What would you spend your money on?

Discussion in 'General Business Forum' started by Paul FilmMaker, Feb 2, 2019.

  1. Paul FilmMaker

    Paul FilmMaker UKBF Contributor Free Member

    37 8
    So it's my second year of this shiny, new business and miraculously, in my first year, I made 50% more revenues than expected. I thought my idea was mad but in the B2B space, it worked. If you'd told me at the beginning of the first year that I'd have made this much money (admittedly, not very much), I'd have laughed.

    I had to adapt my solution during the first year and that's all good. It's B2B film making, primarily B2B tech.

    So I'm guessing my second year will be marketing, marketing, marketing. The product works so I'm throwing everything I have back into marketing. But I'm new at this so wanted to ask you all... What did you spend your money on in your second year of business when you realised you had something that had the potential to work?
     
    Posted: Feb 2, 2019 By: Paul FilmMaker Member since: Aug 29, 2018
    #1
  2. Alan

    Alan UKBF Legend Full Member - Verified Business

    6,177 1,709
    Sorry I can't answer your question from my own experience, as in 10 years I still haven't defined a product that I could market.

    But if I was in your situation, I would pay an expert to build a marketing strategy for me, because eventually I'm beginning to understand that I should focus on what I'm good at and get help where I lack experience and knowledge.
     
    Posted: Feb 2, 2019 By: Alan Member since: Aug 16, 2011
    #2
  3. Paul FilmMaker

    Paul FilmMaker UKBF Contributor Free Member

    37 8
    Thanks. I just want to say that's a great answer.
     
    Posted: Feb 2, 2019 By: Paul FilmMaker Member since: Aug 29, 2018
    #3
  4. Jasondb

    Jasondb UKBF Regular Free Member

    141 9
    Just a brief consideration in case you have not done already.:

    consider the total size of your market opportunity and the competition, what do the offer.
     
    Posted: Feb 2, 2019 By: Jasondb Member since: Apr 23, 2018
    #4
  5. fisicx

    fisicx It's Major Clanger! Staff Member

    30,110 8,838
    Yup.

    And that includes sorting out the website. Even in the corporate world a lot of people use tablets and phones to do their research. Look at you site on your phone - it's broken in all sort of ways.

    A mate of mine runs a £10M/year business. He spends more on marketing than he does on building his products. That's why it's a £10M/year business, his marketing investment pays back multiple times over.
     
    Posted: Feb 2, 2019 By: fisicx Member since: Sep 12, 2006
    #5
  6. AllUpHere

    AllUpHere UKBF Ace Free Member

    2,782 978
    Be careful ramping up your promotional marketing and advertising spend before you've spent enough on your strategic marketing and planning. You'll throw a lot of money away and waste a lot of opportunities if you plough money into promotional marketing at this stage.
     
    Posted: Feb 2, 2019 By: AllUpHere Member since: Jun 30, 2014
    #6
  7. ethical PR

    ethical PR UKBF Legend Free Member

    6,973 1,528
    You'd be much better giving one of the speaking agencies a brief and budget and seeing who they recommend. Most have showreels.
     
    Posted: Feb 2, 2019 By: ethical PR Member since: Apr 19, 2009
    #7
  8. billybob99

    billybob99 UKBF Regular Free Member

    895 167
    You would be much better off going to Sainsbury's instead of Tesco.
     
    Posted: Feb 2, 2019 By: billybob99 Member since: Apr 23, 2013
    #8
  9. JEREMY HAWKE

    JEREMY HAWKE UKBF Legend Full Member

    3,855 1,225
    Look at your most effective part of your marketing at the moment and increase you budget on this
     
    Posted: Feb 3, 2019 By: JEREMY HAWKE Member since: Mar 4, 2008
    #9
  10. Jon Hedger

    Jon Hedger UKBF Newcomer Free Member

    7 2
    Hi Paul,

    Firstly congratulations on your breakthrough!

    If you have a product or service that you have proven to work and are simply struggling to find and connect with customers then you have something for a marketing consultant or agency to get excited about.

