If I had a dollar for every time this sentence was delivered to me by a small business owner – then I’d be writing this post from my sunbed upon my yacht, sailing somewhere around the Mediterranean seas.
I get it. I’m a business owner. I know all too well the ubiquitous role we are required to play. We are time poor. And yes, there are a lot of expenses involved in running a business. The time and resource pressures entailed in running a business can be totally overwhelming.
Now, if you are reading this and happen to be in the fortunate situation that your month-on-month, year-on-year revenue just keeps increasing, surpassing all of your projected forecasts and leading to incremental surges in profit margin without investing in marketing, then I salute you.
You are a business owner who has clearly created something truly remarkable. By delivering something incredibly valuable to your target audience, you are achieving healthy and organic growth via pure word-of-mouth. Nice one!!
My guess, to have achieved this, you have actually invested into marketing at some point (consciously or subconsciously), as you have clearly nailed your product, place of distribution and pricing to get this business so right. You may not have had to invest much in promotion though as your product is so damn good. We love businesses like this!
However, if you are a business owner who has avoided investing the necessary time and resources into your marketing, while remaining frustrated that your revenue doesn’t seem to be growing (let alone your profit margin), then read on my friend.
Put simply, marketing can make you money. That’s right. Marketing, when done correctly, will increase your revenue.
Yes – marketing will need to be accounted for in your operating costs. Yes, you may need to invest in a marketing resource to ensure that this marketing is done correctly. Yes, when properly plugged into your business objectives, marketing can, and will, increase your revenue.
Let me pose a question. Hands up if any of the business objectives listed below would be on your business’s priority list:
Marketing can help you achieve all of those objectives.
Marketing is a broad term. And when it comes to small business, it incorporates so many tactics. As a marketing consultant to small business, I know that my bailiwick will often include; brand development, customer engagement activity, market and consumer research, print, radio & TV advertising, photography, videography, digital marketing, email marketing, social media marketing, publicity, blog writing, social media advertising, search engine marketing, website development just to name a few.
Some of the above tactics are designed to help build a sustainable business and future proof your small business and some of the above tactics will drive short term revenue for your business.
Both revenue and brand are necessary ingredients to ensure your business’s long term success. The marketing tactics needed for your business to succeed will, of course, be decided by your marketing strategy.
Your marketing strategy is developed by reviewing your business goals including your long term vision for your business, defining who your customers are and establishing your point of difference. We then work out how you will use marketing to help you there.
So if you are an ambitious business owner who is serious about growth, then my recommendation is that you make <insert time / money / other excuse > for your marketing. If done properly, your investment will repay you in spades.
To learn more about how to grow your small business with strategic and clever marketing solutions that deliver results, order a copy of Jane’s first book; How to do Marketing – A Comprehensive Guide For Small Business.
Click here for more details.