Do You Invest In Marketing Your Business?
Do you know what you need to invest in marketing to grow your business? Too many coaches and therapists start their business with no marketing plan. Most under estimate the money, time and energy they need to put into marketing. And even more surpising is those who think they can grow a healthy business rapidly without any investment.
For every product, industry, country or business your marketing costs will be completely different. Why because every business has it’s own unique audience. Every business has different contributing factors that impact their reach, visibilityand conversion. So marketing costs for every holistic and spiritual business varies considerably.
A therapy clinic that opens up in a very busy street in the middle of city with a lot of passers by. Is often more likely to attract a lot of passers by, if it has the right branding and marketing on their shop window . Than a therapy clinic in a remote area or up a side street in the corner of the city.
A therapist or coach offering a needed service in a gap niche in the market will often find it easier to attract clients. Than any healer, therapist or coach who is offering what appears to be exactly the same as everyone else.
So How Much Should I Invest In Marketing?
A coach who is starting out will usually need a bigger marketing investment than someone who has been coaching for years. A spa clinic that is offering a premium service will usually need a large marketing budget than a small local therapy clinic. There is so many factors at play.
Now what makes it more challenging is that every business has a different profit margin. And profits don’t necessarily match up to what your charging, but in relation to your out goings. For many years my insurance alone was £1000 a year when others therapists were roughly about £60. I had other professional costs that were very expensive compared to other types of therapies. My work involved giving organisations and clients a lot of extras. I also was highly and extensively qualified as both a trainer and therapist and was out a lot of professional costs just to operate. And because of disabilities and health issues I could only do certain types of work. So my profit margins at times were a lot lower than many healers and therapists I knew.
So every business is very different, every therapist and coach is different. But the reality is most holistic businesses are working in a competitive market. So to maintain a steady growth, most need to invest about 10% of their projected income into marketing. If you are only starting out and only have only a handful of clients you probably need to invest a lot more. A common belief in the spiritual and holistic industry is if I am doing what I am supposed to be doing the clients will just find me. Several years later they still haven’t move forward.
Too many holistic and spiritual businesses fail to recognise that a business needs investment. If you have no money to invest it can be really hard and take a long time to grow. Now even huge multi-billion companies that we know well need a large marketing budget. Why? Because marketing is the modern way you reach your audience. It is the modern process we use to get in front of your ideal audience. The method that helps them recognise that you are the product or service that they want. The reality is many companies spend more time and money in their marketing than what the product costs to make. In many ways it’s sad but true.
What Should High End Coaches Invest In Marketing?
If you are trying to promote yourself as a high end coach, you need the professional and high-end glossy image to back it up. Marketing is all about conveying a clearer enough message across to a wide enough ideal audience. It is about helping you stand out from the crowd, it is about creating that know, like and trust factor that sells your products or services. And if you charge big money your marketing has to match up to that.
The one thing I hear from holistic and spiritual businesses is they want more clients. But in my experience most therapists and healers particularly just don’t invest enough to do that. Many spend more money on fancy things for their clinic or therapy training courses. But are failing to invest in what will help them get clients through the door. You may say you can’t afford it. But the reality is most businesses don’t survive or give you the income you desire if you don’t.
A facebook ad expert I have done some training with, regularly tries to explain to clients that £1000 of income from a £100 marketing investment is a great investment. Yeah of course, it does depend on your out-goings to offer that product or service but sometimes this is where you need to re-look at your business, business model or raising your prices.
Now I also have to add here, of course there is no point in investing in 10 or 20% of your projected income if you don’t really understand marketing and don’t know what your doing. You need to really know who your ideal audience is, you need to be specific and obviously you need to know the pain points your advertising to. If not you could be very well putting that income down the drain
So Is Their Ways I Can Effectively Reduce What I Need To Invest In Marketing?
Well as mentioned above really know your ideal client or soul clients. When you target at the right clients who will buy, your not going to loose money
Get you business message clear from the beginning, a good brand helps you and your message stand out.
Network, connect live with your potential clients. Be of service, don’t just SELL especially on social media. Over selling on social media particularly facebook can actually repel clients
Do videos, facebook lives all great ways to share what you do to build that know, like and trust factor
Blog, blogging is a great way to increase seo on your website and to build up a relationship with your audience. And for most blogs they are valuable evergreen content making the way through the search engines for years to come.