During these unprecedented times, I have had many questions from small business owners around what they can or should be doing? My answer to that is to do marketing, and then do more marketing. It will pay massive dividends down the track. It’s a bit like planting seeds today which will grow, and you will be able to pick fruit down the track.
What is the difference between “Marketing and Selling” and why should we continue to invest into Marketing or Selling in our businesses?
Marketing vs Selling
Marketing is about fertilizing the soil so that when you sow seeds, the seeds will germinate and grow easily.
The more fertilized your soil is the less work you have to do to germinate the seed.
Marketing in a business sense is about building Awareness. There are 2 things we need to build Awareness:
- Your Brand – because familiarity builds credibility and credibility builds Trust and Trust leads to more Sales.
- Your Products/Services – your customers need to know what you do, & then how will they are to ask us for them.
Remember – The more Marketing that is done, the less is required in the Sales process.
For example, sometimes, a new customer would act like they have known you for many years when in fact you have only just met them.
Thus the Sales Process becomes simply “Taking an Order” because Trust has already been established.
What type of marketing activities could your small business undertake:
- digital marketing such as google ads,
- sending regular newsletters,
- attending networking events,
- conducting seminars/webinars,
- alliance partners talking about you and referring their clients to you,
- social media work by your team,
- the effectiveness of your Website,
- the IP you could develop around your business.
All prospects should become familiar with your Brand through successful marketing and Trust has already been established because of your efforts. This will help make the Sales Process so much easier when you are in front of them.
The opposite also applies – the less Marketing that is done, the more that’s required in the Sales Process.
If a prospect has no familiarity with your Brand, there is no Trust, and therefore no credibility and even suspicion. In this environment, the Sales Process is much more difficult and expensive and labour intensive.
You will have to rely much more on your sales skills to convert a customer.
Therefore, it’s much more cost-effective and scalable to invest in Marketing so that by the time the prospects sees you, it’s simply “order taking”. No selling required.
So where should your business invest their money?
The more you invest in Marketing the less you spend in Selling and the less you invest in Marketing the more you spend in Selling.
The answer obviously is in Marketing… so why do so many businesses do so little of this?
They often see it as an Expense and not as an Investment.
That’s because ineffective marketing can be a huge waste of money. But if measured and managed by someone with experience, you will see a significant return on your investment over time.
Hope that helps you understand the importance of investing in your marketing and gives you some ideas moving forward.
If you need tax planning for your business, get in touch with us today. We’d be glad to help.
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