The Friendly Truth to Setting a Marketing Budget

Whether you’re a small business or a large corporation, marketing is necessary for business growth. Many small businesses are not sure they have enough money to budget for marketing or they overspend without tracking their return on investment. Setting a marketing budget that coincides with your business goals will help guide you to success.

The unfortunate truth for companies with fantastic products and no marketing is that products and services will not sell themselves. However, a successful marketing campaign will allow you to grow at a rate unimaginable. The old saying “you have to spend money to make money” stands true when it comes to marketing your product or services. While that may seem obvious, the more difficult objective can be finding out exactly how much to spend in order to make more money and meet your business goals.

There are many factors that should be taken into consideration when setting a marketing budget. The basic rule of thumb, which may be a sigh of relief, is that the general percentage should be only around 1%-6% of your median revenue. So, a million dollar company would spend $10,000-$60,000 as a starting point.

In order to spend your budget wisely, you must have a plan. Knowing the market of your products and a realistic timeline of business growth will help you extend your dollar. With a goal-based marketing budget, you can define your business goals and develop a plan to meet these goals without over/under-spending. If you would like to grow by a certain number of clients or customers, develop a plan on how you will reach that goal and how much advertising will lead you there.

If you feel as though you could use some help setting up a marketing plan that will help you reach your business goals, give us a call! We can be reached at 503-477-4355, or give us a visit online @www.spotcolormarketing.com

 

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Grow Your Business Through Marketing

If you are looking to grow your business, getting new leads from targeted customers that are looking for your exact products and services is the way to go. It doesn’t make much sense to have a great product or excellent service if no one knows about it, or no one can find your business when they do a search online.

Let your clients, and potential clients, know what you have to offer. This video and content below are a few of the things that Spot has been doing to get the word out about our services….and it is working wonders.

 

 

Newsletters: A very simple way to reach potential clients and remain on their radar. Newsletters allow you to connect to a large number of people and track how they are responding to your message. We suggest that if you decide to send out newsletters to shoot for one every 2-3 weeks. This seems like the sweet spot that probably won’t be too aggressive but enough to keep your business in people’s mind.

Blogs: While it may not seem like you have time to consistently put out blogs, content can be another way to grab people’s attention and eventually raise the SEO of your website. Companies with ten employees or less that publish 11+ posts per month have almost three times more traffic than companies that publish 0-1.

Social Media: This may seem like a no-brainer, but social media can be a very cost-effective way to advertise to potential customers and clients. Also, through social media businesses will retain more clients. Connecting to clients and giving them an easy way to give feedback is essential. Not only will companies have a face and platform for clients but the posts will lead to conversions. If people find your posts intriguing, they can become one step closer to becoming a partner or client with the click of a button.

Videos: Let’s be real, people prefer hearing information over reading in the modern age. While content is necessary and many people still read it, videos are becoming the go-to. Video marketing is on a huge rise and isn’t going anywhere but up. In fact, including a video increases the click-through rate by a massive 65 percent and reduces unsubscribes by 26 percent.

Those are just a few things we are improving at Spot Color Marketing to enhance the marketing of our own brand. We would love to hear from you about your marketing efforts, give us a call at 503-477-4355, or visit us online @www.spotcolormarketing.com.

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Why You Need Data Storytellers

Measurement tools are critical in evaluating the success of a campaign. The numbers are the evidence, but what’s evidence without an interpreter. This is where the data storyteller comes in.

Data storytellers take the information from the measurement tools and provide strategic recommendations. They use their insights to pick apart the data and find solutions and answers that will produce results.

The information is essentially useless without somebody that can pick it apart and figure out what the results mean and provide the solutions. Data storytellers will provide the strategy. Narrative is simply the way we take complex information and make sense of it. The levels of marketing that take place to derive finalize summaries are necessary and profound. As a data storyteller the goal is to explore the data, visualize and draw conclusions.

When somebody is presented with the information, “Our sales dropped 5 percent the past three months,” there is probably a reason and a solution. From that, a data storyteller might say, “Our sales dropped 5 percent because it was the winter time and people are not purchasing sunglasses at full price during the winter months. Next winter we should have a promotion for discounted sunglasses. People will then continue to make the purchases and we will remain relevant through the year.”

It may seem obvious to derive a narrative from the data, but to many data analysts it’s not obvious at all. The depth of information that can be found through measurement tools tells us how many people are consuming the content, what they are doing with it, and whether or not they like it. This information is crucial but knowing the information is just the first step. Analyzing, interpreting and finding a solution from the data is what brings it to life.

