The Cost Of Marketing Vs The Cost Of Not
It is always hard to decide how much money and time you should spend on marketing for your business, and with any businesses not doing marketing well or at all, often, these business owners neglect it. Without seeing gleaming results, it might cross their minds that marketing isn't worth it, and that it doesn't pay off, but is this really the truth for marketing, and is the cost of a marketing strategy overall worth it compared to not? In this article, we will explore the costs of marketing your business versus the costs of not marketing your business, and discuss if it is worth it.
Marketing Costs Money
No matter how you look at it, marketing costs money, but in order to achieve results, get those new sales, and meet new prospects, you have look into your budget and choose where to invest both time and resources to get such results.
There are many varieties of marketing that can be used, from outbound strategies such as social media ads or Google Ads, and Inbound Strategies from email marketing to SEO. Marketing may seem like a gamble without a clear outcome to some business owners and some people may feel like they are spending money without any certainty of getting anything back, and that is true to an extent as marketing results are not guaranteed, but in life, what is?
However, you can always tilt the scales in your favour by seeking advise and guidance from marketing specialists. It's essential to understand that marketing is not an expense, but rather an investment that can yield significant returns over time. You will not see instant results but by promoting your company in a multitude of ways, you're creating an opportunity for prospects to learn about your products or services and potentially become loyal customers.
People Won’t Know About You
Getting people to know about your brand is key to your business' success. After all, if potential customers aren't aware of your brand, they are not going to buy from you. By using marketing techniques like advertising and social media campaigns, you can increase brand awareness and help customers learn about your products or services. If you don't market your brand, your customer numbers may not grow or could even decrease, giving your competitors who advertise the change to might steal your potential customers and outpace your growth. It's important to let people know that your business exists and what makes it unique.
Your Business Won’t Grow To Its Fullest Potential
Without marketing, growing and expanding your business can be tough. Marketing plays a crucial role in attracting new customers, creating brand recognition, and ultimately, increasing revenue as you rank higher in Google and become noticed by more ideal customers. A business that does not invest in marketing risks becoming stagnant and losing potential customers, resulting in low growth and limited ability to compete in a crowded market, most likely falling backwards in Google rankings, even for the most relevant search terms to your business. The good news is, by implementing effective marketing strategies, businesses can experience significant growth, shown by a sixfold increase in website inquiries, which rose from 16 to 100 per month on average for our clients after they took that leap into investing in their marketing strategy.
Lost Market Share To Competitors
When compared to a business that invests in marketing initiatives, a business without any marketing efforts will miss out on significant growth and sales opportunities. Without marketing, businesses will lose potential customers to competitors and struggle to compete in a crowded market.
By utilising winning marketing strategies, you'll attract new customers, keep existing ones, and increase your overall marketing ROI in the long run. In a market where competitors are using marketing strategies, they'll have an advantage with a larger share of the market if you don’t adapt with and adopt these growing strategies too.
Marketing is essential for business growth and success. Investing in marketing takes money and although it can take time and effort to get started, it pays off when it comes to generating sales, attracting new customers, and promoting brand awareness. In the long run, not marketing can slow revenue growth, limit your visibility online, and miss profitable opportunities.
Find Out More
For more information on how to introduce digital marketing into your business's marketing strategy, get in touch with JDR Group today or download our free guide on How To Attract Customers to find out more.
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