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Marketing and promotion expenses are one of the bigger outflows that you need to contend with. Because you will spend a lot of money you need to track the dollars you are spending on marketing and promotion.
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Marketing Promotion, Marketing-Promotion
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Marketing and promotion expenses are one of the bigger outflows that you need to contend with. From the start you should be thinking about putting aside cash for marketing and promotion expenses on a regular basis. If you manage it properly, your marketing and promotion expense is more of an investment than an expense.
When you start planning your marketing and promotion expense, you should think about tracking every dollar that you put in. Not every campaign you run will be a winner, but you should be able to track it nonetheless. That’s the trick to managing your marketing and promotion expense.
The tracking is key because there is no one sure thing. There is no one thing that works 100% of the time. If you want a sure thing get a job. When it comes to marketing and promotion, you need to try a lot of different things.
When you think about your marketing and promotion plan you should aim to have three, four or five balls in the air at once. Have three, four or five different marketing vehicles going at the same time. Out of the five things that you do, one will wind up being a huge winner, one will be a complete failure and if you’re lucky, three of the five things will be mediocre.
The key thing to think about when you are choosing your different marketing and promotion activities, is that not all five of them are going to be successful. Fortunately, it’s also extremely unlikely that all five of them will be complete losers. It’s like putting together your retirement account. You don’t want to be all in one shop or all in one sector. Diversity is very important.
The Bottom Line on Marketing and Promotion
Marketing and promotion expenses will be big. You need to think smart about how to best use your cash. The key thing is tracking what you spend, and where you spend your marketing and promotion dollars. If you play the odds, something is bound to be a huge winner, one will likely be a dog, and the others will be somewhere in between. If you keep diligent track of your marketing and promotion expenses you’ll know which is which.
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