December 22, 2019
Growing a business is complicated. According to the Small Business and Entrepreneurship Council, 89% of all businesses employ fewer than 20 employees. And scaling a company further is contingent on solving a number of challenges — most of those being common across all organizations out there.
Businesses in their first year or two, under 10 to 20 employees, and making less than $500,000 in revenue are still validating their business model. Once a certain sense of stability is met, several repetitive challenges keep haunting organizations, over and over again.
There are many impactful challenges that business owners and managers have to deal with. Resembling the feast or famine cycle freelancers are notorious for, the balancing act requires juggling multiple challenges at a time, often across different categories.
Along with Marketing, in the months ahead business strategy, recruitment, management, sales, and technology will each face separate challenges for your business. For those companies unfamiliar with how to navigate around and through these challenges, a business consultation firm like Louis Mamo & Company can be extremely helpful, providing a fresh, unemotional point of view to help your company achieve its maximum potential and reach its goals. For those who choose to go it alone, it’s going to be rough to say the least.
For example, let’s look at Marketing.
Marketing is a blended term encompassing a broad set of professional activities. It’s absolutely paramount not just in growing your business, but in today’s business environment, surviving. Here are the main marketing challenges that businesses like yours will face in 2020.
1. Building Effective Marketing Strategies
What is the #1 problem with generic terms like “Marketing,” “Negotiations,” “Management”?
Everyone assumes they get the gist out of them.
You don’t have to be certified or spend 4 years in a college to manage a couple of people. But managing two people in a SMB is completely different than managing a team of top-tier engineers in Google, for example.
Organizations often rely on rumors and common trends online, including:
The lack of any strategy in place, setting up adequate key performance indicators, and producing actionable business results are a major bottleneck for many businesses, especially traditional ones.
Making the first step to refining your marketing strategy is important. Don’t miss out.
2. Properly Allocating Marketing Resources
Investing in marketing isn’t intuitive at first. There are plenty of options for launching marketing initiatives:
Businesses in different stages can apply marketing in various forms. Without the right strategy in place, marketing will be chaotic, generating minimum (if any) ROI, and more expensive than useful.
While exploring the alternatives between outsourcing or building a marketing team is the best next step, most small companies don’t have the time or resources to go through this process. Our recommendation is to go with professionals who can save you time and money by leveraging their experience and familiarity of the marketplace.
3. Measuring Marketing Initiatives
Setting up the right KPIs (key performance indicators) is an art.
The most common response I get while chatting with clients regarding KPIs is “revenue.”
Of course, revenue growth is the ultimate goal for almost any business. But it is achievable through multiple channels. Each representing a chain of techniques and events leading to a sale or a conversion.
The lack of direction — and the vagueness of a strategy — won’t lead to a tight process, a measurable one that gets the job done.
This is why professional marketers outline a successful content strategy that is broken down into multiple phases, over time, with certain indicators in place. Traffic, conversion rates, sign-ups, email open rates, brand searches — and hundreds of others of factors contributing to generating a purchase.
4. Building a Corporate Brand
A powerful brand can go a very, very long way.
Most reputable and well-known brands in the world can afford to:
Employer branding is an extremely powerful weapon for recruitment, especially at rapidly growing organizations.
The return on investment in brand building for large corporations is the leading reason hundreds of millions are poured into street billboards and TV ads. Believe it or not, it pays off with time.
5. Relying On Marketing For Lead Generation
Defining optimal strategies and measuring KPIs is complex. As a result, businesses know that marketing is essential — but they remain unsure of its efficiency.
They can’t predictably hire and grow revenue thanks to marketing initiatives.
They can’t scale budgets sustainably due to fluctuating results.
And this impacts their sales and business development processes as a result. This stagnation reflects on revenue growth, salary increments, and employee retention at the workplace.
Successful businesses have the right processes in place, measure KPIs related to actual purchases, and can pump up additional resources for predictably increasing their revenue.
If you find the idea of marketing your business or organization daunting and would like assistance, please do not hesitate to contact. We offer a wide range of solutions to meet the marketing challenges described above. For a list of our marketing solutions, please click here. We look forward to serving you.
(The information above was compiled from a variety of sources)