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Are You Trying to Fill a Leaky Bucket?

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Created 7 years ago in Business / Getting Started
Are You Trying to Fill a Leaky Bucket?

In my work as a marketing consultant and coach, I talk to business leaders every day about the challenges they face making their businesses and brands more successful.

A modern strategy for digital and multichannel marketing is widely agreed to be essential, but some leap to this before checking their levels of profitability.

They try to fill a leaky bucket.

I advise my clients to conduct a business performance health check before “turning on the taps”. There is as much to be gained by maximizing profit as there is in smarter marketing, and this should be the first step.

Then, when your marketing and business development process has been transformed, the results are magnified many times.

The first step is very easy. Make a note of your net profit, then refer to the table below to find your sector.

If your profit margin is below the average for your sector then that’s the place to start. If it is equal or greater than the average, it’s safe to turn on the taps.

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