Just as there’s a difference between owning a business and running a business (or having it run you) there is also a difference between spending on boot camp marketing and investing in boot camp marketing.
When you invest in something, you’re doing so with the expectation that the return will be greater than the expense. This is true whether you’re investing in stocks, stamps or real estate and it was your expectation when you decided to invest in a fitness boot camp.
When you decide to invest in something, you learn about it, do your research, take a look at the projected profit margin and decide how much time and energy it will take. If you don’t, chances are you might be buying something, but you’re not investing in it.
This is absolutely true when it comes to boot camp marketing. I know people (and most of them have been coaching clients who were drifting toward bankruptcy) who spend all kinds of money different forms of marketing and never analyze what they’re getting from it, whether it’s cost-effective and whether they should be doing something else.
Listen, advertising is not the same as marketing. Getting business cards made, buying a Yellow Pages ad, putting flyers out there, these are all advertising and advertising is passive. You buy the ads and sit back and wait for the business to come in. Marketing is not passive, it’s active. Advertising leads to waiting – marketing leads to selling.
So how do you invest in boot camp marketing rather than just spending on it?
You invest time in investigating all of the different marketing avenues out there, such as Facebook, Google+, YouTube, local events and networking opportunities, building and maximizing email lists, putting out info products and so on.
You invest time and sometimes money in learning about and using various marketing tools and strategies and then you employ a variety of them. You don’t put everything into one form of marketing, but instead vary things by using different online and offline marketing methods.
You take the time to track the return on investment (even if your only investment is time) on every marketing tool, strategy and campaign. You add up the cost, in dollars and time, of each strategy and compare it to the amount of income each one generated. You don’t just throw something out there and hope or assume that it works.
You don’t equate cost with value.
I’ve known boot camp owners that spent several hundred dollars on a Yellow Page ad and then never got a single prospect from that ad. You know who called them? Existing clients who’d lost the phone number and people trying to sell more advertising. I also know plenty of boot camp owners who have learned to maximize the free marketing potential of Facebook and doubled, tripled and quadrupled their incomes. Marketing strategies that cost big money can have little to no value. Free marketing can sometimes be invaluable.
You get rid of the dead weight.
If your investment isn’t paying for itself or making a profit, you get rid of it. Who says you have to have a Yellow Page ad? Why should you give that ad in your local paper another month to prove itself? If it’s not getting results, get rid of it. Even if all it’s costing you is your time. Your time has as much value as your money; usually more. If you’re spending an hour or two a day on Twitter and can’t trace a single new membership to it, get rid of it. In two hours a day, you could write two blog posts, call up five clients who stopped coming to your boot camp, pitch a Lunch and Learn to two local businesses and compose a killer email for your subscribers.
Sit down for an hour sometime this week and calculate how much money and how much time is going toward boot camp marketing each month. How much is investment and how much is just spending?
Committed to Your Success