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Track Your Small Business Marketing Like Warren Buffett Tracks His Investment Portfolio
Are you investing in your marketing or just gambling?
Many small businesses have trouble getting traction with their marketing because they don’t think strategically about their approach. Instead, they try and throw everything at the wall to try and find something that will stick.
This most likely outcome of this approach is that you will lose money. If you lack a strategy, your marketing isn’t an investment. It’s a gamble — and the number one rule of gambling is that the house always wins.
Small businesses fall into the trap of gambling on their marketing because they have limited time, expertise, and resources. However, there is a framework that can help you earn a healthy return on your marketing investment, even if the only person in your small business is you.
The key is to manage your marketing the same way Warren Buffett manages his investment portfolio.
Buffett’s Two Rules for Investing
Warren Buffett is considered the greatest value investor in the history of the stock market. He has two rules for investing that are directly applicable to your marketing investments:
