4. Conclusions
In addition to conclusions drawn from your answers to the other parts of this section, consider the following option.
Apply Time.
Contrary to the advice any of our clients ever seem to pay for elsewhere, and contrary to the general thinking in the marketing industry, we often recommend backing off when there is uncertainty. If time at this rate of expenditure is not permissible, reduce or eliminate the expenditure.
Won't that reduce the potential leads? Yes, most likely, but if the lead rate is already not sustainable then the solution is not to increase expenditure in avenues that have an unsustainable cost per lead. The cost per lead usually only increases when attempting to achieve more volume; there is often a threshold (sweet spot) where you get the most leads for expenditure, and increasing expenditure beyond that point reduces the efficiency - while it gets more volume, it increases the cost-per-lead.
Withdrawing expenditure may more clearly identify free lead sources, namely: word of mouth, and existing organic (SEO) presence thanks to your SEO investment thus far. Won't SEO decline? Yes, indeed. But the break-in time will allow for a. clarity, b. cash-flow relief.
We've seen previously successful small businesses fail (attempt to sell and then just close) because they weren't willing to wait. Almost as bad, we've seen them feverishly dump big figures into marketing, costly expos, new product lines, etc, all to no avail, only to see the market conditions improve in their favour after a short period of time.
So as counter-intuitive as 'wait' sounds, it's easier to wait when you're spending less in doing so. It avoids the potential problems that come from the opposite (and often self-serving) advice from most marketers since debt and interest on uncertain marketing makes less sense than waiting.
Made Some Conclusions?
Drawing positive and actionable conclusions is essential to success. Now you need to test them.
Next, move to the final step to apply changes: