At The Marketing Box, we like to define marketing as the way you communicate to the people in your marketplace about WHO you are, WHAT you are offering, WHY it’s a better choice than the other options, and HOW they can get a hold of it.
…and this is the simplified version!
Marketing is so much more than just Facebook advertising, sending a newsletter or attending a trade show – although these are included, these activities are part of a much bigger marketing picture. And it’s relevant to your business, not just to obtain new clients, but it’s important for any business to continue to market to existing customers to ensure their satisfaction – customer retention is equally as important as new customer development.
The big question: does every company really need to spend money on marketing every year?
Yes. You probably already knew that I’d type that answer…this is a marketing company after all. Let me explain why we believe spending on marketing is a regular area to budget for. Despite existing in 2018, I still occasionally encounter business owners and management teams who are skeptical of ‘marketing’ as a business function. They feel that it’s optional – a responses that often comes from a view that doesn’t realise how marketing has already permeated their business. This mindset sees market more as an activity, rather than a strategic business area, that holds importance along with Finance, Operations, HR, Legal, Risk, and Sales.
Marketing is part of the way that you communicate and share your product or service with a marketplace (a group of people who are potential customers). If you’re selling, it’s likely that you’re communicating the message of what you’re offering, which also means that you’re already resourcing marketing in some form (gasp!). This means that you are likely already spending money on marketing in some form – such as your sales team when they follow up on an enquiry, your website that provides you a digital ‘shopfront’, your business cards that are used when your team network and engage beyond their desk.
Most companies are already spending on ‘marketing’ in its many forms annually, even before they engage with strategic campaigns and projects that are built to hit your short, medium and long-term goals.
The real question is whether you choose to invest in marketing from strategic standpoint, and actively choose to spend on campaigns and projects that can achieve results.
I believe that if you need customers then you need marketing, because you need a method or strategy to communicate what you are trying to sell. It’s your choice as to the level of commitment you give to it. A commitment to marketing is more than a tool to grow sales, it’s also an investment in your brand, a tool for developing loyalty and a great reputation, and ultimately a method for growing the value of your business or brand equity if you do it well.
Engaging in marketing helps to increase your overall efficiency too – once you decide to strategize more about how to better connect and communicate with your marketplace through targeted campaigns and projects, you’re moving into more refined methods for distributing your service, hopefully freeing up your time and resources more than before and ideally generating a strong return on your marketing investment.
Ready to actively consider your marketing strategy and plan to deliver results? Contact The Marketing Box to chat about how our marketing services can help you, your business and your team.