Being a small to medium business can be difficult. You are the boss and you have to make the important decisions. There is a lot on your plate, but not a lot of time and sometimes you overlook certain aspects. When your business is making money, you don’t always think about how you can do better, but when things slow down it is already sometimes too late to make quick changes.
A complaint, woe or concern that business owners often have is that there isn’t enough time in the day to get everything done. You are in charge of opening the business, making sure all the employees show up, that stock levels are right and then close the business for the day. So, when things in the business are in that good or great phase, how do you find the time to do your own marketing?
Marketing? Wait, you just said we were doing good, sales or business is up, what marketing needs to be done. Why do I need to spend money when things are going well? Did you know that successful businesses spend between 5 to 7% of sales on marketing all the time? They don’t stop because things are going well, they market so that things continue to go well. As they always said success breeds success. For example, Coke and Pepsi spend billions of dollars to remain in the top spots. They are number one and two in the drink business. Businesses spend money marketing when times are good for a couple basic reasons.
When you market all the time this creates a brand awareness, you remain on the minds of your customers. New customers, current customers and even employees. Yes, marketing even helps you attract better employees. Employees get to understand your brand, culture and business model before they even apply for the job opening. How many times have you advertised for a job position and the perspective employee didn’t know what your company did when interviewed? Marketing helps everyone understand you better.
Having loyal customers is what every business should strive for. Why? Because loyal customers believe in what you are doing, they tend to forgive you quicker if you make a mistake and they spread your company by word of mouth. They become brand ambassadors and help you in your marketing efforts. Loyal customers need to be treated like they are special and unique. You can’t take them for granted and if you support them, they will support your business.
Marketing gives you a solid endgame and exit strategy. None of us are getting younger, and sometimes we must think about retiring. A good marketing strategy is a long-term plan that accounts for growth and retirement. Having a 1, 5- and 10-year plan keeps you focused on your goals and where you need to be. You will always be adjusting the plans but having one allows to see the road before you and you will have a better idea when you would like to enjoy all that hard work you put in. Having a strategy will give your business and brand added value and that translates to more money.
Marketing isn’t just something your business does to get the word out; it makes more sense to stay busy 12 months a year instead of waiting until times get bad and then trying to build back up. If you are interested in reviewing your marketing plan or thinking about creating one, stop in and see us. Set up your free no obligation appointment with us and we will talk about your business’s future. Call us at Wunderfy 561-542-2740