In the last 2 posts I have written about how you can estimate a rough budget and then what you need to figure out in the B2B market. In yesterday’s post I again emphasized on the concept of Marketing Stamina.
Today we will look at how you work out the economics of your marketing.
So we know we have $25000 with us, we also know that the lead time to convert an enquiry into an order could be about 3 months (longer if it’s a high value purchase). What we don’t know is that who among your prospects is going to raise their hand to ask you for your product or service.
If we start with a pack of say 1000 company names then you the inevitability principle 500 of them will change their vendor in the next 3-5 years. You only don’t know which 500 of them will and when in the next 5 years. They obviously won’t all happen in the last quarter of the 5th year also.
So we have to figure out a way to be in front of these 1000 prospects continuously. The media you choose can vary – print, PPC, LinkedIn etc. Depending on the demographic profile and the cost of reaching that profile on a regular basis.
What you have to keep in mind that your budget has to last you through the year such that you can get at the least 10 customers.
Till next time then.