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- This topic has 16 replies, 14 voices, and was last updated 1 year, 10 months ago by Joli.
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February 1, 2022 at 2:25 pm #1234139Up::1
Hi everyone, I’m trying to understand why small business owners don’t invest in marketing (i.e. social media, SEO, emails etc.)
What is stoping you from spending money on marketing? Is it the lack of knowledge, money or time or is it because you don’t think it’s necessary?
I’m keen to hear your thoughts!
February 2, 2022 at 7:26 pm #1234159Up::3I can’t speak for everyone but I suspect one of the factors you have left out is fear. Fear of not getting a return on the marketing dollar. Fear of being sold to. Fear of over promising and under delivering etc.
Cheers
Paul- This reply was modified 2 years, 1 month ago by Paul - FS Concierge.
February 3, 2022 at 9:32 pm #1234211Up::3Heya, I think sometimes marketing gets ignored in the race to simply get through the day to day of running a business. Other times it is placed as a low priority expense particularly when business owners are struggling to get on their feet and every dollar counts. Proven ROI is vital for most small business owners and oftentimes the spend can outweigh the return. Then there are the business owners who don’t want to relinquish control of their brand to an outsider. I’d say there is a gamut of reasons.
Cec Busby Editor Flying SoloFebruary 7, 2022 at 2:27 pm #1234271Up::2Hi there – I think that it’s a lack of understanding about what you get for your money. What is good value? Having reasonable expectations about what your marketing budget is actually going to get you …
February 7, 2022 at 5:47 pm #1234277Up::0Marketing expenditure is one thing that is not suitable for everyone. And also ROI is the thing where businesses are not confident to get as they expected.
February 7, 2022 at 6:34 pm #1234278February 10, 2022 at 11:22 am #1234341Up::1As someone who writes SEO content for a living, a lot of people don’t see immediate returns on investment and therefore think it doesn’t work. It’s like any facet of business – most overnight successes take years of strategy and consistent building before it pays off.
I sell words because my words sell. Copywriter at I Sell Words - 0417120749March 15, 2022 at 3:59 am #1235053Up::1Hey! It seems to me that the main reason for not investing in marketing may be the fear that it is very expensive. Small businesses are often limited in funds. In addition, small business owners may have a negative experience of getting low-quality services to promote their business. In addition, many rely on traditional word-of-mouth tools, thinking that this will be enough.
March 16, 2022 at 9:30 pm #1235123Up::1Hey! I think that many people are simply afraid of losing money by investing in a tool whose work is incomprehensible to them. And this is reasonable. You won’t buy an expensive thing without reading the reviews and understanding how it works?
March 27, 2022 at 5:01 pm #1235410Up::1We have invested in marketing, but covid put a stop to it.
To answer your question
finding out which marketing is best without throwing out all the $$
ROI wasnt as great as we hoped.
fear of not being able to keep paying the $$ to continue and then not achieving the end result because of committing long term with cashflowfunny enough we did 7 years of SEO and we stopped since covid and still ranking, we are either lucky or maybe ripped off? Im sure there are few factors in this, and our industry basically shut down all of covid
Im now exploring other options but your question plays on my mind about finding the right partner and ROI for what we want to achieve.
March 27, 2022 at 9:24 pm #1235411Up::1We have invested in marketing, but covid put a stop to it.
“funny enough we did 7 years of SEO and we stopped since covid and still ranking, we are either lucky or maybe ripped off?It’s true, to really benefit from SEO you need to commit to it long-term. However, once you’re ranking well for something, you really only need to do more SEO (for that thing) if someone does something better than you.
If no-one tries to outrank you and the Google Gods think your content continues to serve the end user’s purpose, you could rank well for years without doing any more SEO.
Keep in mind though, it probably won’t last. Because one day, someone like me will work hard to outrank you. Then you’ll need to spend much more than your initial investment to catch up to me, and more again to pass me.
Maintaining rankings is often much cheaper than achieving them again.
April 3, 2022 at 7:17 am #1235626Up::1Hi there. I think that it’s a lack of understanding about what you get for your money and also marketing expenditures. No one wants to pay for things they don’t know.
April 28, 2022 at 3:48 pm #1236016Up::1Lack of guarantee on ROI. I have tried numerous marketing techniques/companies over the years where investment netted zero returns. If a company said it will cost 2K per week or month and we guarantee you a return of X or you pay nothing (for e.g.) that would leave people feeling more confident – and you know the company has to pull out all stops to achieve what they claim. As it is, due to loss of funds and little return on investment, I don’t know which companies will actually achieve the results they claim therefore how does a business know who to trust/invest in?
April 28, 2022 at 8:02 pm #1236024Up::1I don’t know which companies will actually achieve the results they claim therefore how does a business know who to trust/invest in?
There are companies out there that make that claim but I don’t have any clue around what kind of (perhaps impossible to meet?) conditions they attach.
I also feel, very strongly, that every element of the business has to be up to spec for marketing to work properly so for example if a great ad sends a visitor to a terrible website, resources will have been wasted and there will not be a new customer paying the business for their wares.
Cheers
~PaulApril 29, 2022 at 5:12 pm #1236051Up::1Marketing covers such a wide range of activities. I’d say a lot of small businesses have done some on their own without realising it. As for paying for marketing, you’d have to be clear in your head as to what aspect of marketing you want to tackle.
Broadly speaking, one kind of marketing focuses on creating and building awareness of your brand. That takes a lot of money and works over a long time. Not generally a good option for small businesses that are just starting out. The other type of marketing focuses on getting immediate ROI. That includes advertising. This is more measurable and immediate.
I’m just starting out in my business and I will be investing in marketing. Initially, it will be an investment of my time. (I’m refining my product and target market, then getting feedback on my product.) When that’s reached an acceptable stage, I’ll be working with a copywriter to create my brand story. I think it’s important to have one because people predominantly (although subconsciously) base buying decisions on their emotions. Or so I’ve read. It’s only after that’s done that I’ll assemble my marketing collateral – things like flyers, a website, etc.
Overall, I don’t want to spend any money on marketing without knowing what benefits each activity will bring. I’m still recovering from a failed business, so I need to be very careful where I invest my money.
Cheers Mario -
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