Budgets are confirmed, forecasts are ‘best guessed’ and it’s time to work out where your hard earned pennies are going to be spent. I can hear the deep breath in through tightly gritted teeth from here as it comes to committing the ‘marketing spend’ (cue Beethoven’s 5th Symphony ringing loudly in your ears)! Marketing mumbo jumbo, pretty pictures, creative ideas, big bucks…it’s a luxury right? It’s not essential? It doesn’t really make a difference does it? Here are the most (il)logical reasons NOT to spend money on marketing…
You’ve already got customers. You don’t want any more!
So, you own a restaurant, a pub or a chain of food outlets and yes, some days are busier than others. But that’s ok. Isn’t it? People can’t eat, drink, socialise all of the time. Can they? Yes!! And if you want to fill your lulls with the pitter-patter of spending customers, the only way to do this is to shout about what you offer, tell potential customers how to find you and give them a reason to visit you. However if you didn’t want to entice new customers (or remind your existing ones how wonderful you are and how they would miss you if you were gone) then definitely don’t spend any money on marketing.
It’s irrelevant if ‘non’ customers don’t know what you offer.
If the secret to success is, keeping your business a secret – then success awaits. (I think you’ll be waiting a while…) Like any solid and mutually beneficial relationship the period of ‘courting’ is irreplaceable in creating attraction, establishing understanding and building loyalty. A potential customer is likely to have to come in to contact with your business numerous times before feeling confident about giving you a go. Raising awareness of your brand imparts your product and offer to your target audience in such a way that they recognise a need for you… They might not need you right now, but be it a week, a month or even longer, now that they know about you, they’re far more likely to convert to becoming an actual customer when the time is right! And in the meantime, they’ll help to create noise around your brand. But, if being talked about for all the right reasons is definitely NOT for you…put the rubber stopper back in your piggy bank and don’t spend any money on marketing.
Understanding and trust are overrated.
The key to any successful marketing campaign is that it must be based on FACT. That’s a fact! Research and insight around your brand, its position within the competitive landscape and what both your customers and potential customers think of you, is the key ingredient to executing an exceptional marketing strategy. It shows you know what you’re talking about and to whom! It appeals to and attracts the right people, nurtures them into becoming customers (advocates of your brand) and continues to delight them long into the future (because they trust you and have an emotional connection with you).
There are many intelligent and cost-effective measurable tactics that build loyalty and brand affiliation, boost sales, stretch revenue and ultimately increase the profitability of your business. But if you’d rather style it out like an ostrich (head in sand…) and let your competitors dine on a bigger slice of the pie, DON’T spend a penny on marketing.
Personable. Memorable. Distinguishable. Not needed here thank you very much!
We see success as creating demand for your brand. If you aren’t interested in creating moments to remember and telling a compelling story about what makes your brand unique, then we probably shouldn’t date! The power of brand is unforgivably important. A brand has a voice, a belief, a purpose and an ethos. Customers can identify with brands, show loyalty and affiliation to brands, trust and endorse brands and will choose one product, offer, service or experience of a brand they know and trust, over that of an identical entity from a lesser valued competitor. Simple – because your brand contributes to a customer’s own ‘personal’ brand and therefore you have to make them feel good. If you’re thinking ‘marketing mumbo jumbo’…definitely DON’T spend money on marketing.
(Aha, lightbulb moment) If what you’re actually thinking is ‘marketing matters’, then maybe we can be friends and hook up for coffee sometime!
Written by Sophie Ma, Account Director at elliotts agency