Estimation of Effort in Marketing
One of the recurring themes we see in dealing with SME(small to medium enterprise) business owners is they almost always underestimate how much effort i requires to develop an effective marketing strategy for your business. Sometimes it is driven by Ego – “my product or service is just simply better than everyone else”, most of the time it is lack of knowledge or education in strategy.
Most SME business owners are what I like to call ‘technical specialists’ – they got into running their business because they had past history in the segment in corporate, or they simply have a passion for that product or service. They love framing pictures, making violins or helping consumers with their house renovations. Most have never had training in the general management or strategy skills required of a business owner. An SME business owner really needs to be competent in a wide range of skills – they need to be able to think and plan strategies, be quality management experts, handle people, deliver service, manage their finances, and much much more.
It is a courageous and undervalued individual who takes the risk to start and run their own enterprise with limited resources and often against huge competitors who have far greater brand awareness and resources at their disposal.
So against these seemingly impossible odds, over 2 million Australians start their own business, over 200,000 end up employing more than a few staff. And together they form the backbone of our Australian economy.
However, they do underestimate the effort required to develop a good and effective strategy. How do I know this? Well I know what activities you need to be doing to develop effective strategy and I’ve benchmarked more than 1000 business owners to find out if they are doing these key things. Actions such as:
- researching their market
- surveying their customers
- writing a marketing plan
- developing a complete SWOT analysis of their business
And the answer? Well less than half of all businesses do any of these. On average 6 out of 10 businesses have done none of these things. And on average according to our most recent benchmark cohort – they rate their confidence in their marketing at 4.25 out of 10.
This is why I’ve made it my mission to make strategic marketing tools accessible to small business owners. With a range of products and services in both Blue Frog Marketing and Silver & Wise – we can cater for any budget level from $30 to $30,000 in terms of strategic planning spend. From DIY guide books, to online subscriptions to massive marketing tool resource centres to full outsourced marketing department services. If every business can access something, we can impact every business owner who needs and wants this help.
So hopefully, none of them will be underestimating the effort taken to create a great strategy, and none of them will be without support in order to do so.
Enjoy your day.
Founder & CEO of Blue Frog Marketing and Silver & Wise
Author of Marketing Has no Off Switch, Get more customers, The Art of Communication and Raising Dough
Creator of the R.A.P.I.D. Marketing Model, Benchmark and R.A.P.I.D Marketing Centre