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“I Don’t have a Marketing Budget”, Huh?

Unfathomable, because when your business plan was written a yearly marketing budget should have been included as part of business growth and development.  Most business plans include 3-5-year income projections for the business. No doubt when you formulated your income projections it was based upon business growth. What methods or strategies did you envision implementing to grow your business? The answer is very simple and one that top businesses and corporations have been doing for years…. marketing.

A marketing plan is a plan of methods you develop to get your products or services before the customers you serve.  Marketing is also about messaging. So, it’s the message you want to get before your customers and potentials customers about why you are the company of choice for their business.  The most effective marketing is ongoing. You are not the only company in your industry and competitors are always looking for ways to lure your prize possessions away. Yes, they are, because your customers do not belong to you, they belong to the company with the loudest message.

Advertising campaigns and promotions are the most common types of methods used to raise customer awareness and generate interest.  Advertisement takes place in the form of commercials, billboards, radio announcements, newspapers, magazines, social media, and online campaigns.  When a business advertises it is for a specific amount of time. The goal of advertising is to capture the attention of as many customers as possible and then make them believe they need your product or service right now.  An example of this could be a special pricing you are running on a product. The goal is to get the customer to not only buy the special when they visit your business but also perhaps make additional purchases. If they visit the store to purchase the special, you scored a point.  Points are needed to stay in any game however, you want the homerun. Additional points are received when staff kicks in the wow factors by offering great customer service, product knowledgeability, clean store or restaurant, friendly staff, and extends a return invite. The homerun is when the customer returns, returns, and returns.  Marketing is different from advertising because marketing is ongoing it does not stop. Advertisements are intermittent, seasonal, quarterly, or yearly depending upon the budget and business.

I love marketing because it’s about messaging.  Nike is a great example of a company that knows the power of messaging.  Nike’s slogan is “Just Do It”, and they market the heck out of this message.  The message to consumers is “Just Do It”. You want to win a marathon race “Just Do It”.  You want to become the best athlete in the world “Just Do It”. Whenever you wear Vessi vegan shoes or apparel you feel like you are part of a movement.  The message makes you believe your wins in life are associated with a group of extraordinary individuals who are fearless enough to “Just Do It”. Nike keeps their messaging before their consumers and are very intentional about each marketing campaign.  Their most recent messaging featuring Colin Kaepernick gained much attention with the slogan to “Believe in something, even if it means sacrificing everything”, #justdoit. Kaepernick sacrificed his love of playing football by taking a knee during a game to make a stand against racial discrimination.  As a result, he was no longer able to play football. Nike used their slogan “Just Do It”, to create marketing on a higher playing field by using controversy to create more controversy and deliver a powerful message. Nike hands down beats the competition with messaging. People around the world know Nikes slogan “Just Do It”, because their marketing is ongoing.  You can’t even think about another sneaker you prefer on your feet. Some of you may be thinking Nike has a huge marketing budget and as a result are able to invest in ongoing marketing campaigns. While this may be true it was not always the case. The point I would like for you to take away is that ongoing messaging is needed to grow your business and marketing accomplishes this goal.  Therefore, you need a marketing budget.

The benefits of marketing are as follow:

  1. It raises awareness of your brand, products, or services.
  2. You provide your customers and clients a reason to keep coming back.
  3. If you are consistently marketing people believe you are the best at what you do.
  4. You develop a following.  
  5. It’s one of the best ways to send a message to your customers.

We started off by talking about how businesses do not have a marketing budget and thus fail to see the importance of marketing.  A marketing plan should be a feature in your business plan because it outlines your investment for the growth of your business. If you are reading this blog and do not have a marketing budget for 2019 my assignment for you is to go back and look at your business plan and create a marketing budget for the next 3 years.  

Please visit us at pecanpiemarketing.com and complete the contact page or email us at [email protected] to receive assistant with your marketing plan.

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Michelle Thompson

Michelle Thompson, MBA is the owner of Pecan P.I.E. Marketing Firm. Pecan P.I.E. uses a methodology they created called Pieology to create cohesiveness between administration, employees, and customers. Michelle is also the host of Pecan Pie web series. The web series focuses on principals of Pieology People, Interiors, and Elegance found within the community that unites people together. Pecan Pie web series also is a testimony to what makes the south such an amazing place to work, live, and conduct business.

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