The beginning of the year. You start planning the company’s budget. You think about the necessary expenses, you control investments. Your plan should not lack space for marketing. When can you not forget about it?
Policy for worse times
You are planning to insure your car or apartment. Are you looking for the best life insurance offer? Marketing is a policy for the worse times of your company. To the economic crisis, temporary problems with keeping promises made to customers (e.g. delay in deliveries). It is too late to buy a policy when something is already happening, it has to be done earlier. There is nothing more risky than catching on to marketing only when the first problems appear on the horizon.
When you enter the market
An extremely important moment in the life of a company, when it is necessary to indisputably invest in marketing, is its entry into the market. Don’t put off investing in advertising “for some time”. Once you have recovered, when the product starts selling… This is a common way of thinking, especially among small and micro-entrepreneurs. Unfortunately, it will not start selling itself. Without marketing, you can produce the most innovative tool in the world and no one will know about it. Even products with viral potential need to initiate this chain reaction through appropriate marketing activities. David Ogilvy, called the “father of advertising”, advises to treat advertising as part of production costs, not sales. It’s better to produce less, but have a fund to promote the product you sell, than to end up with a garage filled to the brim with product, because only your friends know about your company and no one buys anything. At this stage, you should first think about your place on the web: your website and its positioning, company profiles on Facebook, Instagram, Linkedin – spaces where you will communicate with your future customer.
When you launch a new product or service
Similar to the situation presented above, you need to make sure that the world knows about a new service that you have introduced to your offer or a new product that you are selling from now on. This time it will be easier than when entering the market, because you have already done the basic marketing activities. You don’t have to plan a logotype or visual identity, and your website probably already exists. This is a good time to invest in an advertising campaign on Google and in social media. Consult an experienced advertising campaign specialist who will choose the right ad format, places of display and target group for your needs. Remember to provide information about the new product or service to your positioner so that he can choose new keywords.
When you rebrand
Are you changing your company’s business profile? The scope of services? A company name? Slogan? This is a necessary moment for PR activities. Communicate to your customers how your business has changed. Broadcast image ads and press releases. This is your new beginning. The moment of cutting off the company’s past. Treat this moment in the life of your business as entering the 2.0 market.
When your product stole the hearts of customers
You did it. You have correctly guessed your client’s needs. Congratulations. Your product or service that you offer to customers arouses their keen interest. Sometimes in such a scenario, entrepreneurs withdraw from marketing activities. They think, if there is a demand, there is no need to invest in marketing. This is a mistake. It is worth striking while the iron is hot. Your revenue can be even higher. Increase your company’s recognition. Sympathy for your company is even greater (and this is very important in a situation where you make a mistake. Will your customers forgive you or leave?). This is your chance to build a more profitable business. Scale your business, hire another employee, but don’t stop investing in marketing.
If the product has stolen the hearts of customers, it is only a matter of time before competitors with similar products appear. If the competitor has better marketing – he may win in the end.
Think of the biggest, most recognizable brands like Coca-Cola. If they keep their finger on the pulse and take care of marketing, you should too.
In times of crisis
In crisis periods, we often look for ways to cut expenses. Many people tend to look at marketing as a luxury. A luxury that can possibly be afforded when the company generates attractive revenues. Investing in marketing is not the same as making your office more enjoyable to work with. It is closer to a loan. The more we invest in marketing – of course good, well-thought-out, tailored to the current needs of our company – the faster we will improve its financial and image situation.
It is worth learning from history. During World War II, the British government forbade branding of margarines – there was simply “Margarine” on the shelves, not margarine of a specific brand. Despite this, Unilever continued to advertise their margarine brand (even though it was not on the shelves). After the end of the war, when margarines were again sold under its own brands, Unilever gained the largest market share.
Always.
Nothing special has happened in your company. You have been on the market for a long time, with a fixed offer, you have a stable situation. You don’t feel the effects of the crisis. Does this mean that you should not invest in marketing? Quite the opposite. If you’re happy with what you’re accomplishing now, think about how much good marketing can do for your business.
Not sure what marketing activities will be right for your company? How to communicate with customers on social media? Are you interested in website positioning or advertising campaign?