At the offset, when entrepreneurs start a new business they tend to look for ways to save money. Because the great expense being a business owner can espouse, it is understandable that entrepreneurs would look to cut expenses in some areas. One of the first things that they believe they can sacrifice is marketing.
Marketing is the area of business that reaches the consumer and let them know you exist. It is imperative that brands have and implement a marketing strategy. What’s the point of having a business if no one knows about it? Marketing is the voice of your business. It is conduit between your business and the marketplace. There are 3 reasons why new business owners must not forego marketing when starting a business.
- Marketing is your opportunity to tell the consumer why they need your product or service. How are consumers to know what you have to offer if there is nothing out there that tells them your product exists? The reason why you start a business is to share your product/service with the marketplace. Don’t leave it up to chance. Get a marketing plan.
- Marketing is what drives sales. New business owners tend to think ‘if I get there and sell sell sell, I’ll make money.’ Well there is truth to that but without marketing and marketing material how will they know why they need you. Sales can only take you so far. The average attention span is 8 seconds. You have 8 seconds in a pitch before that person has made a decision on whether they want your product or service. But with a strong marketing strategy and marketing material, you can nurture those potential clients via social media, email marketing, marketing material (i.e. sell sheets, flyers, brochures). All of these items keep your brand top of mind. So, while you’re focused on selling, don’t forget that you need your marketing to supplement. Marketing is the greater driver of revenue and sales overall.
- Marketing is the brand’s voice. We spend a lot of time as entrepreneurs focused on having a wonderful brand image. We think hard about what our logo looks like. The colors that are involved. Our tagline. Packaging. We think about the feel that we want consumers to have when they enter in our establishments. We love tell the backstory of our business. But without marketing, how will customers get to us to learn all of that. Marketing essentials like a website, social media platform, etc gives brands an opportunity to tell that story. It introduces the consumer to the brand. Social media allows brands to converse with and learn their consumers more deeply.
So, while you may think marketing is one particular part of business that you don’t want to deal with, it’s not really optional. Going without it can have negatively impact sales. Why not give yourself and your business it’s best chance, and get out there with a beautifully crafted marketing strategy and implementation plan. Learn your market and understand where they are and how to reach them. Start slow and build.