SMBs: Penny Wise could be Pound Foolish in Marketing

Increase Your Small Business Budget for Better Marketing Results

Increase Your Small Business Budget for Better Marketing Results

Increase Your Small Business Budget for Better Marketing Results

Following is 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.”

The comments following that question brought many good suggestions on budget wise marketing. And, there were many suggestions about social media, blogging, promotional products, grass-roots marketing, guerrilla marketing, etc. But  no one was addressing the real issue – that marketing should be recognized as a critical investment in your business.

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

My answer to the group:

“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.”

 

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