A Struggle Even A Century Ago

"Half the money that I spend on advertising is wasted and the trouble is that I don't know which half."    John Wanamaker (1838-1922)


Do you know which half of your advertising is wasted?  As a small business owner, you’re too busy wearing a dozen hats, fighting your competition, worrying about the economy, and managing employees to spend sufficient time considering the most effective way to market your business.  Even if you had the time, you’re so intimately involved in your business that it’s impossible to objectively see your business from "the outside looking in”, your customer’s viewpoint.  You’re left to rely upon help from salespeople trying to convince you that their media is the best choice for you and your business.  Under these circumstances, you’ve done an incredible job just keeping your doors open and maintaining your sanity.

Consider the conversation about a company's marketing from the video posted on this blog at the end of last week (Are You Wasting Money On The Wrong Things?  August 19. 2011): 

"Do they track the ROI (Return On Investment) of television ads?"   "No"
"Radio?"     "No"
"Outdoor?"    "No"
"Print?"     "No"
"Sports sponsorships?"   "No"

The truth is, many small business owners have no idea as to the effectiveness of their marketing and advertising efforts. 

The conversation in the video continues to describe Social Media as being all about listening to customers and engaging your company with your customers.  Social Media is described as Word-Of-Mouth on digital steroids, and listening and engaging on Social Media will pay off dramatically in the long run.  The return on investment (ROI) of social media is that your business will still exist in 5 years.

In over two decades of working with small business owners, I've watched owners struggle to figure out the most intelligent ways to spend their precious dollars on advertising and marketing.  It's not easy, that's for sure.  But if you include Social Media in your marketing efforts, at least you'll still have the opportunity to struggle with marketing decisions five years from now.  Because you'll still have a business.  

Thanks for sharing 111 seconds of your day,
Smitty