Freelance Writers: How to Divide Your Marketing Budget for Maximum Profit

I've been a freelance writer since 1993, and owned two other businesses over the last decade. You might call me a small business junkie. I love business and reading and/or listening to discussions about marketing is one of my all-time favorite past times.

You can never learn too much about marketing when it comes to small business is my belief. In that vein, I was listening to the Dave Ramsey show on the radio one day. The show's focus on this day was on small business owners.

A small business owner called in with a really interesting question I think freelancers could learn from. He said that he had set his marketing budget for the year, and he wanted to know how to spend it for maximum effect. His query went something like this:

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"I have $12,000 to spend for fiscal year 2008. I want to know if I should spend $1,000/month for 12 months, or if I should spend more on special deals during a certain period, or if I should pump up our marketing during our busy season?"

Excellent question and one that many of us freelancers probably don't think about in too much detail The reason I thought it was such an excellent question is because editorial (especially freelance writing), is a seasonal industry, as outlined in the article, The Work Flow Cycle of the Editorial Industry, on InkwellEditorial.com.

From approximately mid-June through Labor Day and from Christmas through the end of January are usually pretty slow.

February through the end of May is usually very busy, as is September through mid-December. iven this, how would you divvy up a marketing budget?

NOTE: Even if you don't have a marketing budget to speak of, knowing when to increase your promotional efforts - whether it's writing and distributing free articles or giving away copies of an e-book - can mean a big increase in your income.

Step 1: Know the cycle of your industry. Don't spend money during slow times. Use free promotional methods. Eg, send them articles you've written for possible publishing, distribute a free newsletter, write and disperse press releases, etc.

Step 2: Strike when the iron is hot! As in, spend the bulk of your ad dollars during high season.

Step 3: Prepare in advance: Eg, knowing that things pick up in September, target your marketing venues 3-6 months in advance. Many outlets offer discounts for early placement and for bulk placement.

Hence, you get the best bang for your buck by being the early bird. You may be able to extend your ad run by 20, 30 or 40% by placing it early. Eg, instead of placing an ad for 12 weeks, you get 16 or 20 for the same price by being early.

Step 4: Track your advertising: Placing ads early also gives you enough time to put an ad tracking system in place.

What is tracking an ad? Eg, say you send out 500 postcards - 250 with one message and the other 250 with a slightly different message. You want to see which one pulls better, so you put a tracking code, eg, IW-A on one batch and IW-B on the second batch.

After a certain time, say 2 weeks, you go back and see which one responded to your call of action better.

Successful advertisers are constantly tweaking their message because even a half-percent increase in response can mean hundreds or thousands of extra dollars. The kicker: it can be as simple as a one or two word change that makes the difference. As you advertise and market more, you will get better and better at doing this.

In conclusion, knowing when to market is as important as knowing what to say in your advertising material. So, learn the cycle of your industry and use your ad dollars accordingly.

EXCERPT FROM TOMORROW'S POST: If you’ve lost your passion for writing, here’s why and how to get it back -- with a vengeance!

In my 5/10 post entitled “What to Do When You’re Tired of Writing,” I kvetched about being tired of writing. I recently got my writing groove back. I actually look forward to turning on my computer. So, I asked myself, “What happened? Why do I feel so differently now, when I was considering a career change just a few weeks ago?”

After examining the issue in detail, I discovered a few things that I think other freelance writers can learn from.
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Freelance Writers: How to Increase Your Business with a Simple One-Page Letter

When I owned my editorial staffing agency and would put out a job opening for freelancers, I would get a ton of responses. If I asked for work samples, I would get slammed – even if the ad specifically stated to send, for example, “one writing sample on real estate investing.”

To quickly get through the pile of resumes, the first thing I would do is weed out anyone who sent more than I had requested. The point of this little story – more is not always better.

BUT, you may lament, “I want to show the client what I can do for them.” You can do this very effectively via a simple one-page introductory letter.

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SECTION I: In this paragraph, you simply want to state your name and give a very brief background summary and niche specialty. Eg:

I am Yuwanda Black, the publisher of InkwellEditorial.com. A freelance copywriter for over 13 years, I specialize in increasing the referral rates of real estate agents, mortgage brokers and insurance agents via newletters, brochures, e-books, etc.

Whatever your written marketing needs, I can deliver measurable results. Samples of my writing/portfolio can be found at mywebsite.com (you do have a website, right?).

SECTION II: Illustrate to the client that you are familiar with his product, service, specialty, etc. and how you can improve it, supplement it, overhaul it, etc. for better results. Eg:

I noticed from your website (brochure, postcard, sales letter, etc.) that you have been in business for 5 years and service the XXXX market. I can help you increase your sales by at least 15% over a year’s time (maybe more). How?

Studies (cite a source) have shown that consistent contact is the number one way to get clients to call YOU – and not your competitor. According to xxx (here you would input a reliable marketing stat), in your industry, only X percent of mortgage brokers do this.

Imagine how many more clients you can add to your business by becoming the go-to expert in your sector? I can position you for this – bringing in referrals for years to come!

SECTION III: The wrap up: Repeat here their number one benefit of using you, eg, to increase their bottom line. Eg,

My job is to increase your bottom line. As a results-oriented professional copywriter, I know how to move prospects into your (not your competitor’s) paying customers when they’re ready to buy.

SECTION IV: The call to action. Ask them to do something – now!

Call today for your no-obligation consultation. I can be reached at:
PH: 000-111-1234
CELL: 111-222-3333
FAX: 222-333-4444
Email: info@inkwelleditorial.com
URL: InkwellEditorial.com

SECTION V: The P.S. (EVERY sales letter should have a P.S.). In this section, you can give a way a freebie (e-books are great for this) and/or reiterate a major benefit (eg, increase your bottom line by 15%).

Feel free to use a P.S. and a P.P.S. Eg:

P.S.: With your free consultation, you receive a free e-booklet, “For Real Estate Professionals: 10 Ways to Turn Referrals Into Paying Customers.”

P.P.S.: This e-book is FREE, even if you don’t use my services.

5 Copywriting Tips for Your One-Page Letter

a) Use lots of white space and bold headings. Eg, between each section, create a bold heading that clues the reader in to what they’re about to read. Most people skim copy – especially from unfamiliar sources – this makes it much more likely to get read.

b) Write from a “what’s in it for the client” point of view instead of a “what’s in it for me” point of view. At every turn, reiterate how you can help them make more money, save more time, reach more prospects, etc. In business, most people either want to make more money or increase their referral ratio – these are safe objectives to state that you can help them with.

c) Make a connection: Eg, I read on your website; I heard in your seminar; I see from your brochure – everyone likes to feel that you have at least taken the time to know their business.

d) Give stats: This lends credibility to your “sales pitch.” It’s not just you saying x, a noted source can back up your contention.

e) Use a call to action: If you don’t ask them to do something, they may do nothing. So, use phrases like call today, log on to our website, subscribe to our newsletter, register for your free gift.

I guarantee you, if you follow the format outlined above, your direct mail and/or e-mail conversion rate will be higher, garnering you clients for years to come.
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May be reprinted with the following, in full: Yuwanda Black is the publisher of InkwellEditorial.com: THE business portal for and about the editorial and creative industries. First-hand freelance success stories, e-courses, job postings, resume tips, advice on the business of freelancing, and more! Launch a Profitable Freelance Writing Career in 30 Days or Less -- Guaranteed! Log on to InkwellEditorial.com to learn how.