As we mentioned in our recent post, Is Social Media Overrated, we often talk to potential clients that want to pursue a particular area of marketing because everyone else is doing it. It’s a statistical fact that over 80% of businesses do not have a solid plan for growth, often relying solely on sales and marketing professionals for the organization’s future.
In a perfect world this blind faith in industry professionals would be ideal, as they “should” have the expertise in navigating a fantastic course for a company’s success. Sadly, this is almost never the case as most sales and marketing professionals have not stayed ahead of the curve with regards to innovation, resulting in Billions of dollars wasted on outdated methods that do not work in the 21st Century. Their Clients, Employers and Co-Workers are left feeling the pinch.
Here are 5 quick points and solutions to work around that scenario:
1 – Place a Value on Time
In understanding that time has an economic value, it is one of the most limited commodities that any business has. Be it a small business or a large scale enterprise, when there is no revenue coming in from your product or solution, time is everything. Even if you have the best gadget since the Flobee, investing time in the wrong areas = failure. Spend your time wisely.
2 – Not all Marketing Professionals are Equal
We constantly hear horror stories of brands wasting money on firms that simply were not worth their time. Naturally we want to say “What were you thinking?”, but we accept the reality that we have to first clean up the mess the other agency left behind and support our new client in getting back on track. Put simply, if an agency cannot produce Case Studies and Client Testimonials, more than likely there are no Case Studies and Client Testimonials. Get It?
3 – Measure Your Spend
Without question economies are in a rough patch globally and budgets are not what they used to be. However, it is very common for businesses and in particular small businesses with the smallest budgets of all, to re-book and re-execute the very same initiatives that underperformed in the past with no accountability. Are you measuring the results of the Full Page Ad in the local magazine? Are you measuring the new business booked from the 5 Trade Shows attended this year? More than likely not and when you start to place a value on this measurement, you’ll spend more wisely.
4 – Consider Digital
Fact – Digital Strategies give you far more bang for your buck providing faster communication and a larger reach. Suitable for both small and large enterprises, Digital = Accountability and quantifiable ROI.
5 – Think Ahead
Your company is a living, growing entity. It is constantly changing and concepts like Excellence, Dedication and Innovation cannot simply be words hanging in the break room. It must be your Mantra. Embrace the concept of being #1 in your field and take the necessary steps to make this concept a reality.
