Estimate – what can you afford to give

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The second step in the L.E.G.O principle for marketing success is ‘Estimate’.

Last week I talked you through how to plan out your marketing campaign, in particular how important it is to establish who you are marketing to, how you plan to reach them and where.

It is now time to think about how much time you can dedicate to the campaign and how much budget you can afford to put towards it.

If you are doing this for the first time then planning, researching and creating the campaign will probably take you some time to put together. As you get more experienced you will become quicker at it.

Most small businesses try to do marketing on a very small budget, or have no budget at all. It is possible to do this; you can use resources you already have, find free copyright free images (Unsplash is a good site) and write the content yourself. If you are planning on doing it this way the costs will be minimal but the time that you put into this has a value.

For example, if you plan to write a blog post for your website, with research, writing, editing and posting, this could take you around 4/5 hours How much would this cost you based on your hourly rate?

As you see, it all has a cost, even if it is an indirect cost – the cost of your time.

It’s important to remember that if you want to achieve results from marketing you have to be prepared to put in the time over a long period. If you are after instant results things like; paid for advertising on Google or telemarketing are the best methods but this can also cost a lot of money.

If you feel that you don’t have the knowledge or the time to dedicate towards marketing your business but don’t want to miss out on the benefits it can bring. Don’t be afraid to seek out professional help. Hiring a consultant or agency to do this for you will certainly make it easier. If you want to go down this route, it’s important to clarify what you want to achieve from the campaign and ask how they plan to deliver it.

Always seek recommendations from other businesses and don’t be afraid to walk away if you feel it is not working for you.

Next week I will discuss in further detail the ‘G’ from the L.E.G.O principle – Get going.

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