Should SMBs Care About Marketing Strategy?If you want a competitive edge in the local market, you need to invest time, money, and energy into a focused marketing strategy.
Marketing requires an investment of—bare minimum—time that could be spent doing other things. Successful marketing requires an investment of not only time to implement tactics, but to develop a strategy to guide your efforts and to optimize your tactics to ensure your marketing is effective.
Given the many hats that small-to-mid-sized business owners and employees wear, let’s be honest. Should SMBs bother with a full-blown marketing strategy?
Stay Ahead of the Competition
Can SMBs get by without a marketing strategy?
Sure, of course. But they run the risk of missing opportunities and being outpaced by the competition. And, without a strategy to provide focus, the marketing tactics may be less effective (and more expensive). Plus, by not focusing on a strategy informed by data, an SMB is much more likely to opt for broad reach rather than audience targeting on the best channels for reaching that audience—making those marketing tactics less efficient.
So, what does marketing without a strategy get you? Decreased opportunities for revenue, loss of business to the competition, and marketing tactics that either just plain don’t work or are more expensive than they need to be—not exactly the recipe for success.
If you don’t think you have the time to spare to develop a successful marketing strategy, ask yourself this: Do you have the time—or money—to waste on ineffective marketing efforts?
Invest in the Future of Your Business
For SMB owners wondering if it is truly worth it to invest in marketing and a marketing strategy, let’s ponder the word invest.
Imagine a small business entrepreneur. At first, all they had was a dream, and the belief that they could succeed. That belief drove them to develop business plans and a strategy to make that dream come true. And then they just needed startup capital, perhaps from personal savings or a loan from family, or maybe a bank loan or seed money from a venture capital firm. Whatever the source, this entrepreneur’s business could have never started or flourished without an investment of time, money, and focused energy based on a dream of what could be.
Marketing works much the same way. You invest in your business by investing time, money, and focused energy around a clear marketing strategy to help you solve key business challenges. And when there is a consistent investment in marketing, the return can provide a huge, positive impact to the bottom line.
Strategy Saves Time and Money
Keep in mind that investing time into developing a marketing strategy should help streamline the process of actually implementing marketing tactics because you will have focus and clarity. Not only that, it will ensure that you are using your marketing budget effectively to boost your bottom line.
So, when you feel like you just don’t have enough time to pull yourself away from your business to work on developing a marketing strategy, remember this: an investment in a marketing strategy is an investment in the future of your business.
We Can Help You Strategize
Not sure where to start? We can help you develop a customer insights backed marketing strategy, including guidance on how to effectively and efficiently connect with customers on the right platforms. Contact us today or call 607.798.1325 to get the conversation started.