By Paco Arespacochaga
In today’s business environment, a business owner must be well equipped with ways and means to maximize his advertising and marketing investment. Yet, one question still brings back different answers.
“How much should I invest in advertising?” usually generates responses such as:
5% of your desired gross profit
10% of your desired gross profit
5% of the gross profit you made the last fiscal year
10% of the gross profit you made the last fiscal year
Don’t spend anything more than necessary
Don’t spend anything at all
And there are many more. All these answers are true to some extent because there really is no “one absolute” answer. In marketing 101, we were taught that a business should spend 10% - 15% of what they wanted to gross in revenue. So if a business wanted to make $150,000, it should set aside a budget of $15,000 to $22,500 just for advertising and marketing expenses alone.
The sad truth is that many start up business owners perceive advertising as a necessary “evil” as opposed to a business necessity. Feel free to call it business suicide if you must because that is what it is.
In a marketplace where everything is all about perception and perceived market value, taking no action in effectively positioning your products and/or services doesn’t mean you’re not you’re protecting your business equity. It is quite the contrary. This is because your inaction is giving leverage to your competition, which is doing the opposite of what you are doing.
Your advertising budget reflects the type of business you have. Invest in your advertising. You don’t wait to make money before you begin advertising. Begin advertising to MAKE MONEY!
Next blog… Different Types of Advertising and Which of Them Benefits Your Business.
Showing posts with label How to Make Money. Show all posts
Showing posts with label How to Make Money. Show all posts
Sunday, September 13, 2009
Saturday, February 7, 2009
The World is Watching!
Less than 10 years ago, you had to pay an arm and a leg to buy airtime on TV to share to the world what you have to offer. Well, you may still have to pay an arm and a leg to really get on free air and cable TV. But with the rise of YouTube and other video sites… the world has now become your audience.
Now, you can produce and star in your own show. You can create your own music video, infomercial, variety show and whatever you want! You can even embarrass yourself or make yourself matter to thousands up to millions of people all over the globe. And with this soiled economy, we all have to get ingenious to make residual income for ourselves and our family.
And one way to do this is through the Internet.
If you’ve been dreaming of a career like Jay Leno or David Letterman, fire away! Your 15 minutes of fame may be just around the corner. But how do break away from the pack of millions of people who all want to do the same thing online?
Here are some tips.
Be unique! Don’t copy someone else’s work online. For starters, that’s plagiarism and that’s illegal.
Get creative. If you can’t be unique, spin off someone else’s work. Make it yours by adding the “you” element to it.
Know who your audience is. Catering to an audience is better than creating an audience. Offering something informative, creative and entertaining to a certain market demographic is like cutting your workload in half! They’ve already come…now BUILD IT! Of course the opposite would be… if you build it, they will HOPEFULLY come.
Be prepared. You will never know if what you have to offer to the world will take off or not. If what you have to offer suddenly succeeds, will you be able to sustain it? Remember, the BIG THING means there is the NEXT big thing waiting in the sideline for you to fall. And if you fail, be prepared to try something else. Which is why…
NEVER QUIT! Keep trying and keep tweaking your ideas until they fly! Keep flapping those wings. My mentor and trainer, Scott Kaplan, told me that if I felt I’ve done everything I could, I should give it one more shot just to make sure “I’ve done everything I could” because that “last shot” may just be the BREAKTHROUGH you’ve been waiting for.
If you have any other suggestions, feel free to chime in by adding your comment.
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Paco Arespacochaga is an artist/songwriter who shares his passion in blogging. Read more of his blogs at www.zyncopado.com
Now, you can produce and star in your own show. You can create your own music video, infomercial, variety show and whatever you want! You can even embarrass yourself or make yourself matter to thousands up to millions of people all over the globe. And with this soiled economy, we all have to get ingenious to make residual income for ourselves and our family.
And one way to do this is through the Internet.
If you’ve been dreaming of a career like Jay Leno or David Letterman, fire away! Your 15 minutes of fame may be just around the corner. But how do break away from the pack of millions of people who all want to do the same thing online?
Here are some tips.
Be unique! Don’t copy someone else’s work online. For starters, that’s plagiarism and that’s illegal.
Get creative. If you can’t be unique, spin off someone else’s work. Make it yours by adding the “you” element to it.
Know who your audience is. Catering to an audience is better than creating an audience. Offering something informative, creative and entertaining to a certain market demographic is like cutting your workload in half! They’ve already come…now BUILD IT! Of course the opposite would be… if you build it, they will HOPEFULLY come.
Be prepared. You will never know if what you have to offer to the world will take off or not. If what you have to offer suddenly succeeds, will you be able to sustain it? Remember, the BIG THING means there is the NEXT big thing waiting in the sideline for you to fall. And if you fail, be prepared to try something else. Which is why…
NEVER QUIT! Keep trying and keep tweaking your ideas until they fly! Keep flapping those wings. My mentor and trainer, Scott Kaplan, told me that if I felt I’ve done everything I could, I should give it one more shot just to make sure “I’ve done everything I could” because that “last shot” may just be the BREAKTHROUGH you’ve been waiting for.
If you have any other suggestions, feel free to chime in by adding your comment.
------------------------------------------------------------------
Paco Arespacochaga is an artist/songwriter who shares his passion in blogging. Read more of his blogs at www.zyncopado.com
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