Marketing and sales share many overlapping qualities. However, the one item that decision makers seem to struggle with is the Return on Investment for marketing. Sales is transparent, make a sale and make dollar - that's a win. Marketing gets this reputation for being more vague and ambiguous. What is the return on investment for Branding, for example? How do we know if the increase or decrease in our traffic is a result of marketing, sales, the product, or the market?
Honestly, I don't even understand what is NOT to see about the immediate return ROI on marketing. How is possible that so many big players, educated ones, miss the mark when it comes to marketing? I just may have the answer. I call it Fear-based marketing. But before I get to that... A backround story...
At one time I attended an industry specific seminar aimed at helping business owners gain more business. I had the pleasure of attending with my company's business owner. The seminar was an all day event run by some of the most successful and knowledgeable people in this particular industry. I nodded my head and listened attentively on business models, marketing, customer service. I took notes on social media, Groupon, and blogging. But then he said it... The most terrifying words that the only marketing professional in the room could hear...
"...but don't rush out and hire someone to do your marketing, don't spend your money there."
Slighltlg offended, I smiled at the fact that I had a boss that knew better. He had me, and I woud take care of this for him to make sure our company was a success. I continued to scribble my notes and be one of the few in the room able to answer questions and bring insight.
When we left, I encouraged my boss to seek the counsel of these Industry professionals to help us get things on track. This was going to be great! We could really collaborate!
He sought their counsel. And fired me.
From what I know, the receptionist is handling the "marketing" now. The company is still struggling and in the same economic situation as they were. Several years have passed, without considerable growth.
What can be learned from this story? Don't participate in fear-based marketing and for the love of all that is right and just in the world, if you do please don't ask me to participate with you. I just can't watch another company move backward. It pains me.
But what exactly do you mean by "fear-based marketing," Tina. Excellent question, reader. Fear-based marketing is an approach to business development that leaves the decision maker grasping at anything and everything to heal some financial pain. It means that there is no room in the budget to do anything worthwhile, but there is this thought that perhaps if a bunch of ineffective things are done it will help. It is marketing without a plan. Without strategy.
Guess what? It doesn't work. Like ever. Never ever.
The whole of marketing is usually blamed for not working, for being a financial liability with no immediate gains. No immediate ROI. Marketing becomes unnecessary and at the very least, expendable.
However, proactive marketing is the complete opposite. It is the ability to recognize the need to plan for the future. It sees marketing as the roadmap to success. The immediate ROI is worth more than anything in the bank, because it is focused on a measureable an attainable strategy for growth. It means planning not only for the wins now, but for the future wins. Owning market share, having raving fans as clients, and building everlasting relationships with buyers and the community. That is your marketing ROI. That is what you are paying for when you play the game how it is intended. Not only counting what you have in your hand now, but setting the stage for the the flow of future gains. Let me see a sales person do that! Let me see an already over worked admin do that!
Ok ok... Don't get me wrong, as marketers we need the sales person. We need the admin. They are an intrigal part of our strategy. At least they should be. Effective marketing means collaborating to make sure that the roadmap we create is not only the most efficient, but one that our counterparts will travel down too.
And our counterparts will want to go this way too. They want a plan that works, they want the roadmap. They trust it because effective marketing is measurable, can be evaluated, and has specific goals that are both short term AND long term. It's ongoing. Perpetual. It's always in motion. Always. As in forever. Forever and ever.
So, my question to you Mr. or Mrs. Decision Maker, is your approach to marketing an overhead expense that is fear-based? What is it that you are running from? Failure? Losses? If so, here is a suggestion... Move on. What is lost is lost. What has failed has failed. Change your future. Stop running from what you don't want, and start running toward what you do want. Get yourself a plan. Have someone help create a roadmap. A marketing-engineer (you wouldn't want just ANYONE to build this very important plan that holds the key to future success would you?). Take a proactive approach to your marketing stragegy this year. I bet I know what will happen when you do because, well.. I am a Marketing-Engineer...I built the road so I know where it leads...and I think you will like it very very much .