Build it and they will come’ theory doesn’t have much stock in today’s economy, which is saturated with start-ups all competing with one another to succeed. Estimated failure rates for start-ups vary depending on the research, but figures up to 90% have been quoted, with many of these failures down to poor marketing choices. Allocating a decent marketing budget and having the correct strategy is essential for SMEs which are in direct competition for clients and custom; they need to get their message heard and ensure that their brand is imprinted upon the minds of their target market.
Steve Mills, the Prudent Marketer, says, “Start-up marketing can be tough, and one of the most common issues I discuss with many of my clients is their online marketing strategies and budgets. They are unaware of how much to spend on their first marketing pushes, and they aren’t utilising the right channels for their business. Some want to market to the world without putting in the hours, and some think they can do it on a shoestring. The fact is, marketing for businesses takes time and money, and businesses should be prepared to invest both in their future.”
Overall marketing budgets should include print advertising, web development, trade shows and special events, public relations work and the design and implantation of all the aforementioned elements. One of the most popular ways to discover how much their marketing budget should be spending is to calculate is using a percentage of sales. 5% or 10% of sale profits should go directly towards marketing to create more sales of the same ilk.
Some companies decide to match their competitors when it comes to marketing. What works for one will work for another, right? This method isn’t always as successful, as it assumes that rivals are spending the right amount; they could be spending too much or too little, and matching their budget will only put the original organisation at risk of failure.
When it comes to improving marketing strategy, there are a multitude of approaches and methods. It is crucial for a business to list their options and choose the one that appears most appropriate for them. One business might not have the expertise or the budget to compete in the online arena, and may choose to promote through other channels. Some businesses may not have a great deal of money, and may choose to grow their business through LinkedIn in order to promote their company for less. Each choice is specific to every individual company; there are no hard and fast rules to company marketing in this regard.
Whatever the business chooses, they must ensure it is right for them. Conduct regular appraisals of how the marketing strategy is going and amend as necessary, making as many changes as is needed to ensure the marketing efforts are successful and the business thrives.
For more information about Steve Mills, the Prudent Marketer, and to discover some of his personal marketing tips, visit http://www.theprudentmarketer.com/
About Steve Mills
Steve Mills helps clients to create more leads. Over the past 17 years, Steve has built a reputation for helping businesses to market themselves using his ‘Marketing without Money Formula’. Never one to take unnecessary risks for himself or his client, Steve is now known as The Prudent Marketer. Steve established his reputation by training thousands of business people in how to market themselves without a budget. He has spoken to audiences all over the world and authored three highly successful marketing books as well as writing articles for many leading business magazines. He is the founder of The LinkedIn Training Academy which provides training, coaching and mentoring, through video, audio, workshops and webinars.