Welcome to episode number 10 of 11 in a mini-series where we have been talking about the 10 most common mistakes female business leaders make that prevent us from generating a revenue of over a million dollars in our businesses. Today we are going to focus on advertising, specifically the marketing mistake.
We already know that this isn’t like Field of Dreams “build it and they will come.” We actually have to take action, create ads, work the Facebook groups, etc. if we are going to bring traffic in. Ultimately , we have to have a marketing campaign.
The mistake relative to marketing comes in when we don’t create parameters, define what good looks like, establish the intent of the campaign, maintain a spend limit, and truly manage this process.
You’ve got it right. Many of us shy away from marketing if it isn’t our gift so we let someone else handle that for us, At the end of the day, no one is going to care more about your money, your business, or your results, than you. So do not hand over the keys to the marketing kingdom and never open the door.
What happens regularly in marketing is that money is lost. You spend money to make money. But you can’t play a losing game when it comes to advertising. If you are spending $2 to make $1, you will never achieve your revenue targets. Your goal is to spend a $1 and make $2, or spend $1 and make $3. Ultimately, you have to make money in each of your advertising ventures at this point in the business game, to create the revenue you are striving to achieve.
Do not make the mistake of running ads, creating a marketing strategy and then not follow up on it. Define the intent of the campaign and what should be achieved within it, such that if the campaign is going well per your definition, you can then maintain it. But if it is going poorly or you are losing money, you know when to turn it off and go a different pathway.