Businesses all over the world should always find room in their budget for marketing. This is true whether you have a hedge fund based in New York, or a deli out in Michigan, regardless of your industry, the size of your business or your geographical location, investing in at least some form of marketing, is going to be the difference between whether or not you find success.
I was speaking to marketing whizz-kid Joseph Cianciotto recently about the reasons why so many businesses fail to invest in a marketing strategy, and how they can be motivated to do so. The motivational factors are very easy to see, and it is this that makes a lack of investment more spellbinding, if you are not yet investing in marketing, here is why you should be.
The most obvious reason for marketing is so that you can promote your business and its products, to people who may not know who you are, or where you are. At the essence of this reason, is increased sales through the attraction of new customers. Marketing is, and always has been, about looking to boost sales through wider exposure of your business, and the introduction of your business to a new world. There are many additional benefits of marketing but ultimately it comes down to this.
Investing in marketing, at any level, serves two main purposes when it comes to your competition. The first purpose is that if your competitors are already investing in marketing, you can use your investment to either keep up with them, or be smarter and take them over, either way you protect or increase your market share, rather than losing. The second purpose is that if your competitors are not already investing in marketing, you can take a giant leap over them with your campaign, and eat up some of their market share.
Now is one of the best times in history to invest in marketing as we have more data and knowledge about it than ever before. Think of it like this, in the past we would put up a billboard and hope that someone found value in it, with no way of measuring this, and little success. These days however, especially in the field of digital marketing, we can market to those customers that we have targeted, that fit into the correct demographic for your business and your products. What this means is that we can count on a higher ROI for our investment, we can also better measure how successful our marketing campaign gas become. With this additional knowledge that we now have when it comes to marketing, those who are still on the fence about whether or not they should invest, can be safe in the knowledge that they can see a great return on the money that they spend on a smart marketing campaign.