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.

Budgeting is compulsory to a successful business and a good portion of your business budget should go towards marketing and advertising.

If marketing is not one of the main priorities for your company, then there is a review required.  it is very easy to decide to cut your marketing budget to maintain monthly profitability which is often the case. Whilst cutting your marketing budget will improve short term cashflow, over time profits will continue to fall rather than rise again. Marketing brings in new leads that will increase your cashflow and profitability. Effective marketing keeps your current customers with you, maintaining your position whilst also driving in new business.

Most of the time people 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 creates your vision for your company encompassing your company values, mission, and culture and creates the need for your products and services through your brand. Great marketing will visualise and illustrate your products and services and help you stand out from your competitors.

Advertising is the promotional side of marketing and involves promoting through various media be it television, posters, radio and much more.

Most of the time people 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 creates your vision for your company encompassing your company values, mission, and culture and creates the need for your products and services through your brand. Great marketing will visualise and illustrate your products and services and help you stand out from your competitors.

Advertising is the promotional side of marketing and involves promoting through various media be it television, posters, radio and much more.

If you are seeing a decrease in sales opportunities, it is probable that your marketing is failing you. 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 and options to you.

Irrespective of having an internal or external marketing team you want it to be effective and drive new enquiries to your business.  If you have an internal team, what is it costing you and are you seeing incoming enquiries in to warrant that expenditure, if not will you save money outsourcing this function.

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.

Allocating a budget for marketing and advertising is key for the success of every business. Both marketing and advertising are important in getting your brand out there and in front of your target market is how to be seen before your competitors. Only to often you will hear

“It’s a quiet time at the moment”

“Times are changing, business is difficult”

“Everyone is just out to take my money”

“I don’t need help, I am sorting it out”

“The staff are just a nightmare”

 

And now ask yourself, is it really all of this or is it just that you need to sit down and engage with your business again.  If you are negative about your business, everyone else will be to.

Let us help you see where you are and where you can be.

Call us today and book a free consultation, 0800 699 0533 or email us at letstalk@sfbconsulting.co.uk