Let me start off the article by asking, “How important is marketing to the success of your product or service? Do you need marketing to create brand awareness? Generate leads? Build loyalty for your offering? Produce advocates for your brand?”
If you have answered yes, let me ask you one other thing. When you look for results, are decent results good enough or do you want stellar results? I know all of these questions seem a bit rhetorical. But I am laying them out for a purpose. The questions point to two realities that no one wants to hear or admit. Excellent marketing takes time and money.
We are in a culture where we want everything today or if not today, then certainly tomorrow. It takes time to build an audience. Look at any major market shareholder – Apple, Amazon, Facebook, and the list goes on. Every one of them had challenges and hurdles to overcome. Their massive success did not happen overnight.
Brands should definitely measure results. But the expectation of results should be realistic. Look for continuous incremental growth. Companies that experience sustainable and long-term success usually start out by seeing incremental success for a decent amount of time. Then something happens where they see a “hockey stick” curve if they are lucky. But is the hockey stick curve growth really luck? Or is it the result of continuous focus on strategy and execution? The latter of course. A hockey stick curve growth and with continuous sustainability takes time.
I believe it is imperative that you work each and every day to understand your audience, your competition, and your brand core competencies. You continue to tweak a strategic formula that takes all these factors into consideration. Your brand journey must be a continuous learning one. It is rare that a brand sees immediate massive growth and maintains their market share in the long term.
So one of the realities of marketing excellence is that it takes time. One marketing campaign will not yield long-term brand success. The other reality is money. It cost money to build awareness, consideration, sales, loyalty, and advocacy.
Now I realize no company has an endless budget. In fact I have made some tough decisions with regards to marketing investments. Just this past week I decided to use a “cheaper” marketing platform than one that really was far more robust. It is like comparing a Mercedes to Hyundai. I would much rather have a Mercedes, but the Hyundai serves my purpose for today.
But I find way too many companies making an economical decision before a rational value decision. I will eventually invest in the “better” platform. Today, based on my audience size the “cheaper platform” (and less valuable) suffices. I have told my executive management that I intend to purchase that more expensive, greater value platform when we reach a certain audience size, revenue plateau, and number of employees. We will spend when we need to.
I find that this issue of company budget is especially true when it comes to the hiring of digital marketers. I have seen a number of companies hire inexperienced digital marketers just because they use digital and social platforms well. The question is whether they know how to use them to develop an audience. Do they have rich marketing experience that allows them to develop marketing strategies and apply them in execution to a digital world? Here, I have seen many companies opting for less experienced, cheaper solutions rather than investing in individuals that will drive strong results for their company. Yes, maybe the personnel and solutions they deploy are less expensive, but the brand rarely experiences results they seek.
I think I have just scratched the surface with regards to the reality of time and money required within marketing to drive superior results. But for now, I just want to touch a subject that few are comfortable discussing. If you are compelled and brave enough, please chime in. Add your perspective.
Make It Happen,