You know all those pieces of financial advice that have been ingrained in your mind over the years? “Start early!” “You have to build your credit.” “You should find a financial advisor!” …Yeah those. They can seem intimidating and even a bit overwhelming, but when it comes down to it, they work. The great part for you is that all of this money advice that’s been tattooed on your brain can also be applied to your marketing career. Here’s a list of our favorite pieces of financial advice that can also apply to marketing.
Just as it’s important to plan ahead with a budget when it comes to your finances, it’s essential to do so for your company’s marketing. Creating a strong marketing strategy will assist in mapping out your future marketing tactics and budget allocation. Once you’re armed with this vision for the future, you’ll be able to ensure that every business decision you make is aligned with your overall marketing goals. This clear vision will also help your entire team to get on the same page and work toward the same goals. That’s when the magic happens!
How many times throughout your life have you been told to “start saving early?” The earlier you start saving – especially in the case of a 401(k) – the less pressure you’ll feel to play catch up later and the more financial freedom you’ll experience.
The same goes for marketing. The earlier you start projects such as surveys, paid ads, and nurture campaigns, the more accurate and insightful your results with be. For example, if you’re sending out a survey to customers to find out what type of events they’d like to attend in the upcoming quarter, reaching out early can have a major impact on your results. The sooner you start surveying, the more comprehensive and accurate your results will be, allowing your company to plan events that resonate with your target audience and produce a great turnout.
Track What Goes in and What Comes Out
Whether you’re investing money in a fund or making a material investment (such as buying a home), you should always keep track of the returns you receive from your investments. You’d never invest in a home if it came with countless leaks, structural problems, and termites. That’s because you’d be receiving a poor return; losing money rather than gaining a safe and secure living space.
Likewise, you need to carefully track your marketing investments. If you’re spending money on a PPC campaign and no matter what you try, the leads you get in return aren’t qualified, pull your money and invest it elsewhere. In the same vein, if your company is pouring money into attending networking events and conferences but the return doesn’t justify the exorbitant costs, redirect your cash flow. Keeping a close eye on all this will help you to keep your marketing ROI high and your strategy successful.
Build Your Credit
One of the most important steps you can take to ensure financial security is to build your credit. Most financial advisors recommend getting credit cards, using them regularly, and paying them off on time every month. This shows that you’re a reputable person to lend money to, making it easier for you to get approved for bigger loans down the road.
The same is true of marketing – it’s essential to build your company’s credibility. Consumers are generally hesitant to trust a company that doesn’t have a good reputation. That’s why testimonials, referral programs and word of mouth advertising have been key marketing tactics for so many years. Making it a habit to regularly request feedback and reviews from clients can help build the trustworthy reputation necessary to attract new customers. You can use tools such as performance surveys to both collect testimonials and improve upon your company’s weak spots. All this put together is the recipe for stellar credibility.
Most people who are good with money have had some sort of financial mentor in their lives. Whether it was a parent who was great with money, a professional financial advisor, or simply a financial publication, they’ve all gotten their saving habits from somewhere. It’s this advice and influence that has gotten them to where they are today.
Similarly, seeking a marketing mentor can give you the guidance you need to excel in your career. There’s nothing better than learning from the trial and error of marketers who have been in the business longer than you have. Whether you’re looking for advice on taking the next step in your career or simply executing a specific project, a good marketing mentor will usually be able to provide some clarity.
If you can’t think of any potential mentors in your immediate professional circle, tools like LinkedIn can help. LinkedIn is actually in the process of rolling out a new mentoring feature that will make finding and connecting with industry mentors easier than ever.
Although finance and marketing are generally considered completely different worlds, it turns out that success for each is achieved through much of the same advice. In both worlds, planning ahead will get you where you want to go, starting early will make everything simpler, tracking will help you make the right decisions, credibility is key and seeking advice is nothing to be ashamed of. Keeping this advice in your back pocket will help both your career and your wallet to grow.