“The economy is so good, we don’t need to market,” said a prospective client. After having done the discovery, assembled the proposal, and given a presentation, I was a little stunned.
I have heard most every other reason to decline a proposal – from “outside of our budget” to “better culture fit,” but this one was new.
While it might seem like the music will play on an infinite loop, eventually and assuredly, the tunes will come to an abrupt halt. A good marketing plan implemented now will ensure you have a chair when the music stops.
Here are four insights into why your business (micro, small, or large) must jump into marketing even when your business is booming.
Be ready — business conditions can quickly change
What goes up must come down. One day, you’ll be trucking right along when, suddenly, a tariff passes through Congress that drastically impacts one of your major suppliers (just one of many possible scenarios).
Spiking raw material costs cause your prices to jump. Customers recoil and your PO’s dry up. It might be a dire hyperbole, but variations of this happen all the time. Business is unpredictable.
How often do you set your marketing efforts aside because “things are good” or “we don’t need more work?” The truth is, keeping the prospect funnel filled must always be a priority.
You know your own sales cycle and should plan accordingly to ensure enough fresh leads develop. Having an actionable marketing plan will help deliver new business when you need it most.
You have extra budget space now — you won’t later
“Growth sucks cash,” a business mentor always reminded me. When business is good and you’re exceeding goals an excellent way to reinvest in your business is with marketing. I know, of course he says that – he’s a marketing professional.
Marketing, however, doesn’t have to mean hiring or contracting. Marketing actually takes many forms, but here are a few ways you could expand:
- Get a booth at a new trade show
- Host an open house, lunch and learn, or industry event
- Send ‘thank you’ gifts to your top clients or even top prospects
- Experiment with a completely different medium such as social media, email, or even a video
Everybody loves a winner
When business is booming, a lot can happen. Whether that means adding employees, building an addition, etc., the good news abounds in every aspect.
Isn’t that the news you want your prospects to hear? You have great content erupting from every corner of your business. Don’t sit on the good news.
With all of your good news locked, loaded, and ready to fire, shooting it out from the hip is the fastest way for it to fall flat. A well thought out, intentional plan will give your business channels more accurate and formidable firepower for broadcasting the good news.
News releases and blog posts can be reinforced with targeted social media advertising and segmented email blast sends. These tools all come together to support your business goals.
It doesn’t happen overnight
Sales are down 8%, there’s no backlog, and several clients just cancelled their orders. At this point, determining your marketing strategy is already way past due. Wouldn’t you rather have a plan ready to execute when these conditions hit?
Unfortunately, effective marketing doesn’t rarely starts bringing in new business on Day #2. Successful strategies are a marathon and not a sprint.
Seeing profitable returns on marketing efforts can take several weeks or even months to deliver. Why?
- On average it takes six to eight “touches” to create a viable lead. Of those leads, each business has their own conversion rate (win/loss record).
- Effective roll out of organic SEO-driven content happens over time – “Friday-night” content drops never work.
- Building an email or social media community grows as you share great content. Buying an audience never buys customers.
- Real research (keyword, competition, etc.) takes time. A/B testing or other experimenting takes time.
Trying to rush will skyrocket costs and significantly decrease performance. The spaghetti on the wall analogy is very appropriate. None of it really sticks, all you make is a mess, and you can never get the stain out.
How Do You Start Making a Marketing Plan?
With business booming, it likely means your available time is measured in minutes and not hours. Enlisting Signalfire’s marketing guides and outfitters is a great place to start.
We begin with a marketing assessment called a Brand MAP (Marketing Action Plan).
Our Brand MAP is, essentially, a marketing audit to review the current state of your website design, search performance, email marketing, and social media channels. We present our SWOT-style findings and a recommended Action Plan based on the data we collect.
The resulting document provides you with critical business intelligence, a recommended action plan, and an approximate cost to execute it.
At Signalfire, we can help outfit your business with a variety of in-house creative marketing services, but your Brand MAP also grants you access to information to help you decide how best to implement your marketing efforts.
We pride ourselves on our flexibility and can be as involved as you’d like us to be. It’s totally up to you.
If you’d like to learn more about Signalfire, feel free to give us a call at (262) 725-4500 or contact us online.