    When you have a newly established business model and understand your costs, revenue and margin, you should be able to say "I would be willing and able to pay £X towards acquiring 1 new customer." You also need to have a good understanding of how many customers you want/can handle at one time (how easily can you scale).

    This information will form a crucial part of a brief for a marketing agency or consultant who can explore and price up options for you. But as part of this you should definitely look to work up a strategic marketing plan that will help you understand the long term direction you should be taking to achieve your objectives. This doesn't need to be (and shouldn't be) long, complicated or expensive.

    The crux of the challenge will be:
    1. Figure out who and where your target customers are
    2. Figure out a how to consistently get in front of them (LinkedIn? Forums? Google? Events? Etc)
    3. Make sure you have a really strong, relevant and enticing offer (not necessarily discount lead)
     
    Posted: Feb 3, 2019 By: Jon Hedger Member since: Mar 27, 2017
    #10
  11. Paul Carmen

    Paul Carmen UKBF Regular Full Member - Verified Business

    250 58
    It sounds like you really need initial help with the marketing strategy and planning. Otherwise the risk is it's just a scatter gun approach that may luck into delivering what you need, but is far more likely to not work & waste your money.

    Many marketing campaigns & lead generation processes fail, more often than not its the planning/execution/offer & not the route/platform that is the issue.

    If you have a plan then that's a good starting point, if not then create one, or get professional help to do so.

    As @fisicx says, your website just does not work properly on mobile and is even worse on tablet. You quote some interesting stats on video usage; however, according to recent research 68% of B2B searches now start online, with over half starting on mobiles.

    To get started work through the following type of planning scenarios:-
    1. Identify the core services you want to promote, these should be profitable for you & something you can deliver/scale if your lead generation really takes off
    2. What does this service mean for your customers and how do you communicate this succinctly; e.g. what is their problem, how do you fix it and why should they choose you
    3. Identify your customers (age groups, locations, demographic, affluence etc.)
    4. Research where your customers will look for these services & what they look for (is it online & if so what do they type in search engines, is it via another channel like business media or LinkedIn, is it word of mouth via networking etc.)
    5. What's your USP; e.g the hook to get them interested (do you do something great that the competition doesn't, are you better on start/project completion times, price etc.)
    6. Is your current marketing working, what's good, what's bad (if you're not really doing any marketing, or not tracking it, then this potentially means more research and testing of marketing channels, copywriting and adverts etc.
    Based on this type of process, you can then work out what to do & how to do it, using the right marketing medium, or a combination of a few to track & test what works for your customers and business.
     
    Posted: Feb 3, 2019 By: Paul Carmen Member since: Jan 27, 2018
    #11
  12. Paul FilmMaker

    Paul FilmMaker UKBF Contributor Free Member

    37 8
    Oops! Forgot to enable it for mobile! Thanks! Feeling sheepish about that one!

    Just hit the button and will continue to work it until it's right.
     
    Posted: Feb 4, 2019 By: Paul FilmMaker Member since: Aug 29, 2018
    #12
  13. Paul FilmMaker

    Paul FilmMaker UKBF Contributor Free Member

    37 8
    I think (but don't know), I'll bury my money into marketing execution. Specifically:

    - I have defined my target market based on sales so far: SME Tech firms, marketing departments and MDs. My repeat business, frankly, caught me by surprise because I was not expecting the product (video) to be as effective as it was. It was way more effective, generated my customers more leads than I expected and their repeat business came way faster than expected!
    - Strategy: Sell the 'easiest to understand' and 'quick win' solutions first.
    - Mixture of telephone based business development, email marketing, Linkedin campaigns (focused on getting my company's name in front of prospects so there is a little name recognition when calls go in), a couple of speaking engagements and a teensy bit of social.
    - AB testing 'intro emails' followed up by content marketing and 'pure' content marketing for initial approaches.
    - Medium Term is networking with existing contacts. People I know, essentially.

    And I have to both activate and tidy up my mobile website!
     
    Posted: Feb 4, 2019 By: Paul FilmMaker Member since: Aug 29, 2018
    #13
  14. sebulifestyle

    sebulifestyle UKBF Newcomer Free Member

    1 0
    You should need to focus on the video promotion of your brand it will increase your brand reputation and attract more customers.
     
