What are the key motivational factors for investing in marketing?

A recent poll by affilinet of a total of 1,394 SME business owners in the UK, all of whom set up their business at least 5 years ago or more, gave the following reasons for increasing their marketing spend this year

The key reasons for increasing marketing spend

• I’ve seen competitor companies witness great results and ROI after investing more in marketing efforts – 51%
• We’ve had a successful year and I can now dedicate more annual spend to marketing – 32%
• I am wary that without modern marketing practices in place, the company with suffer – 28%
• Our existing marketing strategy has worked well, and I want to increase this in the year ahead – 24%
• We’ve had a bad year in terms of results and I’m hoping elevated marketing efforts can turn this around – 13%

In our latest blog we look at these motivational factors for increasing marketing

COMPETITION
Competition is a huge motivator for businesses marketing

If people are spending money with your competitors instead of your business, because of their marketing it’s a perilous position to be in

Look at the businesses that do well in any field or any town

They’re investing in their marketing whether than be on actual marketing spent or that being in actual time spent marketing to outproduce the competition in terms of content and engagement

The biggest mistake I see small businesses make it believing that word of mouth is enough to build a business but word of mouth only happens when people are aware that you exist and that the message is compelling enough for them not to go to your competition

You will not outperform the competition if you invest less on marketing than the competition

INCREASED BUDGET
Having a successful year is a key reason to increase your marketing budget

Let’s face it – it’s easier to market a business that is already successful and has customers that love you

Success inspires more success

It’s why when businesses are doing well, smart businesses will continue to invest more in marketing rather than get complacent

A lot of franchises ask that local business owners invest 6-15% of their turnover back into local business marketing

As the business grows so does the marketing budget to enable further growth

FEAR OF BEING LEFT BEHIND
We are living in the most exciting times of our lives in terms of business marketing

We are also living in scary times for many established businesses

Disruption in terms of the ways businesses operate and market themselves is the order of the day

Social Media is no longer the shiny new thing, it’s been around for well over a decade

Some businesses still aren’t treating social media seriously

Some businesses realise that continual training to keep up with the weekly changes is the best way to progress

If you don’t treat marketing seriously – chances are your business won’t exist in 5 years’ time

REPEATING WHAT WORKS
Success is built on good habits

If something works with marketing, repeat

Seeing the fruits of what marketing you’ve done is real motivation to continue

Often the results are built on a sound marketing strategy – success repeatedly is rarely down to luck

POOR RESULTS
INSANITY DEFINED… Doing the Same Old Things & Expecting Different Results

Often poor results are the shock to the system that inspires change with marketing

Realise at the 11th hour and changing your marketing is better than never changing at all

Failure is a strong motivator to keep marketing

And if you’re thinking – we don’t have the budget because of poor results over the past 12 months

Remember the investment doesn’t have to be huge and can be focused on what you do rather than how much you spend

Often a 20% change in HOW you market rather than HOW MUCH YOU SPEND on marketing can deliver massive change

NEED HELP WITH YOUR SOCIAL MEDIA?
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Look at our Social Media Training and Social Media Management services

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Please call Alex on 07806774279 or email alex@altrinchamhq.co.uk

Alex

Alex McCann is owner of Altrincham HQ – a social media management and training company based in Altrincham, Cheshire that has worked with 100s of local business developing their social media strategy. Alex has 350+ LinkedIn testimonials and is ranked number 1 for Social Media Marketing in the UK via independent customer reviews on Freeindex.