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Easy as Pie
Happy Pi Day!
To celebrate, we thought we’d talk about pie. Because everyone knows pie with an ‘e’ is really the only pie worth celebrating. And what better way than with a pie chart? Specifically a pie chart to demonstrate how to allocate marketing funds and make marketing as easy as pie… rather than as complicated as pi.
If you own a business, you obviously have a product or service you feel is worth others’ time and money, you are probably intelligent and competent and passionate- so why is marketing yourself so hard?
When a client asks us to help them, one of the first things we ask (in addition to their goals) is, “What is your budget?” More often than not, we hear “I don’t know” or “Tell me what you charge”, etc. The truth is that marketing can cost any dollar amount from free (excluding time of course- and time is money) to billions- it’s all about what you’re willing to spend in exchange. The natural instinct for most of us is to ask what it will cost us and then decide whether we think it’s worth it. In marketing, we really need to take a backwards approach of “What am I willing to invest?” and then build marketing around that budget.
Our approach is to start with budget and create a marketing plan that best utilizes that budget. There are many great marketing assets- new website, social media, banner ads, print ads, events, etc- but few companies (especially small businesses) have the budget to take everything on at once. Sometimes companies can hurt their marketing by trying to take on everything at once. When you spread the budget across too many platforms, you won’t be successful in any of them. In other words, if you had $1,000, it would be better to put all $1,000 into one platform rather than $200 into 5 platforms.
How do you decide how and where to spend?
1) Start by evaluating your marketing budget
2) Then hire an agency you trust and work with them to evaluate where that budget is best spent to best accomplish your business goals.
3) Build a Marketing Plan (or marketing pie, if you will). Break up the pieces you want to focus on and how much of your overall budget you want to allocate to each slice.
4) Focus on one piece of the pie at a time.
This is just one example. You may put the biggest slice into social media, or banner ads, or print. It’s all about making the most efficient use of your funds. Can we share a little known marketing secret with you? You don’t actually have to spend tons of money to do everything to drive business. You can take what you have and plant it well- then watch it grow. Over time, you’ll have a garden… A garden of pies if we’re sticking to our metaphor.