What are your ideal clients willing to spend?
How much do you need to bring in to cover all outgoings?
Think costs such as insurance, products, rents, rates, telephone, marketing; branding, business cards, leaflets, website, facebook ad’s, directory listings, holidays…?
How much money will you need to invest to convert your advertising into sales?
This is one area many businesses tend to get wrong. Now this is a hard figure to know exactly for many reasons, but most business seriously under estimate this. It can depend on so many factors e.g. type of service you offer, the quality of your product, if your industry is saturated or not, location, what you charge, your experience, your expertise….
But many businesses’ target market is actually only approx 1- 3% of their audience. For example only 1- 3 potential sales from 100 of the right audience.
Now don’t blame the messenger but in the holistic and spiritual industry it can be even lower 0.1 to 1% of potential sales. Basically, that means you may need to promote to at least 1000 people for between 1-10 sales. And obviously, it’s not going to be effective if you keep trying to sell to the same 1000 people. Or if half the people you are advertising to are friends, family, or other therapists who are not your target market.
Why All Marketing Should Be Target Marketing
This is one of the biggest realities around online marketing especially if you don’t invest enough money in target marketing. And only use free advertising on Facebook or other social media platform. Because it is not easy to target market the right audience when you don’t invest. Paid Facebook, Twitter or Instagram adverts are definitely a different ball game; as you can tailor your adverts specifically to a specific niche such as sex, age, interests, language, location and so much more.
So the most cost effective and efficient way to build your business is to invest enough in target marketing. If you don’t know who your target market is, well you will end up wasting a lot of time, energy and resources promoting to the wrong audience. If you are a healer, coach or therapist I would suggest you Focus on Soul Clients