Scale Your Marketing Before You Pivot; Here’s Why

BradYoung04 By BradYoung04, 31st Mar 2017 | Follow this author | RSS Feed | Short URL http://nut.bz/1ld-2p_z/
Posted in Wikinut>Business>Sales & Marketing

A summary of why business and budget owners should scale their marketing efforts before they pivot their marketing focus.

Scale Your Marketing Before You Pivot; Here’s Why

In the immortalised words of legendary British band ‘Coldplay’, “nobody said it was easy, nobody ever said it would be this hard”. The same can be said for starting your own business. Few make it past the one year mark, and even fewer make it past five. In fact, a reported 90% of startups fail.

Why?

Successful marketing can carry even the most mundane of products through the first year – particularly with the right team on board. In my career, I’ve met with hundreds of businesses, but few actually know who they’re marketing to. They all start out with similar ideas; “well, they’re buying a car…so they know how to drive…so we’re targeting adults, and adults love…alcohol?”. Yes, perhaps that’s a serious over exaggeration, but not a wild one.

In fairness, many of the businesses I’ve consulted with over the years start out with great intentions, they’ve determined a market need and have realised that the most successful channel for them is X. Usually, this decision is prefaced with a number of years’ experience in their product’s industry. Print marketing, or ad’s in the local paper suffice for the initial launch. When done correctly, they’re great methods for getting brand out in the open and attracting local business.

And here’s where people slip up. They’ve likely expanded by this point, and have been told to get themselves online and ‘go social’. Taking advice with honest intentions has led them to believe that they should invest in a new website, subscribe to each and every marketing platform out there, and start spamming their social media feeds with rubbish. Because of course, that’s what everyone else is doing – right?

Wrong.

Yes, you’ve carried considerable success through with you; but why have your marketing methods suddenly changed so drastically? Test the water, and more importantly – forecast. A large proportion of the time, the need isn’t to invest in four other channels, but to scale the pre-existing ones. An extensive overview of a business’ finances, or use of profitability analysis software will accurately determine the likely return on investment, and how long you could sustain outgoing payments.

You want to milk every single last penny out of your channels until you couldn’t possibly be more cost effective. Scale before you pivot.

So many small-medium sized businesses fall out under the weight of trying to manage several channels at once. Do your market research and learn your industry inside and out. Knowing your industry will immediately give you valuable insight into the likely returns on investing into a new channel. For instance, most businesses are in some way present on social media, but is social media marketing the best way to go about the B2B marketing of an essential piece of equipment for a power plant?

While a channel at face value is free to sign up to, it most certainly isn’t free to maintain. Actual working hours, and creation of material racks up costs which could lead to a decrease in budget in another, far more profitable channel.

I guess what I’m trying to get across is. Just because a man on a blog told you to allocate a media spend budget to a new channel and spend thousands a month, ask yourself whether you have already exhausted the options that were already working for you, and your business – and whether it would be better advice to invest in these.

Tags

Business, Marketing, Sales, Scalable Business

Meet the author

author avatar BradYoung04
I am a MBA grad who can transform your business. Follow me for straight talking insights into running successful businesses in a fast paced world. I am always working or surfing in the Californian sun

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