Budgeting is compulsory to a successful business and a good portion of your business budget should go towards marketing, advertising and data protection.
All companies need to market themselves in order to attract new customers and then convert them into new clients. We all know that this should be common sense but why is it less than half of all small businesses have a budget for marketing?
If marketing is not one of the main priorities for your organisation, it is very easy to decide to cut your marketing budget to maintain monthly profitability. Whilst cutting your marketing budget will improve short term funds over time profits will continue to fall rather than rise. Marketing brings in new leads that will in turn increase your sales. Effective marketing keeps your current customers with you, maintaining your profitability for the future.
People often make the mistake of putting marketing and advertising under the same category. Marketing and advertising are two separate entities which can be used in conjunction with each other or for specific purposes.
Marketing takes into account your vision for your company encompassing your company values, mission, and culture. Through marketing, you establish the image you want to portray when people think of your company.
Advertising is the promotional side of your business, and involves promoting you products & services through various media be it television, posters, radio, social media etc.
If you are seeing a decrease in sales opportunities or incoming enquiries, it is probable that your marketing isn’t working. You need to identify what is and isn’t, working and then invest more in what is working, as well as looking at other marketing channels. Irrespective of having an internal or external marketing team you want it to be effective and drive potential clients to your business.
The key to effective marketing is to have a consistent flow of marketing activity to ensure you are at the forefront in people’s minds, especially when they are thinking about the products and services you offer.
Allocating a specific budget for marketing and advertising is key for the success of your business. Both marketing and advertising are important in getting your brand out there and in front of your target market.
Selection of your outsourced marketing partner has never been so difficult. Ensure your shortlist of providers understand and can demonstrate to you what they are doing with the new GDPR (General Data Protection Regulations) and data protection legislation changes coming into force in 2018. Some key points to consider in your decision:
- Your products & service knowledge
- Strategic planning experience
At SFB Consulting Group we have a good understanding of various sectors and expertise to help you from budgeting to marketing and lead generation. Call and book your free consultation today on 0800 699 0533 or email firstname.lastname@example.org