Marketing is one important key components to running a successful business. Companies cannot see growth unless they invest in their marketing efforts. Marketing helps drive additional business, maintain and strengthen customer relationships, and create both an internal and external message along with building the company culture. Investing in marketing takes time, money, and talent.
Marketing helps you formulate a game plan, therefore you are spending money more wisely and investing it in the places where your business will be impacted most effectively. Companies can spend thousands of dollars on different marketing initiatives with no concrete target audience or plan. This is a huge mistake and most don’t even realize they are doing it. Everyone wants to make the best return on their investment and your marketing budget should be no different. Occasionally, there will be a cause or community project that your company will want to invest in, because someone in the firm has had first-hand experience with that cause. That’s acceptable and is being a good corporate citizen. Marketing budgets are important, but having a marketing plan is the other piece of the puzzle.
A marketing plan must be well written, so it will guide and direct not only the strategy but also drives the budget. In some cases the budget can drive the plan, if a firm has a very tight budget. A firm should still spend money on marketing, but they just must prioritize and scrutinize that budget more closely. The marketing plan must be organized, consistent, and creative. After this plan is written is when the real work starts. It must then be implemented in order to see results.
Investing time, money, and talent in your marketing efforts is no easy task. Whether you hire a professional marketer full time or hire a consultant, the money will be well invested into growing your business. Find talented individuals to help you write and implement a marketing plan. It will be well worth the investment in your company both now and for the future.
If you would like additional information on marketing plans and budgets, please contact nu marketing. We would be happy to sit down and discuss your 2017 marketing plan and budget. Also make sure to check out the nu marketing approach here.