Three things that have the biggest impact on your marketing performance
When you start thinking about the marketing for your small business, is the first thing you think about money? Your marketing budget is really important and we cover that in more detail here, but there are three factors that will have a far bigger impact on your marketing performance than the budget you allocate to it.
You used to see lots of social media activity loosely titled “How I built an audience of 1 million people without spending a penny”. Their aim was to attract people who would then “spend money” with them to build audiences. Thankfully, those posts and blogs have gone away as people saw through them. Pretending you don’t have to spend money on your marketing is wasting time, but let’s look at the three things that make the biggest impact on your marketing performance
Effective marketing takes time. For any small business owner, the choice is whether they spend the time doing the marketing, or whether they pay someone else to do it.
In the early days of most small businesses, there is time available that can be used to market your business. Networking is just one way that time is used effectively, whether that is formally (through organisations such as Fore Business, BNI or ONLE) or informally as you spend time with people to really get to know them.
Writing a blog for your business will typically take 1-3 hours and then you have to add on the time taken to distribute that content piece. Adding it to the website, producing social media posts and email campaigns – they all take time.
Quick question: is the hourly rate you charge higher than the cost of getting this done for you? If it is, it makes sense for someone else to do it for you.
You will have heard many versions of this over the years:
You called an engineer out because your central heating boiler has stopped working.
He comes out, looks at the boiler and taps it with a hammer.
Engineer: That will be £200 please.
You: But you’ve only been here two minutes. Why is it so much?
Engineer: £1 for my time and £199 for knowing where to tap the boiler
It is the same with marketing. Knowing how to write and distribute a great press release is an artform, as is getting a great return from PPC advertising. These are just two examples, but you get the point. You are great at what you do, but unless you have the marketing skills you need within your business, you need to bring them in.
Having a plan
You can burn through huge amounts of time, and money, if you don’t have a plan! A marketing plan that is aimed at getting you, and your knowledge, in front of the people who can use your products/services will clearly show:
- What you are going to do, and when
- What it will cost
- What you aim to get from the activities.
A marketing plan will keep you on schedule. After all, marketing consistency is a key part of keeping your brand in the mind’s eye of your target audience. The chances of them needing you the first time they see your marketing messages are slim. Ensuring they regularly see/read/hear about you maximises your chances of being contacted when they need something.
Not having a plan means you do stuff when you have time (see above) and you may, or may not, hit your targets.
What should you do next?
There is nothing stopping you for developing a marketing plan for your business. Even if you do bring in someone like SME Needs, you still need to be involved in the plan development. If you don’t, your buy-in won’t be there and it won’t be delivered effectively.
There is nothing stopping you gaining the knowledge and expertise you need. But do you have the time and does it make sense financially?
Of course, there is nothing stopping you investing the time needed to do your marketing. As before, in you are in the early days of your business, you may well have the time available. But as your business grows and clients take up more and more of your time, does it really make sense to do your own marketing?
The most frequent question we get asked is “how much is this going to cost?”. Perhaps people should be considering things a little differently. If you’d like to talk about how SME Needs can provide the time and the knowledge you need to make your marketing highly effective, give us a call on 020 8634 5911 or click here to book an appointment to talk.