The one question that many small businesses are reluctant to answer and most consultants are eager to ask: What’s Your Marketing Budget? If, as a small-business owner, the question reminds you of fingernails on a chalk board, get over it. If, as a marketing consultant, the question reminds you of sugar plum fairies dancing in your head, shift your paradigm.
Let’s be frank here, there’s no “M” in marketing without planning, budgeting and executing. Too many organizations fail to plan and plan to fail the process of educating target markets about the business, products and services. Many neglect to convey the value proposition – how they meet the consumer or customer need. And far too many underestimate the resources required to do so. The explosive growth of inbound marketing, social media and branded content is like being a kid in a candy store and makes a compelling case for throwing everything against the wall to see what sticks, err…converts. The sea of activities and opportunities lure many a business owner into thinking that they can do it all, in one fell swoop. Too many consultants over promise and under deliver, jumping from the frying pan into the fire with nary a thought of expectations, compatibility, scope of work or direction and failing miserably one of the most powerful rules of The Seven Habits of Highly Effective People: “Seek first to understand, then to be understood.”
Asking and answering the question is mutually beneficial. It is a concerted effort to address the fundamentals, the best steps – and consultants – to achieve the business goals. Marketing is and will always be a sustained process, one that starts with a plan and a budget. We want to know what you think. Do you tell? Do you ask? Embrace the question to get your marketing priorities in order.
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