By Adam Horlock
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October 24, 2024
Unfortunately, too many businesses believe they have no budget for marketing, don't believe it would help, or assume that having a good location or the right employees is a better option than marketing. Furthermore, too many think marketing and advertising are the same thing. This thinking contains multiple mistakes that will snowball into terrible outcomes for their revenue. True marketing is built through a comprehensive strategy encompassing various aspects, including messaging, market research, customer relationship management, sales strategy, and brand management. Built by the right strategy, a true campaign of messaging and a sales-funnel marketing approach is always a better, more sustainable, and most proven path to growth. Unlike other business investments that may yield immediate returns but fizzle out over time, a well-executed marketing strategy can continue to bring in new customers and revenue for years to come. Simply put, turnover rates have never been higher. Good locations can change after a few years. However, a solid strategy that develops a true go-to-market plan will continuously lead new and existing customers into your business. The Real Cost of Doing Nothing Many businesses fall into the trap of either assuming they have no budget at all for marketing, don't know where to make the right spends, or have too much of their revenue tied up in inventory, payroll, receivables, ads, or a lease. Businesses that spend money on advertising mistakenly believe that is a strategy. They invest in social media ads, school sponsorships, and even billboards without understanding whether these decisions are effective or if they resonate with their target audience. This approach leads to wasted resources and missed growth opportunities. Why is this the wrong approach? First, overhead. When monthly revenue is spent on a pricey lease, too much inventory, or payroll, there is no room for investment in the business. Like your retirement accounts, your business needs constant investment. Without a clear plan to continuously build customer awareness, people will drive by your location, not purchase your overstocked inventory, or add enough to the bottom line to justify a hefty payroll. Too many fall into this trap of buying or hiring more, thinking that is the solution for growth. In reality, it prohibits growth. Second, being unsure of what it takes to build awareness, make the business unique, and continuously funnel new and existing customers into the business. This is the most critical part of opening and maintaining a business, even before hiring a CPA or attorney, picking a location, or hiring. Without a true plan to build awareness for the business, sales and profit cannot be sustained, and plenty of competitors will step in front of you, taking the attention away from your business. Without any mechanism for driving awareness and no unique differentiator for your business, your potential audience will go where they always have gone for similar products and services and not consider your offerings. Third, not taking awareness and building it into consideration, purchase, and continued loyalty. Your customer base should be your best sales force, not just your current or future employees. Without a process to ensure your customer base is your advocate and sales force, customers may overlook your business for other options. Investing in this process correctly is the most important decision you will ever make for your business, and it shows your customers that they are not just buyers, but integral to the success of your business. Stop Thinking It Is Spending - It is Investing With True, Measurable ROI If any of the points outlined above sound like your business's current approach, it's time for a change. Instead of viewing marketing as 'mere spending on ads,' start seeing it as an investment in a comprehensive, strategic marketing approach. This involves analyzing the cost-effectiveness of various channels, understanding your audience deeply, and continuously adapting to new shifts. This strategic approach will give you the confidence that your marketing efforts are not just expenses, but investments with a measurable return. Stop thinking you don't have a marketing budget. Instead, think about allocating your resources better to yield higher returns. Strategic investment in a true go-to-market plan is not just an option but a necessity for sustainable growth. Need Help? Are you not sure you have the right strategy or have questions? The team at Edit Media is here to help. We offer a FREE consultation that could be the most valuable hour spent on your business. We build strategies for winning brands. Before investing in ads or making uncertain expenditures, talk to us. Visit Edit Media Consulting: https://www.editmediaconsulting.com/ or call our local office at (769) 300-1460. About the Author Adam Horlock has over 15 years of experience in media relations and operational leadership. Horlock has served in management and executive capacities, opening new offices for both the commercial foodservice and coworking office space industries. Additionally, Horlock has worked with FOX and Gordon Ramsay Productions and has multiple national television appearances with Ramsay on FOX and Ramsay's series "24 Hours to Hell and Back". Horlock has also worked with Food Network and celebrity chef Robert Irvine in the "Kitchen Impossible" series. In 2021, Horlock was named a contributing writer for Entrepreneur Magazine and is featured in national media such as USA Today, Yahoo! Finance, San Francisco Examiner, and TechTimes. Horlock launched Pinnacle Public Relations in 2022, working with brands in tech, fin-tech, healthcare, financial services, and startups. In 2023, Horlock co-founded and launched the Bourbon and Business Podcast©, available on Spotify, Apple Podcasts, iHeartRadio, Amazon Music, and multiple additional platforms. Horlock is also writing his first book, "The Lies Brands Tell Themselves, and the Truths That Set Them Free©." About Edit Media Consulting Edit Media Consulting launched in early 2022, and founder Alexandra Shockey has grown the agency with locations in Memphis, Nashville, Oxford, and now Jackson. Since the agency's formation, Shockey has grown the operation to serve clients across the US, primarily focusing on helping small- and medium-sized businesses succeed. Shockey launched Edit Media after nearly ten years of experience at FedEx, where she managed the Global Social Media and Media Relations teams. Her extensive storytelling experience has garnered national awards and recognition in the social media industry, with story coverage in the Financial Times, Wall Street Journal, The New York Times, Bloomberg, Forbes, Wired, and all major broadcast networks. Shockey has more than two decades of media experience in which she has led marketing campaigns from business launches to product launches to global marketing initiatives. Adam Horlock and Alexandra Shockey officially merged Pinnacle Public Relations into Edit Media in January 2024.