Marketing Myths-Volume One. The first in a series of blogs where we’ll discuss topics that some (not all) believe about marketing. In short, we’ll get straight to the point. Marketing myths volume one tackles the age old myth…marketing is an expense. Wrong! Marketing is your answer to those pesky expenses! Read on and we’ll explain how.
An expense? Most certainly not!
Marketing and advertising is the right arm of your business. It draws attention to your brand. By all means marketing done correctly not only raises awareness but in some cases acts as an additional sales tool. Heck, further, creative marketing even makes the sale on its own sometimes! To clarify a bit, the money you spend on marketing services will (and should) pay for itself exponentially.
Marketing is an investment. Period. Comparatively, you look at high-yield savings accounts, properties, or certain stocks as investments. These are expected to bring value. It’s no different with marketing.
Obviously, some marketing tactics will work better than others. Although this may be true, it must also be noted, other strategies may fall flat. In order to avoid this as much as possible, you’ll need to know who your customer is. Don’t know who your customer is? Not sure how to go about narrowing down your ideal customer? Read this SCORE article to learn how to identify them: https://www.score.org/resource/how-identify-your-ideal-customers-and-get-more-them
SCORE is an organization we volunteer to. It is a nonprofit organization made up of mostly retired professionals who help new entrepreneurs get started. We’re honored to be a part of the helpful organization. They also help existing business owners fine tune their business growth as well as offer free mentoring, webinars, and courses. As I have noted, the above link is a great starting resource. It will help you identify the characteristics of your ideal customers much better.
Why does this matter?
Marketing myths-volume one is all about why marketing is NOT an expense. At its core, marketing revolves around who you are specifically targeting. When you truly find who your correct customer is, the game changes significantly. Then and only then is when you’ll start to see it as investment versus an expense. Likewise, then and only then can you tailor a successful marketing plan.
But…I pay X amount for marketing!
Is your business on a current marketing plan? What does that include? I will break it down. Firstly, if your business is paying X amount on a marketing strategy, what is coming back? Visibility. Brand recognition. Increased exposure to alternate audiences. More calls/emails/leads. All of these should be occurring. Additionally, these should lead to more moolah!
Next, have you ever truly tracked the marketing efforts? If the answer is no then how do you know what is working? Track your leads, analytics, visibility, etc. It is critical to keep track of these things.
Lastly, ALL of your marketing tools must be branded. By branded we mean the same or similar in design, logo usage, color, and look or feel. The website, business card, and social pages are the tools that make up your marketing. Anything with your business name on it simply must offer the same look and message.
At 77 Design Co, we welcome conversations in regards to previous marketing objectives that failed. Why did it fail? How do we correct these issues to ensure success? If you believe marketing is an expense and are reading this…let’s talk.
Have a great Thanksgiving!
Analyze. Create. Achieve.