All successful businesses have one thing in common; they understand the importance of investing in the marketing of their business. Now some of you may be thinking that there are certain businesses that can run through referrals or outbound organic efforts alone, but let me ask you a simple question… What happens when those channels are no longer working?
The Evolving Marketplace and Consumer
The reality is that our marketplace is constantly changing and evolving and with it, so too is the competition and even the customer. Businesses can’t assume that organic customers will just so happen to continuously fall into their lap. So, when a company wants to grow and expand, without having predictable scalable models of customer acquisition strategies and those related costs therein, where do they turn?
Losing Clients to Competition
America is truly the land of opportunity and just about anyone is able to take a crack at starting up a business virtually overnight. Unfortunately, this means that competition is around every corner, and the will do just about anything to get hold of your customers. This kind of situation creates issues on two fronts: 1) Competitors acquiring your current customers– 2) Competitors acquiring your “would be” customers. The minute you decide to NOT invest in marketing is the minute that your competitors start getting the upper hand.
Getting Found In the Noise
In this digital age, we are truly living in a world of product saturation, where every which way the consumer turns there are products and services being offered. In order for a business to be successful, it has to somehow break through all that noise. Marketing allows business to do precisely that and good marketing allows you to hone in on consumers that are specifically looking for your products or services already. By not investing those marketing dollars you are getting silenced by the noise around you.
Even if you have a great product or service that doesn’t mean the demand will always be constant. Enter marketing; allowing businesses to tap into demand directly when it is needed. That’s extremely powerful. Without marketing, businesses can lose out year round with very profitable clientele and never be able to control it the influx of new customers.
Why Marketing Is Your Most Necessary Expense
Many business owners cringe when they hear the term marketing because they think it’s just another added cost of doing business. What most business owners fail to realize is that marketing isn’t just another expense at all; it’s the lifeline of their business. Where most expenses go into static fixed costs, marketing goes into generating new customers, which in turn means more revenue and more profits. Unlike those operational costs, marketing is the fuel that keeps the wheels churning. Without marketing, even direct sales can suffer.
These were just a few examples of why if you’re not investing in marketing already, you are setting yourself for failure. The reality is that without marketing most businesses are not sustainable. Marketing is a vital component for every businesses success.