From the course: Cost Reduction Tips - How To Cut Costs And Maximize Profits

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From the course: Cost Reduction Tips - How To Cut Costs And Maximize Profits

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- The next cost area that I just want to say some things about is marketing. Don't waste money on marketing that's not effective. Somebody said to me, "Don't spend it "unless you can measure the effect of it." But that is difficult. There was a famous advertising person way back who said, "50% of my advertising spend is wasted. "If only I knew which 50% it was." And it's really difficult to measure the effect of advertising. But, I think it's getting easier with the internet because nowadays, you can look at how many clicks you've had, and how many of those are converted to sales, how many people have viewed what, and you could do thinks like split testing where, if people come to your website, 50% of the time they see one thing, 50% see the other, and you can work out which of those have a better of a conversion rate, and then you can change over to the good one. So, I think there are ways to be scientific about your marketing, and it can be quite a large spend. So I don't think…

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