We know what you’re thinking – “not another sales article.” But, we want to share with you what you can spend under $400 on in your business and show you how the results compare. Naturally, there’s a lot of things you can buy for $399, but this article is going to be focussed on those that directly translate into growth for your business.
Pay Per Click Advertising
The likes of Google, Facebook, and LinkedIn are great places to start to advertise your business, and you can easily spend $399 in a day or two on your ads.
There’s a couple of things to factor in here – you’re potentially paying for the design of the ads, and possibly also paying for someone to run those ads, both of which would probably take up the majority of your $399 budget. However, if you run the ads yourself and do your own designs, you’re probably looking at a scenario like the below in B2B markets:
$399 ad spend at $3 per click (for higher value, competitive markets), which results in 133 clicks. Most websites have a bounce rate of say 20-30%, and a contact rate of 1-4%. So let’s say for example you get 1-2 enquiries for that budget potentially.
That’s not guaranteed, and results can be higher or lower, but that’ll give you an average benchmark.
Another option for business growth is email marketing. For $399, from a standing start, you’re looking at breaking your costs down into email design, subscribing to an email system, acquiring data to email or advertising to achieve subscribers, and then the cost of sending any emails.
Realistically, your $399 could be quite quickly swallowed up in all those efforts, however email marketing is one of the best methods to grow your business that should not be overlooked, and so it should be a long term investment.
With cold calling, conversion rates are typically not very strong, and you’ve got the fixed costs of a telesales agent, phone system, and finding and cleaning the numbers to call. For $399 we wouldn’t realistically expect much of a response as that’ll most likely procure you the phone, and get you a day or two of dialling with a sales rep.
Even with successful cold calls, it’s often the case that you need 2-3 touchpoints in order to close a sale, so for $399 you may be struggling to achieve cut through.
Traditionally, networking has always been a good option. Some networking groups can cost thousands per year, but others can be as low as $50 per meeting.
It all depends on your target audience and the type of networking event you’re attending. You often have to go to a lot of groups to find the one that’s right for you, however once you have found the right kind of events for your business, it is a great way to connect with others and develop relationships that may turn into working relationships in the future. With a budget of $399, you’ll most likely still be in a testing phase to see which group works best for you, and it is important to note that you will have to commit a fair amount of time to the group.