Updated: Oct 23, 2019
A couple weeks back I took 2 of the gals from my marketing team out to see Michelene Maguire present on marketing your way to a million in revenue.
I consider myself great at marketing, but I want to be amazing and who better to learn from than Mich?
In her previous life, Mich was VP of marketing in a corporate job and brought that company from 3.5 million to 24 million in 6 years!
She left that job to start her own business and have more freedom and time for her son.
As Managing Director of Maguire Marketing Group, she applies everything she did in corporate to help small businesses market like big businesses and grow BIG!
Her presentation was tailored to fit the audience with lots of room for questions and what I got was a good shakeup in my thinking.
In all our businesses and lives we do certain things the way we do them because that's the way we do them!
I love to get out and learn in a setting like this to help me look at what I do from a different angle, and see what changes I can be making.
I went in specifically thinking about Fresh Collective, my fashion retail business, and what can be done differently in marketing and here's what I got:
* Reports are valuable and I should review stats monthly. I know this, but I don't like doing it, so I avoid it. But it's important so I can schedule time to actually make it happen.
* Our marketing budget is about 66% content creation and 34% ad spend. I can play with this allocation. Maybe the magic formula for more revenue is the opposite. This is just something I've been doing this way for so long, I never question it.
* I asked Mich what percentage of revenue a retail business should spend on marketing. She said, off the top of her head, that a business like mine could be spending as much as 17% on marketing. Right now we spend about 4%!
When I got home I ran scenarios and saw an entirely different possibility if we doubled our sales goals and spent 17% on marketing to get there.
It all left me so excited that after all these years, I can look at my business with a beginners mind and see a whole new future for it.
And it left me grateful that I know women like Mich who are so amazing and share their knowledge so freely.
In related news, Mich and I are co-hosting an online book club. This book changed everything for both of us, and for so many other entrepreneurs.
Read along with us by joining my Facebook group Entrepreneurs: Unstuck and In Action! and finding the pinned post about the book club!