Sounds crazy, right?
But believe it or not, there are times when even we wouldn’t advocate spending money on marketing!
As the old saying goes, “failing to prepare is preparing to fail”. With so many marketing tools available to the average business owner in 2022, it can be tempting to throw some of your budget into ads, PR etc. to see if you can put the word out and broaden your reach.
There’s nothing wrong with this, of course, but without a solid, data-backed plan in place, it’s likely to be money down the drain. The trick is to take the right approach, to do your research and to carefully strategise before you make a financial commitment.
Here are five instances when you shouldn’t spend money on marketing:
Before you know who you’re selling to
Know your audience. The scattergun approach is very rarely effective, and if budget is a concern for your business, it’s vital that you know your audience inside-out in order to make the most of your efforts.
Take some time to create a profile of your ideal customer, and then use research to make a judgement on where best to find them i.e. social media.
Before you know what your service offering is
If you don’t know the benefits of the product or service your company is offering, then how is a potential customer supposed to?
Small businesses can sometimes struggle to pin down their offering and then explain it in a way that their customers can understand. Ask yourself – what problems does my business solve? What are the benefits of our product/service? Don’t spend any money until you’ve got this part absolutely nailed!
When you want to go viral
Looking at social media, it’s very easy to get the impression that going viral is a slingshot to success. In reality, it’s a fleeting experience that often doesn’t amount to much in terms of gaining new business.
By most estimates, you’ll have up to a month in the spotlight before your viral piece is forgotten and the world moves on. This may seem like a good amount of time, but it’s still nowhere near long enough to cement the kind of brand reputation and credibility needed to convert your new found popularity into tangible business leads.
It may not be what you want to hear, but if you want to create a large, loyal following, then time and consistency are by far the best way to get there.
If you think a rebrand is going to solve all your problems
Hermes, anyone?
Let’s just put it plainly. If your brand has suffered reputational damage, then a name change and a new colour palette won’t solve that. Worse, customers often see such a timely rebrand as a transparent attempt to shirk responsibility, and by this measure, a rebrand can actually do more harm than good.
If your marketing is ego-driven
When it comes to content, your themes and messaging should reflect what you know your audience wants to hear. Of course, there will be certain things that you as a business want to share with your audience, but if you spend all your time trying to force content they’re not interested in, they’ll start switching off pretty fast.
Instead, listen to your audience. Learn what kind of content they respond to, and where and when it should be published for them to do so. Follow their lead, and you’ll never go far wrong!
Sounds crazy, right?
But believe it or not, there are times when even we wouldn’t advocate spending money on marketing!
As the old saying goes, “failing to prepare is preparing to fail”. With so many marketing tools available to the average business owner in 2022, it can be tempting to throw some of your budget into ads, PR etc. to see if you can put the word out and broaden your reach.
There’s nothing wrong with this, of course, but without a solid, data-backed plan in place, it’s likely to be money down the drain. The trick is to take the right approach, to do your research and to carefully strategise before you make a financial commitment.
Here are five instances when you shouldn’t spend money on marketing:
Before you know who you’re selling to
Know your audience. The scattergun approach is very rarely effective, and if budget is a concern for your business, it’s vital that you know your audience inside-out in order to make the most of your efforts.
Take some time to create a profile of your ideal customer, and then use research to make a judgement on where best to find them i.e. social media.
Before you can define your service offering
If you don’t know the benefits of the product or service your company is offering, then how is a potential customer supposed to?
Small businesses can sometimes struggle to pin down their offering and then explain it in a way that their customers can understand. Ask yourself – what problems does my business solve? What are the benefits of our product/service? Don’t spend any money until you’ve got this part absolutely nailed!
When you want to go viral
Looking at social media, it’s very easy to get the impression that going viral is a slingshot to success. In reality, it’s a fleeting experience that often doesn’t amount to much in terms of gaining new business.
By most estimates, you’ll have up to a month in the spotlight before your viral piece is forgotten and the world moves on. This may seem like a good amount of time, but it’s still nowhere near long enough to cement the kind of brand reputation and credibility needed to convert your new found popularity into tangible business leads.
It may not be what you want to hear, but if you want to create a large, loyal following, then time and consistency are by far the best way to get there.
If you think a rebrand is going to solve all your problems
Hermes, anyone?
Let’s just put it plainly. If your brand has suffered reputational damage, then a name change and a new colour palette won’t solve that. Worse, customers often see such a timely rebrand as a transparent attempt to shirk responsibility, and by this measure, a rebrand can actually do more harm than good.
If your marketing is ego-driven
When it comes to content, your themes and messaging should reflect what you know your audience wants to hear. Of course, there will be certain things that you as a business want to share with your audience, but if you spend all your time trying to force content they’re not interested in, they’ll start switching off pretty fast.
Instead, listen to your audience. Learn what kind of content they respond to, and where and when it should be published for them to do so. Follow their lead, and you’ll never go far wrong!
