Branding Blog

How can we afford consistent marketing for our small business? Part 1

Written by Dale Berkebile | Tue, Jun 23, 2009

Develop a strong plan and create an ongoing system.

Every business should be marketing their company on a regular basis. I know many of you may be thinking, "Well of course this marketing guy thinks this, this makes him rich". Ok, so to some extent you are correct, this is how Brandwise makes our money. However, keep in mind if at the end of the day you do not feel like your marketing dollars were well spent… will you continue to pay us? It isn't likely.

So, again you are probably thinking, what will it cost me to market my company consistently every year? Well, again you are correct that this will add up over time. The question I ask prospects next is how much is it costing you not to be marketing consistently? Chances are it is costing you a bundle.

If you have the greatest product or service in the world, but no one knows about you and your company, you are losing a lot of opportunities. Also keep in mind, marketing is not an expense… it is an investment in your company. You are worth it, so start investing in yourself!

How do you get started with this. Well the first step is just getting started. For small businesses maybe it is as basic as developing a wish list (to-do list) and write it down on a note pad. Then figure out how to add each piece of the pie a little at a time. Some companies have the resources to do this on their own, but we recommend finding a professional to help out.

This will be the start of a marketing plan. Each year you should continue to add more items to the mix and also build on the things you already started. It is important to continue to do anything you tried in the past several times. Each time, taking the results from the previous time and refining and improving it so you are able to test what works best for your company.

Ok, you are still wondering how to budget this. We recommend setting aside a budgeted amount each month to be earmarked for marketing. Every time you sell a product or service take 10% out and drop it into a "marketing" savings account. Setup a separate account and take the 10% out before everything, but taxes ofcourse. I know some of you probably think this is crazy, but again keep in mind this is 10% of your revenue that is invested back into your own company. Unlike the Stock Market, Vegas & the Lottery this is a 100% investment back into you and your company. I know I would bet on myself, my company and our services anytime over the odds of these other bets. We do not have a problem with the stock market, but it is still wise to bet on yourself first. Obviously 10% is just a recommendation, you will have to use a number that works for you. The key is just set this money aside first so you can afford to consistently market.

To learn more, check out part 2 of the article. This will be posted tomorrow.