Signs You Need to Invest in Marketing.
Marketing is a vital part of the balanced diet for a company, when it comes to business success. It isn’t just a ‘fix-it’ measure to be used when things head south.
Fortune 500 companies recognise the value of marketing, and while their pockets may be deeper, even smaller startups and mid-size firms can make allocations for this essential nutrient. Consulting giant McKinsey believes that the key to marketing return on investment lies on the consumer decision journey.
That’s why you need to watch out for the telltale signs that could mean your business is struggling without enough attention or investment in marketing.
Your clients aren’t coming back
Sales can get you through the door or inspire interest in the first purchase. To get clients coming back, you need to supplement the traditional sales call with marketing.
Whether it is keeping clients engaged with your company by sharing relevant research, articles, or other content; helping them find ways to do more with their purchase through mailers with ideas; or sending interesting discount offers, trial vouchers, or referral offers for returning customers; marketing can elevate the interaction from a routine sales call to something more.
Clever branding, interesting promos, useful literature all help the client build a deeper connect with your products and services.
You are not getting the clients you want
Digital marketing and technology have made the marketplace one that loves the option to self-select. By investing in digital marketing, you will be able to target who sees you advertisements or learns about your website.
Geo-targeting, keyword based search engine marketing, and leveraging portals and social media focused on your target audience can help you get the right kind of clients. It is the difference between looking through the crosshairs and finding your mark, and shooting in the dark.
Customers are confused about what you do
If you get it right, with the right messaging delivered well, you will leave little to interpretation. People who see or hear about your brands will then go away with clarity on what your product or service, can do to help them.
On the other hand, if you cut corners and go with the cheapest available agency or the lowest cost marketing consultant you may do more harm to your brand than good. Muddled messaging can leave prospects baffled, or worse – have them thinking your product/service does something quite different than what it actually is meant for.
You’re discounting your goods or service
Most business owners have faced a sales slump at some point. But if you feel that the only way to get people to buy your product is by offering them hefty discounts, then you need to stop for a moment.
Could it be that the absence of marketing has led to an erosion (or the absence of a build-up) of your brand? If your competitors have similar services/products but command more and sell more, it could be a case of weak or absent marketing.
You are comparing yourself against your competitors – daily
A strong marketing strategy takes cognisance of what the competition is doing and the business environment as a whole, but does not rely on keeping up with the Joneses to get by. Instead, your marketing program should plan for the future, and then create the resources to make it happen.
To make a difference and get noticed, you may need to do something no one else has done. You will need to stand out and do something different or better. Simply towing the line will only get you so far.
You realise you need to grow but are worried about losing what you have
Growth is top of mind for most entrepreneurs and business leaders. To stay top of mind in your client’s consideration when they are out to make a purchase you need to sustain your marketing effort. Losing out on the ground you already have covered can happen if you are lax about the amount of marketing effort it will take to hold onto your position.
Keep an open mind about marketing spends until you are in a comfortable position, but don’t let up or cut back once you get there. Marketing has to be an ongoing and long-term effort, not a short term “project”. Look at Coca-Cola – you’d imagine they have a brand and following strong enough already, but they are hardly shying away from marketing.
You know your competitors are on social media (and so are your customers)
Knowledge of what’s out there is a great start. But it can’t stop with that. If you are aware that your prospects are on certain social media platforms – and more worryingly, so are your competitors – it is time to act.
The good news is getting onto social media and creating a following there is something a reliable social media marketing consultant or firm can do for you. The other good thing about the digital medium is you can scale – and fast. With the right team behind you, your products or services can outpace and outshine the competition overnight. All it takes is some smart marketing moves.
Is your business experiencing any of these telltale signs?
Are you getting your return on investment with your current marketing strategy?
And that’s the Dish. Until next time, Belinda.
I am Belinda Bow
I love all things marketing and I thrive on seeing a business become re-energised and flourish. I am excited about life and I adore my family.
Within these articles, you’ll find some helpful tips and some real guidance to help you make the most of your business, and gain a good understanding of all things marketing.