FACT - The right marketing will generate a great return for your business.
However.... many organisations go through the pain of feeling that they are throwing good money away time and time again. Ultimately resulting in giving up and leaving their competitors to take market share.
This frustration is so very common, particularly amongst owner managed businesses with no marketing expert on the team.
Trust and reliance is placed onto the specialist agency that they approach for help. Then a few months later and a few thousand pound spent and there is very little or, at worst, no return at all. So how could this be?
Well. It's very similar to someone who doesn't know much about cars - taking their car into a garage for a service. You're reliant on that mechanic advising you correctly and being honest about what is needed and what can be done. How many horror stories do you hear about that scenario?
Marketing is very complex. It's a discipline that is studied for years - similar to the length of time and studying required to become a chartered accountant. If you look at the top UK companies they will have a marketing director in place making and managing all of their marketing decisions. This person will have years of experience under their belt, right across all of the various marketing disciplines, so that they can design the right strategy and pull the right tactics together to grow the business and gain market share. The owner of the business or board of directors certainly don't directly approach a PR agency or advertising agency and leave it in their hands to grow their business. This is all expertly designed and considered by a marketing professional.
In marketing there are so many factors to consider and if you are not an expert you can be taken down the wrong path for your business by an agency that is hungry for sales whether this is right or wrong for your business.
So if you don't have the luxury of an expert on board to devise the right way forward and manage all of the right tactics for you - you will need to understand what is right for your business.
So here is a short list of considerations that you need to think about BEFORE
commissioning a company to carry out any form of marketing tactic on behalf of your business:
- What are your key marketing objectives? To increase sales from new business? To encourage more sales from existing business? To generate better brand awareness? This is key to inform what type of marketing you should adopt to achieve these.
- Your positioning of your business and products. If this is confusing, incorrect or not attractive, no amount of tactical marketing will generate a good return. The worst thing you can do is commission an agency to drive traffic to your website or generate brand awareness when this is not right, as it will be a waste of time, money and effort if the fundamentals aren't in place.
- The actual size of your market. This will determine the type of marketing activity you should undertake. For example, spending thousands on a marketing tactic that's more suited for a high volume low cost product, when you have a niche service with a £100K price tag, would also be a waste of time and money.
- Who your ideal buyers are and their various pathways to purchase. You should know who they are inside out and be able to support the way they want to buy and make it easy and attractive for them.
- Ensuring that the processes and systems that you have in place will help you to manage the prospect and customer relationships effectively to get the most from each contact.
- What internal and external data you have available to learn from and use to inform your choices. This could be size of the market, who your competitors are and their activity, current sales data, changes in the market place (legislation, political changes, technology development etc) and also past marketing activity.
This is just a short list of some considerations to think about. Ideally a full marketing audit should be carried out.
Throwing money blindly at various marketing activities is a high risk approach - and rarely pays off. But having access to a marketing expert to work with your business to implement the right marketing tactics will bring about a great return for you business.
If you need any help in which is the right way forward contact us today for an informal chat:
0191 519 7438