For SMEs, Every Penny Spent On Marketing Needs To Count
If you’re thinking about launching a small business, or are already in the process of running one, you’ve no doubt read any number of articles telling you that ‘every penny counts’. And, while that is undoubtedly true, research has shown that many SME owners are actually unable to account for their marketing spend, despite being aware of the importance of careful money management.
This is incredibly worrying, as the consequences of such casual spending are liable to be drastic for businesses that are still in their infancy.
What The Research Says
According to research published in Business Matters Magazine, one in three business leaders say that they are unsure how much their organisation spends annually on marketing. Perhaps even more concerning is that one in three also admit they have no idea whether their company’s marketing budget has increased or decreased year on year.
The research also concluded that a whopping 20 per cent – one in five – have no idea of their target audience, while one in six admit they ‘get confused’ when it comes to figuring out the best marketing channels to utilise.
Quite clearly, these results are cause for concern.
Understand Your Audience, Your budget, and Your options
So, with that in mind, what can you do to keep on top of your finances and ensure your marketing campaigns are successful? It might seem like a simple enough prospect, but given that SME owners tend to work incredibly long hours, will have numerous areas of focus, and are often new to the business world, tracking all spend can be difficult. It is always time-consuming, and can also be complicated. Expenditure can therefore be missed, and figures can become messy.
What we suggest – especially when it comes to marketing – is breaking everything down. Do you know your target audience? Are you fully aware of what content will appeal to them, both in terms of the tone and the medium? Then, figure out a defined budget. Work out what you can spend each month, and don’t go over this amount. Then, work with marketing experts to get your message seen.
One of the biggest mistakes many SME owners make is attempting to take on too much themselves. Put simply, this doesn’t work; it isn’t a viable solution in the long-term and could well hamper your business growth in the short-term. For things like marketing and accounting, it certainly makes sense to work with people that know how to get results.
Print lead marketing used in conjunction with digital marketing efforts could generate a great ROI (return of investment). Brochure printing is a great way to tell your customers and prospects all about your business and the products and services you offer. Brochures are a cost efficient yet highly effective form of marketing. Not only do they look very professional but show your business is legitimate as are the services you offer.
Check out the full article in Business Matters Magazine: SME Business Owners Don’t Actually Know How Much They Spend On Marketing
If you’re looking for a marketing partner that can help you navigate these often-confusing marketing waters, look no further. Whether your small business is looking for brochure printing, flyer and leaflet design templates, graphic design or simply some steer when it comes to your wider marketing efforts, we’re here to help. PrintUK.com