Marketing promotion ideas can help launch a new business with increased web traffic. Some ideas don't work well for certain businesses though, and if you don't know when to stop, you can waste money and time. There are 3 reasons to pull the plug on a marketing promotion strategy:
1. Low Quality Leads
It doesn't matter if you're getting thousands of unique visitors on a daily basis, if none of those convert into customers. Many search engine optimization consultants have scammed business owners by promising a large amount of web traffic. In many cases, they deliver the goods, but it's mostly spam. If you don't target quality leads with your marketing promotion strategies, you won't make money. Use Google Analytics, e-mail marketing tools and anything else you can to measure the rate of conversion between visitors and customers. If it's too low or non-existent, it's time to pull the plug.
2. Low Return on Investment
Perhaps you are getting some qualified leads, but you're losing more money than you make. For example, if you offer free consultations to prospective customers who don't sign up later for paid consultations, then you have no return on your investment. In general, it may be a good marketing strategy for some people to offer free consultations, but if it doesn't work for you, then you should stop. Either lower the cost of an initial consultation or charge for all consultations.
3. Not Sustainable
If a marketing promotions tactic is not sustainable, then you should pull the plug sooner rather than later. Some ideas create a buzz so fast, and yield great results, but it's hard to keep it going. For example, offering a blackberry to a random drawing of the first 50 subscribers to your email newsletters may have worked, but you can't keep buying blackberries and giving them away. The interest will soon wear off, or you may not be able to afford to keep the promotions going. It's better to choose ideas that you can sustain in the long run, such as giving away unique products that you plan to carry.
4. Wrong Choice for Cross Promotion
It's hard to get to know every business person you have the opportunity to do a cross promotion with. You'll in fact limit yourself greatly if you expect to have a personal relationship with business owners before agreeing to do a cross promotion campaign. The best you can do in many cases is to check their reviews, conduct a general Google search and check websites like www.BetterBusinessBureau.org for complaints by customers. There are times, though, when you have to pull the plug if the business you've exchanged links or ads with is engaging in deceptive business practices or has developed a reputation that you don't want to be associated with. When you find out you've made a wrong choice, be professional but confidently end the business relationship.
Admitting failure is tough to do and it may be the reason why you don't not want to stop a marketing promotion strategy. Learn from your mistakes and know that many entrepreneurs before and after you have made mistakes.
Daphne Mallory, Esq. is the co-owner of Mallory Writing Services and has written more than 100 articles helping home based business owners and entrepreneurs start and market their business. You can learn more about her here.