Many small business owners hesitate when it comes to investing in marketing, and doubt if dedicating a significant budget to marketing is the right choice. It might seem like another reason for cash to be leaving the company, but this is a common misconception.
Marketing has a cost, but it can determine business success and bring money back to you, when done correctly. Here are a few reasons why investing in marketing is worth it, and why you shouldn’t overlook the benefits of branding, digital marketing campaigns, and strategy.
It Puts You On The Map
Marketing is like introducing yourself to your customers, and the first step to building long-lasting relationships. It’s not just a visual first impression; it’s finding your customers and interacting with them in the right way. Marketing is a long-term investment, a cohesive interplay of different strategies that give you long-term results.
Today’s competitive landscape, online and offline, makes it undeniable that without marketing, it will be very difficult for anyone to know about your business. Marketing accomplishes this through a variety of complementary strategies, from design to targeted ads, that work together to help you reach your company’s goals.
It Gets You Through Crises
Marketing can weather many storms, even when production goes down, technology adapts, or other changes happen. Although marketing budgets are often the first thing to go in a crisis, studies show advertising can actually help in this time more than ever.
Marketing during a recession, when others are not, means less competition and more visibility for you. This has a huge positive effect on your business, not just to survive a recession, but to thrive even more afterwards. The key denominator here is making sure strategies maximize your return on investment and cumulatively work together to achieve the same goals across all marketing channels.
Any action that can help your business not just get through a crisis, but grow in one, is something to invest in.
You’re Already Doing It
To start any business, you have to do some level of marketing, even if you don’t realize it. The moment you name your business, create a logo, start an Instagram page, ask your friends to talk about your business, or choose packaging for your product, you’re marketing your business. You can’t do business without marketing on some basic level, which is why investing since the beginning is crucial to a consistent and successful marketing strategy.
What’s the difference when you invest in marketing instead of doing it passively? You give it the importance, time, and budget it deserves. Inadvertently, we all recognize that branding matters, and that advertising a business matters — we are just hesitant to put in the time or money it may take to make it great.
But that time and money will take the work you’re already doing to a new level, and actually make it profitable. You want people to hear about your business, and this should be achieved with trackable and measurable online ads and organic search strategies, functional designs, and consistent branding efforts.
You Are In Control
When a marketing budget surpases a business’s revenue it is clear why business owners and stakeholders are often dismissive of marketing and see it as a wasted investment. But an investment in marketing doesn’t have to cost a fortune to bring in real and beneficial results. Creating a realistic budget can help you reach your goals without overspending.
You decide how much you want to spend on marketing services and for how long you want to spend it. Since you can target a specific audience with your strategies, you can spend on specific platforms that can increase your return on investment and minimize wasted efforts.
According to the U.S. Small Business Administration, businesses should spend 5-7% of their sales revenue on marketing — and new companies should spend even more. A budgeted and careful investment can bring in revenue strategically.
Hyvemark: The Agency Focused On Your Growth
At Hyvemark, our experts will discuss your marketing goals and provide you with strategic recommendations focused on your business’ goals and sustainability. We strive to provide you with services that fit your budget and provide you with quality results by offering ROI-driven marketing that makes your investment in marketing worth every cent.