The simple truth is that numbers don’t lie.
I’ve got to be honest with you, when I think about these numbers, they make me feel physically sick. You know that horrible sinking feeling in your stomach that something is really wrong.
Are you ready?
Let's start with $1,000,000.
That’s how much money I’ve spent on my marketing over the past 20 years in business – and what most businesses would spend in the span of a decade or more. It soon adds up!
But here is where it gets interesting, let’s look at how effective marketing is:
71% of B2B ads are a straight-out waste of money according to Mi3!
Not sure what else I can add here!
69% of people no longer trust your business's marketing message.
A recent Trinity Mirror and Ipsos study titled “When Trust Falls Down” found that most people distrust brand advertising and marketing. Your target audience doesn’t believe your claims – yet most people continue to create messages that don’t back them up!
If that wasn’t bad enough…
48% of marketing messages make your target audience yawn!
That’s right – according to The Digital Marketing Institute they find it boring because there isn’t an engaging message that resonates with them and most importantly clearly shows why you are better and different.
According to Nielsen, 47% of marketing campaigns fail to reach their desired target audience.
That means nearly 50% of your marketing campaigns simply don’t even reach the people you want to communicate with!
37% of your marketing budget is wasted on poor execution.
According to Forbes it’s due to poor execution, a lack of tracking and limited optimisations and improvements.
26% off your marketing dollars are squandered due to bad management.
Forbes recently reported that marketers today estimate that they waste approximately 26% of their budgets on unproductive strategies and ineffectual channels.
But this one scares me the most…
That famous Quote:
Marketers waste half of their money but they don’t know which half.
As it turns out, this is closer to 80%. The new axiom is that marketers are wasting 80% of their money. They just don’t know what 20% is working.
I do love that joke; how do you make a small fortune? Start with a large fortune and buy a winery. Well, in this case, simply do a lot of ineffective marketing!
So, let’s go back to that $1,000,000 figure I mentioned initially.
If 20% was effective, then only $200,000 of that budget was used profitably.
If I could double this to 40% effective, theoretically, I should have doubled my revenue.
Wasting money is a deadly sin in my book – and Warren Buffet’s!
So that’s why I’m introducing you to…
The 7 Deadly Sins of Marketing that cause 80% of marketing budgets to be pissed up against a wall.
It’s time to stop wasting 80% of your marketing budget and learn the quickest, easiest things you can do to maximise your marketing dollars.
Want to find out how much money you’re wasting and the top 3 things you can do to maximise your marketing dollars today – Call me and let’s find out!
