What Marketing Managers Need to Know

What Marketing Managers Need to Know

If the management in your company does not have a full grasp on how to market, then they better educate themselves or find someone in the company who can do it. If not, they need to interview a new employee or hire a firm. Even if you utilize an employee, hire a person or contract with an agency, it is a really good idea for management to get a crash course on some of the basics so they are familiar with the industry.

Everyone can spend your money really fast and I am always amazed how many owners know the amount they are spending on marketing but literally do not know any of the results that are being produced. If your person in charge of marketing cannot explain what they are doing or the results they are getting to a ten year old, you need to start being suspicious.

If they are unable to show you the ROI for their efforts or at least explain how it ties in to the branding of your business, (again, explaining to that ten year old), then you really need to rethink the relationship, the strategy or both. Big business many times has layers in their marketing strategy. Lots of large companies have long sales cycles and many touch-points with prospective clients.

Most small businesses are not this complicated in their sales process and as such, the marketing plans should not be too complicated. Most business owners just want to make the phone ring, have clients submit a contact form or simply walk into their store.

Judging Whether It Is Working

Sorry guys, these points are not going to shake up the world. They are basic and straightforward.

• Are you looking to save money on marketing?
→ Have an outside marketing company conduct an audit on the work and results

• Are you achieving the results and are profitable?
 → Sounds like business is good, don’t make many drastic changes

• Happy with the way things are going but are concerned about the future?
→ Make small investments of time and money to research and test new strategies

• Unhappy with your current results?
→ Look to hire a new manager or outside firm.

How Much Should a Small Business Budget for Marketing?

If I were a teacher in a classroom and asked how much should be spent on marketing I would have to stop and ponder, then give the following answer, About 10 to 15 percent of revenue should be spent on marketing. That is the short answer. Easy, wrapped in a bow, done.

Business doesn’t occur in a classroom though. For a small business that is looking to bring in $250,000 their first year, it can almost come as a shock to the system to realize you will need to put up $35,000 in marketing for one year.

In some cases it is almost unavoidable to do so. If you are opening a divorce law practice in Chicago, it would be near impossible to expect clients without investing in online advertising and SEO. Legal Practices and digital marketing go hand in hand nowadays.

So What is a Business to Do?

If you don’t have the capitol to spend on marketing, then you are going to have to do it yourself. Now, some expenditures are unavoidable. If you are going to run Google AdWords or sponsor a local Chamber of Commerce event, dollars will have to be spent.

But it is always wise, if you or your employees have the time, to figure out what you can do and what needs to be spent to have others do. You will sometimes be surprised by how much your employees can do in these instances or even family and friends.

• Do they own a quality camera?
• Do they spend a great deal of time on social media?
• Do they like making videos?
• Can they describe a product or service you offer in writing to create unique written content?
• If they don’t like to write, can they talk about it and record it on their phone recording app?
• Does anyone take classes on graphic design?
• Do they manage a blog for themselves or a nonprofit?
• Etc.

Most small businesses do not require a full time marketing manager. So don’t get carried away reallocating resources for this one business practice and don’t just hand them the keys. Stay involved and and learn along with them.

Knowing your clients, developing a strategy and having solid people to execute is a recipe for success.