Entrepreneurs and Small Businesses Marketing
Entrepreneurs and small businesses can all too often fall into the same trap of thinking that they either don’t need marketing, can’t afford marketing, or think that they can handle marketing on their own. The truth is that marketing is more than just a luxury that big businesses use. Even in a time of crisis that the nation is facing right now, marketing is something that all entrepreneurs and small businesses should be budgeting.
Why Does Marketing Matter?
Entrepreneurs and small business owners, as well as a large portion of CEOs, do not see the importance of making marketing a high priority (Rafiq, M., 2020). But why does marketing matter so much to businesses? When a business investigates its value proposition, the same questions no matter the size must be asked. The questions are as follows; which customers are I/we going to serve, which needs are I/we going to meet, and what relative price will provide acceptable value for customers and acceptable profitability for the company (Magretta, J., 2012)? The questions establish the strategy of the business’ value proposition. The answers allow the business to tailor their products and services to their customer segments, but how do the customers know that this product or service exists?
Services Offered by Marketing.
When a business realizes that they need assistance with marketing they might feel overwhelmed by what services can a marketing firm help them with. TV, magazine, and billboards are the first things that many people think of when they guess what a marketing firm would do to help a growing business. The services that are offered go way beyond these traditional advertisements. In today’s modern marketing firms, they realize that many customers can be reached through the internet and social media. These digital services could include; website assistance or creation, blog posts, email marketing, social media marketing, SEO (Search Engine Optimization), Search Engine Marketing (such as Google Adwords), digital PR, and content marketing.
What Type of Marketing Does Your Business Need?
Just like there is no one size fits all business model, there is not a template that will work for all businesses. The two depending factors for what kind of marketing a business needs are your customer segment and your product/services offered. When sitting down with a marketing firm make sure they understand your business and then be truthful of expectations and budget. A marketing firm will be able to tailor your marketing plan to reach your market in a way that should be scalable and provide results that can be tracked.
How Does a Business Choose a Marketing Firm?
A business hiring a marketing firm is taking the same risk as hiring an employee. A business can invest time and money into something that does not represent the company, isn’t offering ROI, or just doesn’t deliver the assistance to make the business run smoother. One of the biggest steps in hiring a marketing firm to fit your needs is to know your needs. By researching what your business needs, if you don’t completely understand how it works is not as important, will allow you to look for a firm to fit those needs. By knowing your needs, you can research what the strengths of your protentional choices for a marketing firm. After you narrow your choices talk to clients and find out how they are delivering on their expected marketing needs. Cost/price is a factor in choosing a marketing firm that you must take into consideration. Some professionals suggest that a new business should invest around “12 to 20 percent of your gross revenue or projected revenue on marketing”, and established business should invest “between 6 and 12 percent of your gross revenue or projected revenue” (Mintz, L., 2015). Once an entrepreneur or small business owner has determined what they want, who they want, and how much they can spend with their marketing; be honest and forward with what you expect. While a marketing firm wants to continue to business with you, you must be firm with your plan to ensure that all parties are satisfied in the end.
Companies big or small need to have a marketing plan. When a business understands its value proposition, it can develop a strategy on how to market to the customer segment that the product or service is targeted. Knowing how to reach the targeted segment is key to an effective marketing plan. There are many ways that a marketing firm can help reach the target market. Researching the avenues of marketing, strengths of different firms, and how to get the best ROI is something that every business should do. A marketing firm is like an employee; don’t keep one around that doesn’t work for you, make sure that you interview prospects, and if you don’t give clear direction neither party will be happy in the end.
Andriole, S. (2016). 10 Reasons Why Entrepreneurs Fail. Forbes. Retrieved from https://www.forbes.com/sites/steveandriole/2016/04/01/10-reasons-why-entrepreneurs-fail/#2c8767b042d9.
Daisyme, P. (2020). How to Make Every Marketing Dollar Count During a Crisis. Entrepreneur. Retrieved fromhttps://www.entrepreneur.com/article/349525
Delmore, T. (2020). 3 Marketing Lies Small-Business Owners Tell Themselves. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/ 347776.
Ghosh, R. (2018). Why Your Business Should Be ‘Marketing First’. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/317638.
Magretta, J. (2012). Understanding Michael Porter. Harvard Business Review Press
Mintz, L. (2015). How to Determine the Perfect Marketing Budget for Your Company. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/ 243790.
Rafiq, M. (2020). 7 Reasons Why Entrepreneurs Should Embrace Social Media Marketing. Financentric. Retrieved from http://www.financentric.com/7-reasons-entrepreneurs-embrace-social-media-marketing/
Samson, E. (2017). 5 Tips for Finding the Best Digital Marketing Agency for Your Business. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/287883.