When an entrepreneur in Calgary, New York, Berlin, etc decides to start a new business, he/she builds his/her business plan based off a few main pillars. However, many entrepreneurs forget to include one key pillar: marketing. No matter the kind of company, marketing is a prime consideration for anyone planning to make a profit and build name recognition off their venture.
If your are looking for Marketing agencies in Calgary, let’s go over a few reasons:
1) BELIEVING THE PRODUCT/SERVICE QUALITY WILL BE SUFFICIENT TO SELF-DISCLOSURE AND GUARANTEE THE SUCCESS IN SALES.
There’s an old saying: “who’s not seen is not remembered.” This saying represents the marketing scenario that seeks to keep a company and a brand in the consumer’s mind. That means a product/service being advertised as high-quality must satisfy customers’ expectations in this respect. However, as important as this is for strong brand reputation, it’s not enough. Your business will only achieve intended numbers and profitable results if your marketing works with reputation dissemination and branding development.
2) NOT UNDERSTANDING MARKETING TOOLS THAT FORECAST SALES
Many entrepreneurs who’ve not studied marketing (academically or via experience) are unaware of the many tools available for planning a company’s future, as well as forecasting sales. Doing so prevents entrepreneurs from making a complete strategy based on accurate numbers. Many entrepreneurs also go wrong in assigning this function to the Sales department, which often does not have the necessary focus and expertise in the area of marketing planning.
3) THINKING THAT MARKETING ONLY WORKS FOR BIG COMPANIES
Many companies do not necessarily need to advertise their product/service in bulk. In some cases, the company provides services to other companies or to a very specific niche. For this kind of business, marketing is as essential as any other type of mass-selling organization. Marketing is intended to be used for finding the target market, as well as building a lasting relationship with customers. It’s also marketing’s overlapping responsibility with sales to boost results and analyze numbers on a periodical basis.
4) THINKING THAT MARKETING WORKS ONLY FROM THE COMPANY’S GATE-OUT
A entrepreneur who seeks to have a motivated team, united and focused on results can not forget that Internal Marketing or Endomarketing, is essential. Endomarketing campaigns are widely used by the biggest, most successful companies which achieve goals via utilizing marketing tools which increase employees productivity. Marketing is also necessary for staff training. Internal marketing can generate both external and internal results within the organization.
5) LEAVE MARKETING FOR LATER BECAUSE OF LACK OF INVESTMENT.
Many business owners assume that marketing operations are very expensive and opt to avoid such costs thinking they can achieve results without such investments.
The first cognitive error here is believing that marketing is only made with money. However, many would be surprised to discover that marketing is actually based on planning. The second error is not putting marketing costs on the company balance sheet. If there isn’t an upfront investment, you need to have a percentage of the company’s revenue dedicated to promoting your product/service. This percentage, could can range from 2% to 30%, depending on the core business. To attribute this percentage, the entrepreneur should do a thorough analysis of the importance and potential that marketing will revert to the company.
6) THINKING THAT A BRAND DOES NOT NEED VALUE
One more common mistake made by entrepreneurs when setting up their business plan is to think that their earnings are limited and that the company will always be theirs. One of the innumerable functions of marketing is to build a strong, reputable and admired brand. For many companies, this may not make any sense, but what entrepreneurs forget is that their company may eventually be sold to external investors. At that time, with a strong and well-worked brand built by the marketing department, the values traded will be much greater. Companies with consolidated brands have a much higher market value than unknown companies that did not take care of their image in the market.
Not having marketing built into a business plan is not an uncommon mistake made just by new entrepreneurs. Many larger enterprises downplay the importance of branding, too. While treating promotional affairs as costs rather than investments, they skip many stages of business planning and ultimately increase the chance of failure. But because many companies are start-ups and have less cash, they opt to cut vital marketing expenses that actually help them grow–it’s quite the paradox.
HAVE YOU MADE ANY OF THE ABOVE ERRORS?
If your answer is Yes, wait no more. You can increase your business growth now with the many marketing tools available. If you need a Marketing Agency in Calgary, reach out to us on this link. We’ll show you the way.