What are the key motivational factors for investing in marketing?
A recent poll by affilinet of a total of 1,394 SME business owners in the UK, all of whom set up their business at least 5 years ago or more, gave the following reasons for increasing their marketing spend this year
The key reasons for increasing marketing spend
- I’ve seen competitor companies witness great results and ROI after investing more in marketing efforts – 51%
- We’ve had a successful year and I can now dedicate more annual spend to marketing – 32%
- I am wary that without modern marketing practices in place, the company with suffer – 28%
- Our existing marketing strategy has worked well, and I want to increase this in the year ahead – 24%
- We’ve had a bad year in terms of results and I’m hoping elevated marketing efforts can turn this around – 13%
In our latest blog we look at these motivational factors for increasing marketing
COMPETITION
Competition is a huge motivator for businesses marketing
If people are spending money with your competitors instead of your business, because of their marketing it’s a perilous position to be in
Look at the businesses that do well in any field or any town
They’re investing in their marketing whether than be on actual marketing spent or that being in actual time spent marketing to outproduce the competition in terms of content and engagement
The biggest mistake I see small businesses make it believing that word of mouth is enough to build a business but word of mouth only happens when people are aware that you exist and that the message is compelling enough for them not to go to your competition
You will not outperform the competition if you invest less on marketing than the competition
INCREASED BUDGET
Having a successful year is a key reason to increase your marketing budget
Let’s face it – it’s easier to market a business that is already successful and has customers that love you
Success inspires more success
It’s why when businesses are doing well, smart businesses will continue to invest more in marketing rather than get complacent
A lot of franchises ask that local business owners invest 6-15% of their turnover back into local business marketing
As the business grows so does the marketing budget to enable further growth
FEAR OF BEING LEFT BEHIND
We are living in the most exciting times of our lives in terms of business marketing
We are also living in scary times for many established businesses
Disruption in terms of the ways businesses operate and market themselves is the order of the day
Social Media is no longer the shiny new thing, it’s been around for well over a decade
Some businesses still aren’t treating social media seriously
Some businesses realise that continual training to keep up with the weekly changes is the best way to progress
If you don’t treat marketing seriously – chances are your business won’t exist in 5 years’ time
REPEATING WHAT WORKS
Success is built on good habits
If something works with marketing, repeat
Seeing the fruits of what marketing you’ve done is real motivation to continue
Often the results are built on a sound marketing strategy – success repeatedly is rarely down to luck
POOR RESULTS
INSANITY DEFINED… Doing the Same Old Things & Expecting Different Results
Often poor results are the shock to the system that inspires change with marketing
Realise at the 11th hour and changing your marketing is better than never changing at all
Failure is a strong motivator to keep marketing
And if you’re thinking – we don’t have the budget because of poor results over the past 12 months
Remember the investment doesn’t have to be huge and can be focused on what you do rather than how much you spend
Often a 20% change in HOW you market rather than HOW MUCH YOU SPEND on marketing can deliver massive change
NEED HELP WITH YOUR SOCIAL MEDIA?
Chat to about Social Media Marketing for YOUR organisation , so we can better understand YOU and what will grow your organisation
We can only find out what is unique to your business by chatting with you
Look at our Social Media Training and Social Media Management services
Or
Please call Alex on 07806774279 or email alex@altrinchamhq.co.uk
