There are various statements we get from the CEOs that make us pause in our tracks and listen; why business owners think they don’t need marketing is one of them. When we ask why there’s one common answer – ‘we are just too busy to deal with any more work’.
To think marketing is just about producing sales leads is short-sighted. As a CEO it is important to know why your business needs marketing.
There are five reasons why you need marketing:
- Strengthen your market position
- Capture market share
- Build strategic revenue
- Deliver tactical revenue
- Increase Business Valuation
The question you need to ask yourself is ‘What is your business trying to accomplish?’ Here’s a brisk explanation of each of the above reasons mentioned:
- Strengthen your market position – set up your reputation; We suspect your business is not a corporate brand, thus you always need to be building your reputation. It could be that at some point you want to enter new markets – just an example of why you always need to be enhancing your reputation.
- Capture market share – grasping market share from your competitors; even in a ‘normal’ year, businesses like to see improvement. A powerful marketing focus will help your customers choose your business over your competitors. Hence, why should they pick you?
- Build strategic revenue – long-term revenue; your business should always be thinking about what revenue plans you have beyond the present. Try to consider planning products and territories into the future – those that will have a revenue impact two or three years onwards.
- Deliver tactical revenue – short-term revenue; if you are saying the statement ‘we don’t need marketing’ this is the least likely cause that you need to do marketing. In spite of that, marketing can always slow down your pipeline and support you to deliver customer service strategies that help with ‘too much work’.
- Increase business valuation – not an overhead but an investment; if your business is focusing on the sale, investment, or funding, the person with the dollars will always be looking for a well-oiled marketing machine that drives the growth of the company.
We hope your business always has too much work; from our experience, bubbles do burst and your marketing needs to kick in but it doesn’t happen overnight.
The question you should be asking yourself is ‘Which of the five is your business addressing?’ Strategically, the answer should be all five.