Knowing When to Quit
While getting marketing projects started is important, it is equally important to know when to quit. And that is a place where many business people have a challenge. They get emotionally involved with their marketing efforts and are reluctant to stop them, even if they are not producing results.
One small law firm I spoke with had spent $30k dollars on Google AdWords over 12 months and had only one lead to show for it. However, it took them a whole year to make the decision to quit running AdWords, because they were sure it would work for them. (As it turned out, it was the way their campaigns were being run and not AdWords that was the problem.)
So how can you avoid this problem? The simplest way is to have goals before you start the campaign and to measure the results. If you are not meeting your goals, then either significantly revise the campaign or stop running it. Don’t just keep hoping...
The other important piece to recognize is that many marketing campaigns are not going to work on the first try. This is to be expected. Even if you do get positive results, they may not meet your goals. So, you need to be ready to refine the campaign or scrap it altogether and try something new.
For example, we worked with an online school where we were able to hit their goal of less than $100 per lead. Unfortunately, they were not able to convert a large enough percent of the leads into students. So, the campaign did not work for them, and there was no reasonable way to decrease the cost per lead. Until they figure out how to convert more leads into students, there is no point in running the campaign.
So when you are planning to start a marketing campaign, be sure you have measurable goals. That allows you to remain objective and know whether your campaign is successful or not. As a small business, you do not have enough resources to spend money on a campaign that is not performing profitably for you.