One: more customers! Two: customers! Three: more customers! You can close this page now. Kidding. Please don’t close the page. You see, marketing is one of the things that a lot of business, especially small business, do not invest in. Sure, you’ll see a small business create an account on Instagram, but if you want your business to be successful, you have to put down some capital for marketing. And here’s exactly why, according to business strategist @pattythestrategist.
It Allows You Freedom To Come Up With Strategy
When you’re thinking of ways to grow your business, having a marketing budget allows you the freedom to come up with ideas. For example, you can come up with an idea like free samples all week. Then, when you check your marketing budget, you’ll realize what you can realistically do based on your budget. Having the budget frees you from thinking about the details, and just come up with marketing strategy for your business.
It Allows You To See Your Strategies Through
Some marketing strategies, for example, sponsored ads or an Influencer Marketing approach can only be effective when you have a strategy backed by a marketing budget. According to Patty the Strategist, you might not see results with this mode of marketing the first time around. The first time, you need to warm up the audience. The next time, you shed more light on your product, and then you might start seeing customer growth after a third time. Without a proper marketing budget and strategy, you might just give up after not seeing results the first time, and that just guarantees loss.
A Marketing Budget Allows You To Give Your Customers Perks
If you want to run some promotions to reward existing customers and pull in new ones, you need to budget for them. Your marketing budget will allow you to do things like percentage off discount sales, giveaways, free delivery on purchases and give out other similar offers. When you don’t have a marketing budget, the business bears those costs (also known as a loss). With one, however, those things would all be covered in the budget.
When you’re undertaking marketing of any sort, you need to have clear objectives. Then, you need to track your marketing efforts to see if what you spent was worth the result that you got.
The Entrepreneur’s Corner is a weekly series that brings you business tips and insights from people with real-world business experience.