Here’s a riddle for you:
- What is one of the foundational pieces of your business, but the first thing you cut when times are tough?
- What part of our business do we put the most pressure on getting results from but struggle with allocating resources to?
- What is one of our biggest frustrations when it comes to our business, but also an area that we have never taken the time to fully understand?
If you said marketing, you’r right.
I want the next 3 -minutes to be a wake-up call to business owners who feel like marketing has this magical formula that is too hard or time-consuming to crack. Or the ones who just don’t have the brain power because they are too busy doing everything else in their business. Time constraints are real, do not get me wrong, but what is more important in your business than connecting with the people you want to buy from you?
Marketing is the magnifying glass that shows off your business. You may have the coolest product or service out there, but if no one knows about it, all you really have is an expensive hobby or a side hustle. Business owners have unrealistic expectations of marketing; if they even know what to expect. Marketing tends to be the piece of the business they understand least. Furthermore, at the first sign of risk or indifference, they’re ready to pull the plug: fire the agency, cut the budget, do a re-brand, etc.
Misunderstanding #1: Marketing = Sales
Marketing’s job is not just to drive sales (I can hear some business owners inhale sharply right now); it’s main job is to make your product irrisistable and known to the people likely to buy it. Said simply, it’s to say the right stuff to the right people. Marketing done right creates demand and streamlines the buying process. The actual sale depends on how good your product or service really is.
Great marketing does not just involve promotions and ads — it starts with developing your offer, pricing that is appealing, and strategy that makes it easy to buy. Think about it: who knows your customers better than your marketing team? They are literally on the ground floor talking with your customers every day. When you are creating offers, they are the first people you should talk to. They’re the guide to what your customers are thinking and how they think.
Misconception #2: I don’t really need to be involved with my marketing
Picture this, You own a business. You hire a marketing person or agency. You say, “Here it is. Go sell it for me — see you later.”
You shouldn’t expect that your marketing be independent of you. It can’t function without you. Your marketing team is looking for your insights and to partner with you. It’s why you hired them. Communication with your marketing team is required for your success as a business owner. I go back to marketing being like a magnifying glass for your business. If you aren’t providing feedback on what you like/don’t like, what’s going on where the customers can’t see, your story, and your ideas and insights on what is happening in the industry, what do you expect them to market? Embrace change and the process.
I’m not saying you need to do the job your paying your marketing team for — I am saying that you need to be proactive in the content they post, how they tell our story and what our POV is. In short, you and your marketing team should be like mashed potatoes and gravy. Not just someone they send a report to once a month.
Misconception #3: I need to see results in the first 30 days
We all want the magic beans for marketing. It does not exist. Marketing should use the scientific method. It’s testing, adjusting and getting creative. Over and over and over again. Until the end of time, really. This is what makes it more like medicine. We all get swayed by those agencies showing us case studies where they 10x’ed revenue for a company in the first month. Those are the exceptions, not the rule.
We love this idea of it happening now. Any result is likely going to take at least 90 days to see. Longer-term branding initiatives can take 3-4 business quarters to start showing up. It sucks, but its the truth.
I get wanting to see results, but you must be patient and realistic. Anyone in marketing who tells you they can guarantee a result is lying. Every business is different. There are no guarantees.
Instead of looking at it as ‘I need to see 2x ROI in the first month’, ask your marketer what good results look like for you? Not ready to hire a marketer and doing it on your own? Do your research. Find out what is working for others I your industry and see what average results look like for them to set your expectations.
Yes, it requires patience and Investment. However, you spent all the time, effort and energy creating your business — why wouldn’t you want to invest in it and have the patience to see it grow? Your business is your baby. Your marketing program his its autobiography.
Marketing can be difficult. There are so many moving parts to consider that are unique to every business, including your ideal client and your community culture. But, complicated doesn’t mean bad, it simply means different. So, start thinking differently about it to make it more effective. Step one is to understand what marketing really is so you can make it work for you.