Do you have a new marketing idea to promote your business? One of my students came to me with a great idea to promote her adventure company. She wanted to invite influential people from the area to experience her new local adventure for free. She figured these people would talk about the experience, which would create amazing word-of-mouth buzz and send her new customers.
The most important step in developing a promotional event like this one is to be very clear about your intentions right from the beginning. I recommend you take time to set a strategy by asking yourself these five questions:
1. What is my main objective for this promotional event?
You need to know what you want to get out of running the promotion. Maybe you want new customers or to bring in revenue. Perhaps your goal is to set up a referral system. Or you might want to create buzz and get influential people to talk about your promo across social media for strong social proof.
Get very clear on the reason why you are doing this promotion and spending money on it. Once you know why you are planning the promotion, then you can move forward with greater confidence that you are doing the right thing.
2. How much will the promotion cost?
Check out all the costs of creating a spectacular promotion and add them up. Think of everything including graphic design, printing, postage, hotel or room fees, virtual assistant time, food and beverage, flowers and decor, signage, tips, travel expense, etc. Don’t forget to add in something to cover your time so you get an accurate reflection of the true costs involved.
3. How many new customers would I need to cover the cost?
Getting clear on the numbers and what you need to break even is very important to your promotion’s success. This can be the difference between making and losing money. Figure out how many new clients you need to cover costs and then make that your goal.
4. If I charged a fee to cover my costs, what would that be?
Sometimes you can’t do a promotional event for free. Another option is to charge a nominal fee and tell people you are just covering costs, but not making money. Most people understand and will likely still want to attend, especially if this is a limited or “by invitation only” event. The more exclusive it sounds, the more people will want to attend.
5. What is the likelihood you’ll get the results you want?
Often business owners have a good idea if a promotion will deliver the results they want. Be extremely honest with yourself and think about the likelihood of success and the risks of the event. Taking calculated risks are frequently a big part of achieving new levels of income.
Your The Leveraged Business Assignment
Planning a marketing event can be a lot of fun, but don’t get lost in the creativity and excitement. First, make sure your idea is strategically sound. Answer the five questions above and check in with your accountability partner, mastermind group or a trusted colleague to be sure you’ve covered all the bases and thought of everything to create a successful sales promotion.
This is just one of the many best practices we dive deep into with the students of The Leveraged Business Business School, the premier training school for growth-minded entrepreneurs looking to quickly attract more clients and make more money. If you’re interested in finding out more, visit www.ClientAttractionBusinessSchool.com for more details. To speak to an enrollment coach, click here.