You’ve probably heard that marketing is the lifeblood of commerce. So why do so many companies that miss their sales goals see their marketing budgets as expendable, slashing them when they should be increasing them?
I attribute it to a lack of strategic vision.
Over 45 years in the marketing trenches, I’ve experienced countless organizations that lack a marketing plan. So they market themselves sporadically, then handle the work it brings in. After that work is completed and billed – and facing a drought of new assignments – they’re forced to market again, repeating the cycle.
There are several obvious lessons to be learned here:
- Marketing works. If it didn’t, those peaks wouldn’t arrive so consistently.
- Valleys of work and revenue are sure to add to one’s stress.
- A workflow of peaks and valleys is not the way to run a successful business.
Now, here’s a concept: when you’re busy serving clients, keep marketing. Because businesses that market regularly find assignments and revenue arriving dependably. They market to both existing clientele and new prospects, recognizing they should increase their presence in the marketplace when the competition slacks off.
Why? When the competition stops marketing, you can steal their market share. And if you recognize that most people don’t want to change vendors once they’ve made a decision, today’s additional marketing efforts can easily pay off for you for many tomorrows to come.
Let’s face it: the economy is weird right now, and tough times call for more marketing, rather than less. Look to increase your market presence, and you’re certain to grow your business, regardless of what you sell.
Because using the marketing budget as a rainy-day fund is a guarantee that you’ll end up following the footsteps of my old boss Jeff, who, despite three brushes with bankruptcy (the third one successfully), always insisted marketing should be an afterthought.
And yes, he’s working for someone else today. Is that really the future you want for yourself?
As you’re considering the second half of the year, plan to increase your marketing budget, messaging, and distribution platforms. Because out of sight IS out of mind, and if you’re hoping to coast on your reputation, you might as well save yourself the trouble and just close your doors now.
With that in mind, I wish you a week of profitable marketing.
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