Being a business owner is not always what it’s cracked up to be; expenses up to the ears can take their toll and sometimes, difficult decisions must be made for financial (and mental) wellbeing. The outcomes of such decisions have the potential to make or break a business and for many, the wrong choice can prove catastrophic.
Many business owners, when staring down the barrel, make the fateful choice of turning off their marketing efforts. While this may seem like an easy way to save a buck and maintain profitability, the reality is anything but.
Here are the 5 biggest reasons why marketing should remain a priority for all business owners.
1. Consistent brand awareness
Remember Right Said Fred? What about Baha Men?
If you answered “no”, you’ve just proved how easy it is to fade into obscurity. Stop marketing your business and your potential new and existing customers will slowly but surely forget about the brand, their focus shifting to competitors who are ready and waiting to step in and scoop them up. Maintaining a strong brand identity through marketing efforts helps keep your brand in the minds of those most important to your success: your customers. Consumer recognition, loyalty, trust and sales are maintained through ongoing awareness and reputation and if those things aren’t worth sacrificing, then neither is marketing.
2. Ongoing sales
Who’s going to buy what you’re selling if you limit your customer base? Without marketing, businesses struggle to attract new customers, relying solely on the repeat business of those who have already purchased. Depending on your offering (and its demand), this can be very bad news. Even the most loyal customers in the world will have limited use for your product or service, and not to get too morbid, but they won’t be around forever.
It’s imperative to future-proof your business by attracting new customers, new sales opportunities and ongoing revenue. And, at the risk of sounding like a broken record, marketing is the answer.
3. Maintaining customer engagement
The only thing worse than becoming forgettable is becoming a bit ‘meh’ in the eyes of your customers. You’ve spent the time building customer relationships and in turn, customer loyalty, so why wouldn’t you do everything possible to nurture that? In this day and age, customer engagement is everything; the people who support you need to feel a connection with your business and to have their needs met. By letting your customers become disengaged with your business and brand, you’re basically showing them that they no longer matter. Instead, return the favour (i.e your customers’ loyalty and engagement) by maintaining contact and connection. Bonus points for paying attention to their changing needs and then adapting your offerings to them.
4. Keeping up with the competition
You know who’s not turning off their marketing? Your competitors.
Nothing fuels the hunger of other businesses offering similar products or services than another one bites the dust. Not only do you risk losing your market share and potential new customers to competitors by turning off your marketing, but you could also lose your current customers.
It’s a big, noisy world out there with businesses screaming left, right and centre for attention. Don’t let your voice be drowned out by sacrificing your platform.
5. Remaining open to opportunities
You never know where your next potential partnership, collaboration or business opportunity will come from and by turning off your marketing efforts, you never will.
One of the biggest benefits of marketing and maintaining a strong online presence is the opportunity to access someone else’s audience. Through collaborations and partnerships, businesses can reach customers they may previously have never appealed to. Make it easy for other businesses or sponsors to facilitate a partnership by ensuring your marketing efforts are strong and the results will pay for themselves.
The real cost to your business
While it may seem like you’re saving money in the short term by axing your marketing, the long term disadvantages can have a devastating impact. It’s important that business owners understand what they’re sacrificing when floating the idea of cancelling their marketing efforts – because it’s not just a few new customers or a few new sales.
The lasting impact of turning off your marketing can greatly affect long-term growth and profitability. Without a competitive edge, an engaged customer base, brand awareness and new opportunities, a business faces losses in revenue, decreased market share and potentially, even failure. It’s never been more essential to prioritise marketing (particularly in challenging economic times) and by doing so, business owners can ensure their ongoing success.
Adapt, adjust, overcome
It can be overwhelming in the business world to keep up with competitors, maintain a solid customer base and ensure your future survival, all while balancing work, life and financial commitments. But if there’s one thing to keep in the back of your mind, it’s to always be prepared to adapt to, adjust and overcome any changing circumstances that come your way. By maintaining your marketing efforts, you are making the conscious choice to invest in the future of your business, your customers and yourself.
