How BIG is Your Marketing Budget?
Let’s face it, most of us do not want to spend a lot of money on marketing. Consultants typically would rather make an attack on a front that does not cost much. Although there are many ways that this can be done, it should only be a part of the arsenal used. So how much should be spent?
Spending really depends on how much money is earned from a consulting gig. If a typical engagement brings $5,000 and it takes 2 to 3 weeks to gain the contract, then spending over $500 would be belt tightening. However, if your marketing plan is to use that money for being in the right place at the right time, then it will be well spend and likely get you another project to work on. As a consultant you will spend time on researching where to go in order to make sure you are in the right place at the right time. The $500 will be used for entrance to the event, buying food or drink for your target client, follow-up materials for the contacts you make, and subsequent travel, materials, and phone calls.
Research, however, is the key to making this expenditure fruitful. Without the research, you could attend many events and never get anywhere or close to obtaining a contract. So what needs to happen when doing research?
First, make sure you know the profile of the ideal client. That means every detail that is relevant to obtaining the contract. Make notes on the size of the organization, the typical entry point that is successful for you, the size of the budget they need to have for your services, the types of problems that are normal for this type of company, who is responsible for solving the problem, who makes the decisions, who approves the funding, how the process for payment works, how long it takes to become a vendor, where you can “run into” the ideal contact, plus anything else that ties into your expertise.
Second, create a process for getting your research completed. This means, decide where you will get the information – newspapers, Dun & Bradstreet, Google, and any other place that will give you good accurate information. Also find out if anyone you know has a contact within that organization. This can be a good starting point for up-to-date projects. Also, when scanning newspapers or online sources, look to see what jobs they are trying to fill. This sometimes gives you a good clue as to new projects.
Last, armed with the research, you can begin to execute your marketing plan with knowledge rather than just hope. Call the right people, or at least attend an event where you can meet the ideal contact. Start the action steps from the plan and if you need help, hire someone or use a professional. The money will be well spent. Just remember that great things happen one step at a time, do not put all your efforts into one company, do at least ten at a time. If you connect with only one or two people a day then you will have contacted 40 each month for a total of 480 for the year. Out of that many connections, at least 5% (24) will become a project as long as the contacts are the ones that need the services you are offering.
Bette Daoust, Ph.D. has been networking with others since leaving high school years ago. Realizing that no one really cared about what she did in life unless she had someone to tell and excite. She decided to find the best ways to get people’s attention, be creative in how she presented herself and products, getting people to know who she was, and being visible all the time. Her friends and colleagues have often dubbed her the “Networking Queen”. Blueprints for Success - Networking: 150 ways to promote yourself is the first in this series. Blueprints for Success Branding Yourself: Another 150 ways to promote yourself is planned for release in 2006. For more information visit http://www.BlueprintBooks.com.
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