Posted by Matthew Loop | 0 Comments
This is one of the most common questions I receive from doctors, professionals, and online entrepreneurs. The answer I give usually shocks the majority of them, too. Before I share a good rule of thumb percentage, I’d like to assume that most people going into business don’t just want to do “average.”
I’ll take the position that you, reading this blog right now, are serious about becoming an industry INFLUENCER and creating unstoppable, lucrative streams of business revenue.
You know, the expert that everyone in your online of offline community seeks advice from first before they turn to another source. A great example an industry influencer would be Dr. Oz.
Truth be told, he could be a crappy doctor… who knows?
The point is, that MILLIONS of Americans seek his advice first before going elsewhere.
Because he’s been everywhere in the news since he appeared on Oprah several years ago. He hit critical mass almost instantly after the appearance.
He is famous in the medical field which AUTOMATICALLY gives him public credibility. This has nothing to do with how good of a medical doctor he is or his batting average with disease reversal either.
When you gain celebrity status locally or nationally, people trust you way MORE and will almost always choose you over other competing professionals.
So, what’s this have to do with you?
You see, when you go into a market you want to be everywhere and anywhere a potential new patient, customer, or client will search. In fact, you want to just saturate and flood the market with your content, face, etc. You want to be famous.
To do this, you’ll have to invest money. There’s no getting around it. I’d recommend allocating at least 25% of your monthly profits for marketing / advertising so you can become trusted guru in your respective industry or community.
Honestly, if you have the money, you can BUY critical mass in a few short months if you do it right.
The important thing to realize is that, when you finally reach this tipping point, you’ll have all of the new clients / customers you can handle. Not to mention, you’ll be able to charge and collect HIGHER fees.
Drug companies are good (but unethical) examples of how to buy critical mass and public opinion by mass inundation.
They consistently manipulate the masses with “toxic sludge is good for you” advertisements and Americans believe what they see. Hence, a big reason we’re such an unhealthy nation.
The constant repetition effectively shapes beliefs, perception and attitudes.
Television advertising and Facebook Ads are two examples of effective paid media where you could invest each month. You can literally flip a switch and have your face everywhere locally or in your industry.
My sister is in television media sales in Jacksonville and she knows the dollar amount and how many ads to run to make someone locally famous within 4 months. This means that practically everyone in the city knows your face and what you do.
The end result is a life of having all the new business you want while charging what you’re worth.
Now, with that said, there are ways to be more strategic than just “branding” your face and business name.
That method takes WAY too long and it’s not the most effective use of your dollars. We’d want more of a direct response approach, which we’ll go into on a separate blog post.
Over the years, I’ve successfully used paid advertising coupled with free social marketing strategies to become a center of influence and well-know in a few different industries. This combination works incredibly well if you do it the right way.
If you’re not willing to invest in your business or brand, don’t expect to be the MOST well-known and trusted leader in the marketplace.
The exception to the rule would be if you have a direct connection to Oprah and can get on her show. That would ensure you reach critical mass in no time while spending less.
I think you get my point. Investing at least 25% of monthly profits back into promoting the business is commonplace for industry moguls and influencers.
Did you like this post? Click the Facebook “like” button below and share it with your friends.
Related Blog Posts: