If you are thinking of your marketing spending as an expense instead of an investment, you’re not getting the most out of your marketing dollars.
So often small businesses and start-ups have this mindset and it hinders their growth. With the limited marketing budget that generally comes with a small business, it’s even more important to ensure that you’re spending your money most effectively.
One common factor that drives this way of thinking is viewing marketing as an exposure tactic. Your marketing strategy shouldn’t be to just get your name out there; it should persuade consumers to choose to give you their business. You’re investing in yourself, your brand, product, story, etc. What’s the strategy behind your marketing?
The Big Picture
Think less of it as a cost and more about it as an investment.
Marketing isn’t costing you anything, it’s making you something. When done right, it’s generating traffic, increasing revenue, and building onto something bigger.
The return on marketing dollars spent isn’t going to happen overnight. That’s why your first understanding of marketing needs to be that of an investment. You may not see a return on your investment the following day. Avoid the short-term thinking of ‘costs’ and begin the long-term thinking of ‘investing’. Remember the big picture that marketing dollars spent right will put you on a path to greater prosperity.
Be Strategic with your Budget
Your marketing budget does not have to start big. You can start small, but you have to start somewhere. Most importantly, though, spend strategically. Don’t simply throw money at TV and radio and newspapers and magazines. Large, established brands spend more on research, planning, and content development than they actually spend on the ads you see on TV and other platforms.
But there are companies out there with annual marketing budgets in the millions, tens of millions, and even hundreds of millions. They were not spending that right out of the gate. Their marketing strategy helped them grow their business, and in turn, grew their budget. If you’d like to see how The Solutions Group can help you invest in your marketing strategy, click here to check out our website and view our work!