The buyer journey is smarter and more consumer-impowered than it ever has been in the past. When people can have real-time information about anything they can think of right in the palm of their hands within seconds, the buyer journey is no longer linear. It’s controlled by them.
Marketing across multiple channels is now a mandatory action. In order to be seen by the people you want, you have to be actively publishing relevant content on the right social media channels, nurturing warm leads with email, and your website needs to work in your favor to attract visitors through search engine optimization and then engage and convert visitors.
In addition to an integrated marketing strategy, your business should have marketing goals that align to your company growth goals. Whether you have a team that is devoted to the company’s marketing efforts, or someone is managing marketing on the side, it’s important to have a plan and to know your goals.
This leads to our first reason why your marketing efforts might be underperforming and failing to produce new leads and customers.
No One Owns Marketing
This is a common problem in small and mid-sized companies who often have a president, VP of sales, CFO and some supporting staff, yet none of these people are solely dedicated to sales and marketing efforts. Or if there is someone who devotes some or all of their work to marketing, they don’t have the authority or budget to carry out their ideas.
Companies over $2 million in annual revenue should have a full time person dedicated to marketing. It may seem like a luxury investment but it’s important if you want to grow and scale your business. How can you expect to grow if no one is owning that side of your business? When money gets tight, marketing can be the first department that gets the boot, but that’s a short sighted decision since marketing should fuel growth.
Changing Marketing Strategies
Changing your marketing strategy too often is an extremely common mistake in companies of all sizes. It makes sense that if your current plan doesn’t seem to be working, then you change your course of action to something that will hopefully work better. However, this isn’t a good idea if you’re changing your marketing strategy every quarter. In this case you either need help in setting the right strategy, or you aren’t giving the plan enough time to work.
If you’re changing your mind too often, your marketing plan is never going to have enough time to execute what you desire. You can’t flip-flop on large marketing plans and expect to get new leads or revenue growth. Give your plan enough time to gain traction and see results before changing your approach.
Marketing is Underfunded
Often times when businesses struggle financially, marketing is the first thing to get the boot. Many people think of marketing as a department that costs money but doesn’t make money. This couldn’t be farther from the truth. Marketing done right is an investment, and without it a company will surely struggle to grow. Be prepared to include marketing as a decent chunk of your overall budget. An ideal marketing budget is about 5% to 20% of annual revenue. View your company’s marketing efforts as an investment, not an expense.
Marketing and Sales Are Not on The Same Page
Your marketing and sales teams should be working hand in hand to produce leads and generate revenue. This is unfortunately not the case for many companies. Some problems that will arise if these two teams are not aligned are marketing-generated leads that are never converted into new customers. Your prospects desire a seamless experience with your company. So don’t shuffle them between two disjointed marketing and sales teams.
When marketing and sales teams work together, your company will have a highly efficient and successful stream of new leads and conversions that drive a growing revenue.
Lack of Corporate Support
Marketing efforts can’t thrive if the entire company hasn’t bought in. You’ll have a very weak marketing program if only one person or a few people handle all of the marketing efforts. If your business has a blog or is active on social media, have other people within the company contribute to those things. Have your graphic designer write a blog on what they use to inspire them when creating graphics for a client or have a member of your sales team take over social media for the day and talk about some of their tips to a growing client base.
Your content should be diverse and your marketing efforts should be supported by every single person in your company.
Low Company Morale
We all know how important it is to have great morale in the workplace. Employees within your company should be passionate about what they do and who they work for. They have to understand the “why” of your company. Not just what products the company makes or what services it provides, but why it does what it does.
For example, Your company doesn’t just make front doors for homes, it gives a way for people to welcome others into their home. Everyone in the company should see this and be motivated by it. When asked about their workplace, every person in the company should be able to clearly and positively articulate what they do and why they do it. This plays a huge role in company culture and how people outside of the company view it.
Take these tips and reevaluate how you’ve been doing business. Have you been consistent? Have you made marketing a high priority? Have you created a work environment that people are proud of? It’s small steps like these that make a company highly successful and flourishing. We’d love to talk to you about how you can make improvements like the ones we mentioned in this blog.