If you feel as though you could use some help analyzing and interpreting your marketing efforts give us a call! We can be reached at 503-477-4355, or give us a visit online @www.spotcolormarketing.com

 

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Five Reasons Millennials are a Valuable Asset

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While the common stereotypes of millennials tend to be that they are entitled and unwilling to pay their dues, it’s time we put those mindsets to rest. Generation Y, those born during late 1980’s and early 1990’s, are a group of individuals that can add great value to an organization and have a powerful effect on your company’s culture. Hiring millennials is a true win-win for both parties. Companies will benefit from a less expensive extra set of hands and a fresh perspective. Millennials receive the invaluable experience they desire. Spot Color recommends you consider hiring millennials for the following reasons:

 

1. Millennials Bring Exciting Energy To Your Company

This generation is fresh out of the classroom where they gained tools to take to the workforce. They have been working on assignments that they have been waiting patiently for years put into real life experience. This is their time to shine! Millennials often come into the company filled with positivity, gratitude and enthusiasm. This is their opportunity to gain experience and prove themselves. Their willingness to learn will be noticed by other employees and provide a positive influence to the rest of the team members.

 

2. They’re Tech Savvy

You don’t know how to use a new form of technology, how to use social media platforms or what they are? They probably do. Generation Y grew up almost entirely with technology. They are the primary consumer of technology and have a serious interest in learning new ways to use it. Millennials will be likely to introduce apps, processes or software that help your company increase efficiency and productivity. Their high standards for the usability and ease of technology can also help to influence your current products and services to ensure customer retention.

 

3. They Promote Learning

Millennials are young, many fresh out of college, and understand there is a lot for them to learn. They are not just out there because they need a job, 65% of them say that personal development is the most important factor in their careers. While you’re expected to educate them about your company and the industry, you will be surprised to find out what you can learn from them. Keep in mind, their education is also, likely, the most up-to-date in the office. Hiring millennials can be an excellent opportunity for your employees to learn from each other.

  • 60% of hiring managers find millennials to be fast learners.
  • 68% of hiring managers have discovered a skill set in millennials that other generations do not have.

Oh and lastly, not only are they fast learners, they are quick to excel. 24% of millennials reported being placed in managerial positions in 2015!

 

4. They’re Self-Expressive

If the evolution of social media has taught generation Y anything, it is how to express themselves. You can thank Twitter for that. Growing up during an age when you can inform the masses of your everyday life, this generation has taken full advantage. While this may seem frightening and painful, self-expression can allow a team to bounce ideas around one another and put new ideas out there. A group of individuals who aren’t afraid to express their new ideas will translate to a welcoming dimension of brainstorming, new solutions and fresh perspectives.

 

5. They Can Act as Brand Ambassadors

As millennials engulf on their new and exciting careers, they have a growing enthusiasm within the company they begin working for. Recent grads have the influence necessary to produce a substantial network from their school alone. The positive public exposure allows an organization to engage with a number of people through your employee undertaking a brand representative role.

 

Employer’s Takeaways:

Don’t be fooled by the stereotypes of millennials. The truth is, this young generation is full of hard-working individuals with a thirst for knowledge. Hire the right Gen-Y candidate for your company and you will soon reek the benefits of a cost-effective and well-rounded employee. At Spot Color, we strongly believe an expressive employee with a fresh perspective can significantly improve a business’ culture.

 

-With these tips in mind you will go a long way to making your marketing efforts measure up and pay off. Need more help? We specialize in working on marketing strategies specifically for your industry. Give us a call at 503-477-4355, or visit us online @ www.spotcolormarketing.com

 

 

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Millennial’s Role Continues to Grow in B2B Decisions

Millennials’ purchasing power will soon exceed every other generations, and they are spearheading the buyer’s role in the B2B commerce. These individuals check their mobile devices an average of 43 times a day. Videos, visuals, and mobile sharing increasingly dictate how they find new information. If you want to develop a relationship with these potential customers, invest in this type of content that search engines and millennials give higher quality scores. Companies with insufficient online presence will lose out on this demographic.

It has become increasingly important, no matter the business, to reach consumers on the web. Business-to-business (B2B) distributors and manufacturers have been the slowest adopters of modern day digital marketing, because many of them don’t believe it is important to their business.  

89% of B2B partnerships are found by using the internet to find acceptable suitors. If that isn’t a wake-up call, maybe this will be:

For nearly two-thirds of the buying process your potential customer hasn’t even reached out to you yet. This customer is forming opinions, learning technical specifications, and comparing their options based on your online accommodations, all before even speaking with you. 

While you may still think millennials aren’t making the business-to-business decisions yet, you’re mistaken. Nearly half of all research for these purchases are done by millennials. In 2012, 27% of the B2B research was done by this demographic. In 2014, that number rose to 46%.

This may be very surprising to you because it wasn’t always this way. The internet has made it incredibly easy for consumers to learn about products and solutions on their own. It’s now your job to influence that initial 57 percent of the sale that occurs mostly on the internet.

Reach Your Audience

Younger generations are now major influencer’s. If your company hasn’t optimized an online presence yet, it is time to develop it to reach them. Millennials are filling the workforce in B2B buyer roles, and will expect online accommodations. Your digital marketing campaign will either sink or save you in the oncoming years, so start on revitalizing your brand today!

-With these tips in mind you will go a long way to making your marketing efforts measure up and pay off. Need help getting your digital marketing efforts off the ground or improved? We specialize in working on marketing strategies specifically for your industry. Give us a call at 503-477-4355, or visit us online @ www.spotcolormarketing.com

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