There are many forms of marketing that small businesses can do.
Marketing for Small Businesses – Budget Setting and more…
At a core level ‘effective marketing‘ can be a core business growth driver. At a basic business level, marketing is an activity that must be budgeted for and sustained to be effective, it never stops. ‘Budgeting’ means allocating sufficient funds within the quarterly or monthly businesses cash-flow to a ‘bucket’ called ‘marketing’ as a strategic business decision. Strategic, because it becomes a long term decision to fund marketing over other potential uses of the dollars.
If there are initially insufficient funds within a business’s current cash-flow to fund marketing, then there are two core choices a business owner can make.
- Not to do marketing / find another way to get new clients (organic growth / direct sales by the owner?)
- Treat marketing as an investment for a kick start period (use dollars obtained from separate funds outside of the current day to day businesses cash flow)
If #2. is chosen then it’s important to invest enough dollars over a long enough period to see a return.
Insufficient dollars though, invested over a too shorter period, is a waste of all the dollars and a self-fulfilling prophesy, i.e. company does not really believe in marketing, under invests, does not see an immediate return because of that underinvestment and consequently ‘proves’ to themselves that they were right, “marketing doesn’t work – for them“!!!!!! This is common… in our experience : )
If marketing is funded then that means there is a budget for it.
It really then just becomes a process of deciding what form of marketing is done. There are many forms of marketing from direct mail, hiring sales people, attending trade shows, to marketing on the internet. All can be effective, it’s just a question of picking one and experimenting and driving it till it produces. All forms of marketing take time to get a result, on average 6 months to a year…
Open questions for future articles:
- What percentage of revenue or profit should be allocated to marketing?
- See this article http://www.sba.gov/community/blogs/how-set-marketing-budget-fits-your-business-goals-and-provides-high-return-investmen
- How much in dollar value is enough to get a result?
- How long will it take to get a return if ‘enough’ is invested?
- What would be the smartest form of marketing for different types of small businesses to invest in? (Assuming there is a budget allocated to it)
- Do you actually want to do and invest in marketing at all?
- Do you actually want incoming leads?
- Can you handle incoming leads?
Custom Wine Cellars and Commercial Wine Displays Small Business Marketing
The contributor for this post is a small business owner specializing in the Wine Cellar market place. Custom wine cellars and Commercial Wine Cellar Displays are a market niche idea for laser focused marketing.
Author Wine Cellar Specialists