My Marketing Mentor Thursday, December 28, 2017
Capability

"We Don't Need Marketing"

Just looking at some past content and I found this piece that I published in May 2016. I think the tide maybe turning [a little!] We hear less business leaders saying we don't need marketing, they know every business needs it. The conversation today is more about getting it to deliver profitable growth, SMB businesses are still unclear as to how to get best value from their marketing investment. What is still relevant from this article is the strategic drivers that all businesses need to start their marketing conversations with.

There are several statements I get from business leaders that make me stop in my tracks and listen; why they think they don’t need marketing is one of them. When I ask why, there’s only ever one answer – ‘we are just too busy to deal with any more work’.

To think marketing is just about generating sales leads is short-sighted. As a business leader you should understand why your business needs marketing. There are five reasons:

  1. Strengthen your market position
  2. Capture market share
  3. Build strategic revenue
  4. Deliver tactical revenue
  5. INCREASE BUSINESS VALUATION

The question you need to ask yourself is WHAT IS YOUR BUSINESS TRYING TO ACHIEVE? Here’s a quick explanation of each of the above:

  1. Strengthen your market position – build your reputation; I suspect your business is not a corporate brand, so we always need to build reputation. It could be that at some point you want to explore new markets – just one example of why you always need to be reputation building.
  2. Capture market share – taking market share from your competitors; even in a ‘normal’ year businesses like to see growth. A strong marketing focus will help your customers chose you over your competitors. So why should they pick you?
  3. Build strategic revenue – long-term revenue; your business should always be thinking about what revenue plans you have beyond today’s. Look at planning products and territories into the future – those that will have a revenue impact two or three years ahead.
  4. Deliver tactical revenue – short-term revenue; if you are making the statement ‘we don’t need marketing’ this is the least likely reason you need to do marketing. Saying that, marketing can always slow down your pipeline and help you deliver customer service strategies that help with ‘too much work’.
  5. Increase business valuation – not an overhead but an investment; if your business is looking for sale, investment or funding, the person with the dollars will always be looking for a well-oiled marketing machine that runs through the business.

I hope your business always has too much work; my experience is that bubbles burst and your marketing needs to kick in, and it doesn’t do that overnight.

The question you should be asking yourself is WHICH OF THE FIVE IS YOUR BUSINESS ADDRESSING?  Strategically, the answer should be all five.

There are several statements I get from business leaders that make me stop in my tracks and listen; why they think they don’t need marketing is one of them. When I ask why, there’s only ever one answer – ‘we are just too busy to deal with any more work’.

To think marketing is just about generating sales leads is short-sighted. As a business leader you should understand why your business needs marketing. There are five reasons:

  1. Strengthen your market position
  2. Capture market share
  3. Build strategic revenue
  4. Deliver tactical revenue
  5. INCREASE BUSINESS VALUATION

The question you need to ask yourself is WHAT IS YOUR BUSINESS TRYING TO ACHIEVE? Here’s a quick explanation of each of the above:

  1. Strengthen your market position – build your reputation; I suspect your business is not a corporate brand, so we always need to build reputation. It could be that at some point you want to explore new markets – just one example of why you always need to be reputation building.
  2. Capture market share – taking market share from your competitors; even in a ‘normal’ year businesses like to see growth. A strong marketing focus will help your customers chose you over your competitors. So why should they pick you?
  3. Build strategic revenue – long-term revenue; your business should always be thinking about what revenue plans you have beyond today’s. Look at planning products and territories into the future – those that will have a revenue impact two or three years ahead.
  4. Deliver tactical revenue – short-term revenue; if you are making the statement ‘we don’t need marketing’ this is the least likely reason you need to do marketing. Saying that, marketing can always slow down your pipeline and help you deliver customer service strategies that help with ‘too much work’.
  5. Increase business valuation – not an overhead but an investment; if your business is looking for sale, investment or funding, the person with the dollars will always be looking for a well-oiled marketing machine that runs through the business.

I hope your business always has too much work; my experience is that bubbles burst and your marketing needs to kick in, and it doesn’t do that overnight.

The question you should be asking yourself is WHICH OF THE FIVE IS YOUR BUSINESS ADDRESSING?  Strategically, the answer should be all five.



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