Don’t end your marketing campaigns too early.
Many of you have probably invested a lot of money in marketing. Some of you may even have paid for services in the past only to stop because you couldn’t afford them anymore or you knew they weren’t working.
A good example of this is mail marketing. I’m guilty of paying for mail marketing myself; at one point, we were spending around $1,000 a month for 1,000 mail pieces. It was in-house, and we were getting a pretty good response with it. We assumed we’d get the same results when we outsourced the mail fulfillment, but we were wrong.
I say all of that to bring up the cash conversion cycle. This is roughly the timeline of how long it will take for you to start seeing results from your marketing investments. It’s important to understand this because your marketing dollars might not take hold for several months.
Feel free to follow along in the video above or else use the timestamps below to navigate the discussion at your leisure:
1:30—Drawing the cash conversion cycle
3:14—When people typically cut off their marketing
3:52—It will take time to work
4:15—Track your budget and your results
4:50—Be sure to plan for the cash conversion cycle
5:40—Wrapping up today’s topic
If you’d like a more tailored business plan or you’d like to look at some national data I have with different lists and conversions, don’t hesitate to reach out to me. I’d love to help you. I even have some free stuff that will help you work the conversion cycle without having to pay out any money.