Entrepreneurs are the most creative and driven people I know. I enjoy their energy and passion for the great ideas they bring to our communities and lives. They are often driven by an idea, and a belief of how to turn that idea into success.
The problem is that not all entrepreneurs are born marketers. Many are born sales people, if for no other reason than for the passion of the product or service they've created. The problem begins to occur when the entrepreneur begins to confuse that sales is synonyms with marketing. There is a distinct difference, and believing that passion alone will drive your marketing strategy will create a self-serving misaligned strategy that is most likely not based on you customer's needs.
The problem is that not all entrepreneurs are born marketers. Many are born sales people, if for no other reason than for the passion of the product or service they've created. The problem begins to occur when the entrepreneur begins to confuse that sales is synonyms with marketing. There is a distinct difference, and believing that passion alone will drive your marketing strategy will create a self-serving misaligned strategy that is most likely not based on you customer's needs.
We all know we need marketing. Global marketing spend exceeds $1 trillion, which makes it between 1 and 2 percent of global GDP. Marketing spend has been rising faster than the top line for several decades. Many of the most successful companies in the world spend between 7 to 20 percent of revenues on marketing, and they ARE successful.
For small and medium size businesses, investing a fifth of their revenue in marketing is not possible. Marketing efforts need to be more strategic, cost effective and grass roots in nature. Beautifully produced Super Bowl ads are out of the question, marketing efforts need to pack a big punch while being light on the budget.
Budgets are not the only marketing hurdle entrepreneurs have, they must also address the change in the way customers consume information and make purchases. This evolution in the buying cycle creates new challenges. It can be difficult to know what is the best way to reach you customers, and there are a lot for fly-by night companies willing to make you false promises on how to be #1 on Goggle.
It is true that a good web presence is important as is social media. But before you begin blasting the internet, you need to have a strategy in place. What are the pain points of your customers? How does your product solve their needs? How are you different from like products and services in the market? If your product is a new concept, you must be able to explain what it does and why your target audience needs it.
If you clearly understand your audience, have concise message about your product and a well-understood brand, then you are ready to take your concept to market.
Getting your message to the right audience can take many paths. Some are known, but many have changed. If you are not completely sure you how to deliver your idea to your customer, you may want to seek an outside advisor.
Making decisions on whether or not to hire a marketing company is a tough one. Do you keep trying to do it yourself? But if 'nothing changes, nothing changes', so you need to decide how important it is to grow your business.
Freelancers are a hit and miss situation and often deliver ad hoc help that results in incongruent marketing strategies. Agencies are the same, but often overpriced for small and medium sized businesses. What you need is someone who not only fits your budget, but also delivers and end-to-end marketing strategy.
There are so many questions that entrepreneurs are faced with, but the most important thing that they can do is not sit on their hands when it comes to marketing. Don't fall behind the eight-ball just because you are indecisive. Speak to some agencies and find a good fit for your budget and your business.
Leave a comment
Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.
