by Nick D'Alessandro, posted 12/9/2016
When it comes to investing in marketing your small business, the old adage is true:
You have to invest money to make money.
What does that look like?
There are three main ways for a business to see significant growth:
- Aggressive marketing
- Through acquisition.
When we look at things practically, two of these options aren’t realistic.
First, acquisition is normally not an option. Not in the beginning anyway.
Second, you’ll need to be generating some sales in order for a potential partner to see value in your company.
If you’re still in the early stages of your business, it probably isn’t the best time to pursue partnerships since you won’t have much leverage.
That leaves only one realistic option:
Roll up your sleeves and immerse yourself in marketing!
What Are Your Marketing Investments Accomplishing?
Letting go of money isn’t easy.
Having an understanding of why it’s necessary can help ease the anxiety of those expenditures.
Let’s take a look at a few of the ways your investment in marketing will benefit you:
- Creating your brand
Your “brand” is how your customers will come to know your company. It lets them know what they can expect from you.
An effective marketing strategy does just that.
- Attracting customers
In its simplest sense, marketing lets your customers know you exist.
- Increase conversion
Once you have someone’s attention, it will be important to invest in marketing strategies that will turn more of your prospects into customers.
- Increase sales with existing customers
After you’ve established a customer base, it will be easier and less costly to sell more products or more often to existing customers.
When is Preserving Your Cash Not a Smart Move?
Being conservative with your funds is always a good idea, right?
Sometimes doubt and irrational money fears can cause you to think that not doing anything is a safer bet than taking action by investing.
Here’s why that isn’t always the case:
- A lack of marketing investments in your business will not stimulate sales growth.
- A lack of marketing investments in your business will not foster sustainability.
- A lack of marketing investments in your business will not help you understand how your product or service is being perceived.
This “preservation” mindset may slow your financial bleeding but it does not have the ability to stop it!
Playing it safe is not why you went into business!
Just how much could playing it safe cost you?
The answer is that it could cost you the difference between what you’re generating in sales today and where you’d like your business to be tomorrow!
To have the greatest chance of achieving your goals, make calculated decisions.
Investing in your business is also investing in you!
A great reward is worth a great risk.
Be wise and fearless!
Wishing you much success!
About the Author
Nick D’Alessandro is a small business strategist and founder at Trilojeemarketing.com. He is excited to share his 30 years of business experience by helping small business owners grow their business and fulfill their career purpose.