The Magical Word which turn your limited resources into Unlimited Potential for earning money is “ Leveraging”
The concept of leveraging means gaining maximum possible sales, revenue and profits for the minimum time, effort and money invested. It involves using the small amounts of capital and energy at your disposal to get huge results.
Consider this example:
You place an Ad in a newspaper.
You spend money on the Ad in terms of payments to your agency and the newspaper. You also invest your time in generating an idea and perfecting and approving what your Ad agency shows you.
The ads may vary in content, but the time, effort and money involved remain the same.
Consider that you release two ads, A & B.
A brings you 50 enquiries and 2 sales.
B brings your 200 enquiries and 20 sales.
Isn’t B a better Ad? That too, with the same resources?
Making leverage work for you involves using knowledge and experience to maximize the productivity and efficiency of your resources.
Leveraging ensures that you:
• have the highest probability for a successful outcome
• have the lowest probability for failure
• Use your resources (time, energy, money) optimally
to get the best possible value for the money you invested.
Here’s how to make leveraging work for your advertising campaign:
ü Identify your target audience. Decide who would really be interested in your product. Think about how best to reach them.
ü Always test small, first. Test your initial ideas on small focus groups and individuals.
ü Choose your media based on your target audience. Try to aim for the maximum reach at least expense to you.
ü Size doesn’t really matter. A small, well crafted Ad may get you a lot more sales than a large full page Ad that doesn’t communicate your message well.
ü Take advantage of low-cost options like classified ads, advertising along with a non-competing product, Internet and publicity.
ü Reach out to your inactive or past customers.
ü Fine tune your advertising and follow- up sales letters / brochures so more people respond to your campaign.
ü Once your system has overcome initial teething problems and is running smoothly, think about setting it up so it will work without you and you will be free to concentrate on growing your business.
Leveraging your marketing campaign ensures that your business grows geometrically instead of arithmetically. You get more first-time customers and you can then ensure that they stay on as your long-term customers. This ensures that your business growth is exponential!
By Jayant Hudar . Founder & C.E.O of School of Business Wisdom