I have long been a believer that when it comes to marketing strategy, people in business fall into two camps.
Which camp are you in?
Do you believe the amount you spend on a marketing strategy for your business is an investment in its future, or an expense/drain on your cashflow? I believe that people are one or the other – it is just not possible to think of marketing as both.
The ‘marketing is an investment’ camp
The type of people who ‘invest’ in a marketing strategy for their business are those whom I have found to be realistic about what marketing can achieve and appreciate that as with all investments, sometimes you win and sometimes you lose. By this I mean that some marketing will work and some won’t, but by investing in a tailored strategic plan of activity you will always be heading in the right direction to get your business to where you want it to be. Effective marketing is about being in the right place, at the right time, with the right product at the right price. There are no certainties with marketing but a strategic, rather than ad-hoc, approach will definitely be an investment in the future prosperity of your business.
The ‘marketing is an expense’ camp
The type of people who see a marketing strategy for their business as an ‘expense’ generally, in my experience, feel that marketing is a drain on their bank balance and are more often than not unrealistic about what marketing will do for their business. By this I mean that they want quick results and expect more than is possible for the amount they spend. If you fall into this camp, do you have a strategic approach or are you more of an opportunist and ad-hoc kind of person?
Has there been a problem in your previous marketing?
Maybe you have been stung by marketing providers in the past, whether they be a consultant, graphic or web designer, SEO specialist, etc. and feel that you have been charged a lot of money, perhaps tied into a lengthy contract, and feel that the results you had were not a true reflection of the money you were charged. Perhaps you did not step-up and put in as much effort as you should have or could have done to get the results you want – this relates to whether you do the marketing yourself or you engage the services of a marketer to do the work for you. Marketing is not a quick fix to increasing turnover.
To give marketing the best chance of achieving the return that you want/need means that you have to be in it for the long haul. Just as when you invest in the money markets, your chance of a greater return increases the longer you invest for, rather than dip in and out. If your mindset is that marketing expenditure is a drain on your bank balance, and not an investment in its future, then my experience shows that the results you get will be limited. Marketing is an art and not a science, but with a joined-up and integrated approach to your marketing you won’t go far wrong.
So which camp are you in?