SMBs: Penny Wise could be Pound Foolish in Marketing

SMBs: Penny Wise could be Pound Foolish in Marketing

TH has a discussion question posed by the Group Manager for the LinkedIn Marketing Communications Group:

“Do you have any tips or ideas for marketers working on a tight budget? Please add your suggestions.”

In the comments, there were many great suggestions on how to market with the fewest dollars possible for the best results. And, as usual, there were many suggestions about social media, blogging, promotional products, grass-roots marketing, guerrilla marketing, etc, but ┬áno one was addressing the real issue – and that is that marketing should be recognized as a critical investment in your business.

So as a member of that group, I added my suggestion. I hope this gives you some new perspective. I also suggest you visit the group to read the other comments as many were note worthy and well presented.

“These are all excellent suggestions for the more seasoned small business person, but I must add that my first tip would be to rethink the distribution of your budget to include a higher percentage for marketing.

I see small business clients often spend properly for the right equipment, computers/software, fixtures, merchandise, supplies, etc., but leave marketing budgets to “whatever $ is leftover” rather than a priority. This is convoluted and wasteful thinking.

Marketing is just as much a priority as all the other elements of your business. And a do-it-yourself approach based on the “free” element of social media usually gets poor results and ultimately is deserted or fails.

It is as (if not more) important to invest in marketing as it is in physical business necessities. Because marketing is an intangible that many business owners have difficulty understanding, they don’t understand how critical it is to the success of business.

**My answer is to increase your marketing budget, and have a well thought out and scheduled plan that includes synergy with your sales techniques and merchandising.”

Here again is the link to the actual discussion for you as there are many tips worth noting and the discussion has just started!

Also, please feel free to join the discussion on my Facebook Page.