If, in fact, that thought has crossed your mind, you’re not alone. However, neglecting your marketing efforts is one of the biggest mistakes you can make as an entrepreneur.
You may be concerned with hundreds of business ownership details, but you still need marketing to achieve the visibility you require to get noticed in the marketplace. This visibility leads to more prospects converted, to more customers converted, to more profits-which is the formula for staying in business. So, by deduction, entrepreneurs need marketing to stay in business.
In the world of guerrilla marketing, there’s a general rule of thumb that 60 percent of your marketing should be spent on current and past customers. After all, they represent your best prospects. These people already know you, trust you and, hopefully, have confidence in your company, products and services. They’ve already had a good experience with your business, which increases the probability they’ll buy from you, especially when compared to a new prospect who doesn’t know you and hasn’t yet had a positive experience with you.
The remaining 40 percent of your marketing budget...