30% learning new concepts; and 10% working on improvement of your weaknesses. I get asked all the time when attending a seminar for services I offer, ‘Why are you going to that when you could be teaching it’? There’s never a time when you have learned enough to stop learning more…
1. the action or business of promoting and selling products or services, including market research and advertising.
I define it as:
2. the action by which your consumers build the trust and desire to use your product or services.
So let’s break it down to the first question everyone asks, ‘How Much Is Enough‘? There are multiple variables out there and it factors down to not just time but the usage of resources to get you in front of your consumer enough times that when they are finally ready to buy your company is the name that pops up in their frontal lobe which is the part of the brain that is involved in movement, decision-making, problem solving, and planning!
While every industry is different like say a restaurant can invoke through their advertising an immediate hunger creating a response to action while a harder industry like financial planning has to do a lot more strategic planning in their marketing to induce a return on their advertising investment. Having said that a good rule of thumb is the 60 – 30 – 10
Hold on to your seat… the 60% is how much time you should be causing an action in marketing your business product or services! In a 50 hour week that is about 30 hours of time devoted to getting in front of your customers. This is a time & again proven fact for all successful businesses! Key is to not do it all alone (that’s another blog coming soon – how to recruit free help!) It is almost laughable when I hear about seminars that say they can teach you to handle all your social media in less than an hour a week! Really? I’d have to vigorously disagree – social media is successful when relationships are built (hence the word SOCIAL). How many of you are talented enough to create a relationship with thousands in less than an hour a week? I’d like to meet you… (silence…)
Okay, back to reality 🙂 in order for it to really work and give you the results you are after you need to:
· Spend 60% on marketing and sales
· 30% on making or providing products or in service delivery
· 10% on administration and management
Or simply, prioritize your time as marketing – making – managing.
The exception to this is when you’re in start-up. Since you have no customers (or very few) spend 80 – 90% in marketing and sales and 10 – 20% developing systems in administration and management.
This 60 – 30 -10 rules transfers into other aspects of your business as well.
For example, when it comes to Client Retention and acquisition, spend 60% of your time and effort on keeping and growing your current clients. Spend 30% on getting new mainstream clients in the short term and 10% on long term sales for those bigger projects or clients. It factors down to the same story no matter the industry it is easier & more affordable to keep a client than to cultivate a new one.
For training, spend 60% of your training time and budget developing and enhancing your strengths;
If you don’t have a budget for training, I suggest you rethink this. Imagine how much more business you could grow simply by sharpening your edge and honing your strengths. I’m confident you’ll realize a high return on your training investment. Fact is with the internet education is more affordable than ever!
If you have staff, spend 60% of your time on the superstar best performers. 30% on the high potential staff and 10% on the low performers. Just like enhancing skills, investing time and energy into winning opportunities will yield greater results than trying to improve weaknesses or poor performance.
So how does this 60 – 30 – 10 rule translate out to an actual week? In an average 50 hour work week, these percentages equal 30 hours sales and marketing, 15 hours providing products or service delivery and 5 hours doing administration and management.
Are you having a bit of a reality check? Give it a try and you may be amazed at the result on you business.
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As always – AMI is here for you!