I’m a small business, why should I invest in marketing?

Running a small business often feels like walking a tightrope with your purse strings. We get it – every penny counts. But what if we told you that with the right marketing partner, every penny you spend would be an investment, not a cost? 

Nearly 1 in 5 small businesses fail in their first year. Marketing isn’t a gimmick, it’s a lifeline that can enable you to run a successful and sustainable business.

Let’s break it down. Here are five reasons why marketing should be your business’ best friend:

1. Acquire and retain customers: you have a great product or service and that’s what brought you here. While foot traffic benefits brick-and-mortar stores, it may not reach everyone nearby. And if you don’t have a shop window you have to rely on other ways of attracting customers. Marketing professionals employ affordable tactics to attract new customers and keep existing ones engaged with simple, repeatable techniques. 
2. Support your growth goals: many small businesses are established and doing well, but how will you grow when you’re ready to take that next step? Reaching a new and wider audience is key. Marketers will provide insights into your existing and potential target audience and make recommendations on how to reach them.
3. Search engine optimisation: you might be a small fish in a big sea, but marketing can help you optimise your online presence to make sure you stand out on search engines and that you’re top of mind with your target market. The right adjustments will ensure you’re not just another voice lost in the digital cacophony of search results.
4. Build your brand: offering a good product or service is just the start. What does your business stand for and do your customers know it? You may have heard of Maya Angelou’s saying: “People will forget what you did, but people will never forget how you made them feel.” It’s important your brand leaves your customers feeling good for two reasons:
   
   • They will want to come back and repeat said feeling.
   • They will talk about it. Word of mouth is such a powerful marketing tool, and a free one!
5. Increase social media following (Forbes has a lot to say about this one): depending on the product or service you offer, your customer may come by daily, weekly, monthly or less. So how do you stay top-of-mind when it’s the latter? Marketing professionals know how to leverage social media to make sure your presence is felt, your voice is heard and your customers want to come back for more. This also helps feed into and supports many of the points above.

How much should you invest? Well, that depends on your cash flow and comfort level. But here’s a tip: the first and most important step is finding the right marketing partner, one dedicated to your success. Establishing a longer-term relationship ensures they understand your goals, offering flexibility in pricing and maximising the value of your investment. 

The best part is you don’t have to commit to any of this blindly. Make sure you agree on targets with your marketing partners and conduct regular check-ins to make sure your investment is giving you the ROI (return on investment) you want. I would suggest giving 3-6 months to see the impact, depending on your business, which is also something you can discuss with your marketing partner.

This is great, but where do you start in choosing the right marketing partner? There are a lot of options! CoLab Marketers is a small business too, and our goal is simple: help you achieve yours. We’ve got the experience, time, and resources to partner with you and help you get to where you want to be. Get in touch if you’re curious and ready to dip your toes into the world of marketing your business!