Well, of course this would first depend on the level of success that you want. If you’re just looking for a sub $1 million company, well, the answer is, not many. But for most of you reading this article, I imagine that you’re looking to create multi-million dollar companies and for a few of you, companies that are doing tens of millions.
As written in my prior articles, there is no such thing as a “magic bullet” to explode your company. I know that a lot of companies in the digital age, including all of the marketing gurus that we see all over Facebook, etc. want you to believe otherwise, but it’s just not reality.
So how many different forms of marketing do you need to create a company as successful as you want it to be?
As many as it takes.
The formula is simple though. Now, it might sound obvious, but I assure you it escapes more business owners than you’d think. And the formula simply stated as this: Do you make more money than you spend on the marketing program?
Would you spend $1000 to make $2000? I would. Would you spend $5000 to make $20,000? I would. Anything that gives me multiple times what I spend on them, I continue doing them. Then, you keep adding more and more. On top of this, the longer you keep them in play, the more they seem to snowball over time returning more and more times what you’ve spent.
The biggest issue I see a lot of business owners do is that they’re constantly changing marketing programs. They’re jumping from one type to the next, from one company to the next – with no persistence or stable progression on any one of them. And then sometimes to make things worse, they don’t learn to balance multiple marketing programs and multiply the number of leads they’re getting from them. They just turn off one and try another, killing the progress and growth of the first one. No company of any significant size ever does that. They have multiple things going at any given time, usually six or more, stabilized and consistent.
So there in lies the trick. Can you persist at one marketing source and make it work through all of the barriers that you will inevitably encounter? And then can you progress through 2, then 3, then 4, and as many as 6 or more at any given time, and take all of them through to success?
Stopping one because it’s not as big as you want, even though it’s getting you a return on your spend, is more disruptive to your company’s growth than you realize, and frankly, bad management of your marketing department.
Now, all marketing programs will inherit a snowball effect at some point. They gain more and more traction. And this is the crucial part of the progression that most novice business owners don’t know or realize.
Dan York , Founder & CEO of Stellar-eMarketing, Inc.