3 big ways to waste your Marketing dollar

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1. Vendor-Focused Trade Shows

There are only two reasons to attend a trade show: 1) to generate sales leads or 2) to close existing opportunities. Both goals are impossible to achieve if neither customers nor potential customers attend the trade show.

For example, I know a guy who spent $100,000 for a booth at a trade show and got only 132 “sales leads.” And all but 22 of those “leads” were people from other vendors who were looking for a new job.

  • Smart strategy: Insist that every trade show investment be matched by a reasonable financial return, in the form of sales leads that eventually generate revenue. If you’re not confident the trade show will more than pay for itself, don’t attend.

2. Brand Awareness Campaigns

Your brand is important.  However, unless you’re selling a mass-market consumer product and willing to spend many millions on advertising, it is your products and services that will create your brand–not your marketing activity.

The truth is that brochures, websites, videos, and advertisements aimed at raising “brand awareness” are usually a waste of money.  There’s just too much “brand spam” floating around for anyone to take notice.

  • Smart strategy: Set goals for and measure every marketing activity by whether (and how well) it creates sales leads or shortens the sales cycle. In other words, treat marketing activity as tactical, rather than strategic.

3. Bogus Market Research

Market research can give you an accurate snapshot of what your customers are thinking and feeling, providing that research is quantitative, statistically valid, and independent of a hidden agenda..

  • Smart strategy: Rather than waste money on custom market research, compile and contrast publicly available data that’s gathered without a specific agenda–such as government statistics or market research aimed at a broader vendor audience.

Inc.com – 

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4 Comments

Filed under Marketing

4 responses to “3 big ways to waste your Marketing dollar

  1. It’s actually a nice and useful piece of info. I am glad that you simply shared this helpful info with us. Please stay us up to date like this. Thanks for sharing.

    • edgonzo85

      Of course sharing is the key to build relations right? Please let other people know about our blog,we would greatly appreciate it. And if you have any questions please do not hesitate to ask us. We are here to help you.

  2. You really make it seem so easy with your presentation but I find this matter to be really something that I think I would never understand. It seems too complex and very broad for me. I’m looking forward for your next post, I’ll try to get the hang of it!

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