What are some types of marketing strategies and how do you go about picking the right ones for your home business?
This is a question I get quite frequently, and it’s an important one, so let’s see if we can shed some light on this topic in today’s post.
Let’s look at a few different types of marketing strategies to determine which ones may be best for your business. We’ll take four things into consideration: Your interests, skill level, marketing budget and whether you’re working your business full time or part time.
Types Of Marketing Strategies: Choosing Yours
As important as it is to work on getting a consistent flow of leads, remember that how profitable you end up becoming is relative not only the number of leads you produce but to what you do with those leads.
You can produce heaps of leads all day long, but at the same time you’ve got to find ways to monetize those leads.
This means you’ve got to work on converting those leads into sign ups for your network marketing opportunity, and also, learn how to profit off of the 95% that doesn’t join you in your MLM.
I have two recommendations for you for how to do this: 1. Sell them affiliate products that you earn commissions on, and 2. Send them to MLSP and earn member referrals.
That being said, let’s look at some important questions you should ask yourself as you evaluate the different types of marketing strategies out there…
What Are You Good At And Passionate About?
The two tend to go hand in hand: If you love to do videos, chances are you’re also pretty good at it. If you’re good at blogging, chances are you enjoy it as well.
This is not always the case, but more often than not it is.
So as you look into the different types of marketing strategies, I recommend you jot down some ideas on a note pad, a few things you know you excel at or others have told you you excel at, and/or something you’re passionate about.
Then think about how you can use your talents and passions as you go about marketing your business.
Next question —
What’s Your Marketing Budget Like?
When looking at types of marketing strategies for your home business, it’s essential that you keep your advertising budget in mind. If you’re on a shoestring budget ($0-$300 a month), you’ll have to go with the “free” or “low cost” stuff.
Some ideas would be: Article, video marketing, blogging, press releases, solo ads, banners or a combination of of these. These are all either free (the first four) or low cost (the last two).
But don’t be too quick to conclude that the best types of marketing strategies are the free or low cost ones. Free and low cost generally take a great deal longer to produce results.
Whereas paid marketing can give you a flood of leads, free marketing will only give you drops at first, and it may take you several months to build to momentum.
Whether your strategies are free or paid, massive action is key. I also strongly recommend you use some of the social media sharing tools that you find in the resource section of this blog to help your videos, blog posts and articles go viral.
“It Takes Money To Make Money”
If your marketing budget is over $300/month or so, you can consider outsourcing some tasks inexpensively to a freelancer at Odesk.com. Perhaps you want to use a writer to write some of your content for you.
Or maybe hire someone who’s got great phone skills to follow up with your leads. (This is very powerful…You now have an “assistant”…you suddenly look so much more successful in the eyes of your prospects than were you to call them yourself!)
Another thing you could do is invest in Facebook ads, which you need a bit of a budget for – at least a couple hundred dollars a month, otherwise it will be hard to create momentum.
Remember you need 30+ leads a day in order to start generating consistent sales.
Third question —
How Many Hours Per Week Will You Be Marketing?
When looking at the different types of marketing strategies, you also need to consider how much time you’re able to put in. If you’re full time (which in network marketing would translate to about 60+ hours a week), free strategies may be a viable option.
On the other hand, if you only work your business a few hours a day and you’re trying to produce 30 leads a day for free, it will take you a long time to become profitable.
Whether you’re full time or part time, you really should move heaven and earth to try to free up some funds for marketing. Because, as I said before, paid methods will almost always be the types of marketing strategies that will give you the fastest results.
Types Of Marketing Strategies: Piecing It All Together
So to sum it up, when you evaluate the different types of marketing strategies, it’s essential you pick a method you are passionate about and also good at (or willing to work at getting good at).
Your marketing strategies of choice also need to fit your budget and schedule.
Once you decide on your strategies, it’s critical that you commit. Commit for at least six months. You’ve got to give it time enough to produce results.
If, for instance, you’ve decided that blogging is it for you, then make it your daily pursuit to consume every webinar, marketing call and course that you can get your hands on on the topic.
Eat, breathe and live blogging. (And all those trainings that are not on blogging? Skip ’em! You don’t need to attend them – not right now!)
Consistency, focus and patience is everything. And remember, above all take action with the information you absorb. You learn best by DOING!
Finally, don’t wait for the “perfect” moment to get started because it will never come. Just get started and make the absolutely best out of what you have at your disposal right now – because that, my friend, is the surest recipe for success.
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