The great marketing confusion
Did you know that nearly 40% of all SME(small to medium enterprise) business owners consider marketing, and more specifically, getting new customers as their #1 business challenge We’ve surveyed over 10,000 business owners in the last 5 years, and the results are remarkably stable over time. Marketing and customer acquisition is neck and neck with cash flow as the item that keeps most owners awake at night.
One of the elements about why they consider it such a big challenge is the confusion about where to start and which marketing channel they should choose to communicate with clients and prospects.
Less than 20% of businesses have communicated with their existing customers – either to survey or promote to them in the last 12 months, which is a worrying statistics since most sensible people know that getting existing customers to buy more from you is eminently less expensive than finding new customers.
Yet, business owners seem to be more interested in hunting(getting new) than farming(increasing the value of existing) which whilst strange, it in fact reality.
Now let’s look at the source of the confusion in regards to marketing channels to get new customers. When you talk to business owners, they are seriously in a mystery about where they should promote their business to attract new customers. There are two major reasons for this. One is that business owners are not operating on a strategic basis – they are not researching their market, prospects, competitors – they are not writing down a marketing strategy, not choosing target audiences.
The other reason is the overwhelming dominance in the media of conversations about ‘tactics’ – there is little to no exposure to research and assessing a company or market or competition or customers. Instead, SME’s are blasted with communication about building websites, Google Adwords, and social media. In no uncertain terms, they are told time and time again that millions are online on facebook and linked in, and Instagram, and the Internet, and if the business owner is ever to survive they absolutely without fail must be on these mediums.
This focus on tactics and ‘absolute must’ advice is a significant cause of the confusion as is the lack of strategic and marketing training in the SME marketplace.
The sooner we can get SME’s knowledgeable about strategy and the ability to discern for themselves the best path forward for their business the less confusing it will all seem.
What do you think?
Have a great day