Where Are Your Hidden Business Profits?
Where are your business profits invested?
In the stock market?
Treasure Chest In the Attic?
Or, are they invested back into the marketing of your business?
Yes, this is a personal question!
From childhood, we are told not to talk about money with strangers. However, everyone’s goal in investing is to return a profit.
You need to look at your marketing efforts as if they are long-term investments, similar to the other types of investments listed above, because they are.
Like many other long-term investment vehicles, an ongoing marketing strategy usually produces slow, steady returns.
As with other long-term investments, sometimes there is a loss along the way in marketing. However, there also are times when a marketing campaign can produce an instant and fantastic return on your investment.
Like with many other investments, at the end of the year you will know that you spent X amount of dollars on your investment in marketing and received Y amount of dollars in sales and profits.
“Invest in yourself – if you have confidence in yourself.”
- William Feather
You should try to calculate the exact return on your marketing.
Each piece of your marketing strategy involves time, effort, energy, and, in most cases, an investment of actual money.
Do not look at your marketing dollars as a business expense similar to utilities, office rent, or other fixed costs.
Rather, you should view them as an investment in the future success of your business.
The success of your marketing is something that can be measured directly.
Another thing that separates your marketing costs from most of your other business expenses is that you have complete control of the amount that you invest into your marketing program. The amount of time and money that you budget for your marketing programs can be expanded or cut back in response to how well or how poorly your marketing efforts produce the sales or profits that you expect.
It’s nice to know that you have the options of investing more into your marketing program when you discover a winning promotion or investing a limited amount during the testing of a new advertisement.
“Invest heavily in yourself.”
After discovering a winning marketing effort—a profitable success— you can invest more time and money into it safely, knowing that each time you invest X dollars you will earn Y dollars in profits.
One of the best investment decisions that you can make as a business owner is to re-invest in your own business.
How are you investing your profits?