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John Wanamaker is credited with saying ‘Half the money I spend on advertising is wasted; the trouble is I don’t know which half.’ Was he a fool, was he misguided or was he actually just wasting half his money?
Whether you believe this statement or not, wasting your marketing budget is a bit of criminal offense, stinking of laziness and uneducated decision making.
Our guest this week can help solve all that. Her LinkedIn profile proudly states ‘I help you stop throwing spaghetti at the wall and hoping something sticks!’ which I see as a much more worthwhile quote.
Estie Rand, founder of Strand Consulting is helping people take the headache out of their business, through growth, scale and generating a profit, regardless of where you currently are – just starting, a few years down the road or even well-established.
What better way to get you started than to chat through the top six marketing money wasters, to effectively make you a better marketer in around 40 minutes!
In this episode we cover;
1 – Starting with Logos and Branding
2 – Building a Web Site Right Away
3 – Using A One-Size-Fits-All Social Media Strategy
4 – Blindly Placing Pay-Per-Click Ads
5 – Siloing Sales and Marketing
6 – Not Knowing When to Quit
– What’s the biggest money waster you’re seeing in Marketing and what can we do to resolve this?
Before we dive into the Marketing pit of wastefulness, I want to find out. Estie, what is giving you a headache right now?
Watch the episode video:
From the six money wasters Estie mentioned my number one has to be staring with logos and branding. You may buy something from the brand or the badge, but this is because these brands have been well established for some time and built up their reputation. You need that reputation before you start trying to live off a logo and even then you better make sure what you’re selling solves a problem and has value.
‘they lose a lot of money because of it’ and this was Estie talking about having separate departments for sales and marketing. This doesn’t make sense to me either and I’m not surprised that companies lose money when they separate the two. Sales is the end product of good marketing, the two MUST work together. So many benefits to this…. If you don’t already, try it!
And Finally, the Most Important Takeaway from this Episode
Not knowing when to quit. Know your limits and don’t get dragged down the wrong path just because of sunk costs. It’s never too late to change and have success.
Music Featured on this Podcast:
Sleepy in the Garden
Lobo Loco www.musikbrause.de
Creative Commons License