Every time I drive by a business, I wonder how they are making it in a slow economy. Building leases are expensive. Add in the cost of billboards, direct mail and all of a sudden you have a lot of hamburgers or haircuts to sell just to pay for your expenses.
Follow too many Internet gurus and you can get lost trying to implement too many strategies at one time. Google pluses. Social media and online marketing is overwhelming for most small business owners. How do you avoid being demolished by the giant franchises of your industry?
There is hope, assuming that you still have some of that passion that spurred you to open your own business in the first place. Just remember that as long as you have a unique value proposition – there is no competition.
Whatever the business, you need to first focus on minimizing expenses. Hold every expense accountable.
Can you actually measure the benefit of a billboard or a yellow pages ad? If the answer is no, this might be an expense to cut. There are ways to measure effectiveness in advertising. It is called online marketing.
Most internet-based efforts of time and money can be measured. Statistics also show that Internet advertising is your best return on investment.
***This is just an excerpt of my new book. Download a free copy of the full book.