Geoffrey James of Inc. writes that “there are a dozen ways to spend a marketing budget unwisely,” but he has three dollar-drain strategies that are “the worst offenders.” First, James says, be wary of vendor-focused trade shows. “There are only two reasons to attend a trade show” for James, and those are to generate sales leads and close existing opportunities. However, “both goals are impossible to achieve if neither customers nor potential customers attend.”
James recommends you “insist every trade show investment be matched by a reasonable financial return.” Next, James targets brand awareness campaigns. He suggests that you “set goals for and measure every marketing activity by whether (and how well) it creates sales leads or shortens the sales cycle.” And finally, James wants you to stop wasting “money on custom market research” and instead “compile and contrast publicly available data that’s gathered without a specific agenda.” Stop blowing through your marketing budget on these three tactics and spend it on what counts: bringing in leads.