I am often bewildered by people who are enthusiastic rookie entrepreneurs with great ideas, tons of money for research and design but little to no bucks for marketing! It simply floors me that many do not see the value of putting marketing in to their budget. That, my friends, is a HUGE mistake.
A business plan without marketing included is like writing a travel book that you want to sell, but failing to tell anyone it is available. No one will know your great thoughts and suggestions because their is no pipeline for advertising!
There is a lot of opinions as to where to spend your marketing dollars and why. This article by Grow with Trellis suggests dumping your money in to social media platforms, such as advertising on Facebook or LinkedIn. Also, Google Ads are highly touted. I can’t disagree- Google is the granddaddy of marketing and one would be silly to try to avoid them. If nothing else, be sure that your website is optimized for “Google friendliness”. Cabbage suggested why people should involve social media in their marketing plans – hint – it is all about ENGAGEMENT! Read here.
Inc. magazine suggested these five tips for start-ups on growing their biz. Notice that conferences and expos also are recommended in addition to more traditional and digital strategies.
The Small Business Association (SBA) is chocked full of resources for new and growing companies to learn how to market their goods and services. They are reputable and FREE. Check out the articles and recommendations here. They suggest the following for start-ups to allocate for marketing: “As a general rule, small businesses with revenues less than $5 million should allocate 7-8 percent of their revenues to marketing.”
Wishing you much success with your business!
by Louise Sattler of 411 Voices