    Posted: Feb 5, 2019 By: sebulifestyle Member since: Feb 5, 2019
    #14
  15. justleads

    justleads UKBF Newcomer Free Member

    27 0
    Absolutely! Once you say this, pro marketers can offer realistic solutions. Otherwise we have no idea what to offer you....
     
    Posted: Feb 8, 2019 By: justleads Member since: Feb 3, 2019
    #15
  16. Nochexman

    Nochexman UKBF Enthusiast Free Member

    1,810 280
    Yes, I love marketing too - its my job - but I'd always make sure to keep my product up to date and properly resourced. You know best.
     
    Posted: Feb 8, 2019 By: Nochexman Member since: Jun 14, 2011
    #16
  17. The Byre

    The Byre UKBF Ace Free Member

    8,380 3,241
    Everybody seems to be piling in with their 30 cents worth - so here's mine - some does involve spending very modest sums however.
    • Keep your powder dry. Money is hard-earned and easily spent.
    • The time will come when you should be creating equity in your company. How you do this will vary, but own freehold premises may be a start.
    • You definitely need more than one camera. You may be a gear-head and love the C500, but your customers don't know the difference between an 8K Arri Alexa with Angenieux Cinemascope lenses and a GoPro! They certainly won't appreciate the difference in image on their phones!
    • You need better lighting - think colour and sculpturing the image with light. You may find old fashioned halogen gives better and more film-like results than LED. Plenty of used bargains out there and you will never have any strobing problems!
    • Better grips, inc. a dolly. Camera prices are falling like rocks, but grips last for ever!
    • The sound in some of your videos is 'roomy' and lost. The MKH416 is not the answer to every situation, so a set of lapel mics and a body-pack from Sennheiser or DPA is called for.
    • If you don't have one, a tele-prompter is vital. Them execs will never learn a script!
     
    Posted: Feb 8, 2019 By: The Byre Member since: Aug 13, 2013
    #17
  18. Paul FilmMaker

    Paul FilmMaker UKBF Contributor Free Member

    37 8
    The first two are interesting and definitely elements to think about. Also, I have a ton of kit ranging from halogens to a jib but we have literally the opposite take on filming. This was an accidental discovery for me in the B2B, SME tech sector marketplace. I shot a rush job - a little recruitment video lit for exposure, sounded like the room. Anyhow, the company ended up hiring lots of quality candidates without using recruitment agencies so they saved a ton of money and hired faster!

    The head in APAC wanted the same thing and produced fantastic, business results. And then it worked for sales and marketing vids. So I took a deep breath and created a business doing literally the opposite of what 99% of film makers recommend.

    Today, we shoot mostly B2B SME tech sector, sales videos and I love it because we get to make a real difference to businesses as our content helps them sell more and grow. We made 50% more than I thought we would in our first year and a lot of repeat business because our customers tell us our videos generate good leads. I think (and I'm guessing) that 'authentic' look and sound is more truthful and truth creates trust. And trust equals sales.

    There's a whole methodology based on authenticity of which sound and visuals are only a part and I want to market it as I really enjoy making an impact on customers. The filming is great but helping tech sector SMEs drive their businesses forward through generating more leads is a real buzz.
     
    Posted: Feb 11, 2019 By: Paul FilmMaker Member since: Aug 29, 2018
    #18
  19. justleads

    justleads UKBF Newcomer Free Member

    27 0
    Jon Hedger and myself suggested to consider a simple but important question: how much can you spend on getting 1 new customer, and still being happy? And how many orders you can handle?
    If you have the numbers, even approx., it will help to suggest you other pathes to marketing (say, PPC), and how to do effectively. With these two numbers I can immediately tell you about the PPC, other experts will help in their fields....
     
    Posted: Feb 11, 2019 By: justleads Member since: Feb 3, 2019
    #19
  20. The Byre

    The Byre UKBF Ace Free Member

    8,380 3,241
    There's an article coming on this topic to this very form in a few days.
     
    Posted: Feb 11, 2019 By: The Byre Member since: Aug 13, 2013
    #20