Where does improving the results from your advertising, sales and marketing rank on your company’s “bucket list”? If it is not one of your top priorities for 2021 and beyond, then you are putting the business at risk!
The first words I often hear from business owners these days are “I don’t have any money to invest in marketing the business right now”. And my standard response has become … “Well, should we start talking about an exit strategy then?” The bottom-line is this, if you are not investing in advertising, sales and marketing to grow your business, the business will not be successful.
If you are one of those business owners who is peering out the window hoping Jack will come sliding down the bean stalk with those magic beans to turn everything around for you, well guess what … it’s over. Just turn out the lights, lock the door and put the For Sale sign in the window. Because Jack is not coming!
Or, you could try another approach, and chart a new direction for the business that could lead to future success and profits.
In Sales 101 you learn to change the ground rules when you are in a loss position. The same holds true for the business as a whole. Jack Welch was a master at changing things up when he was the Chairman and CEO of General Electric. Mr. Welch and his leadership team constantly sought out ways to improve the operational performance of GE’s varied business units. Often making major organizational changes when GE’s performance was at a high point, in order to continue to produce record sales and profits each year.
If your business is struggling to make a 2nd half turnaround in this uncertain economy, here are some ideas you should consider to help get things headed in the right direction:
- Host a brainstorming session. Get your team together with some outside experts to come up with creative ideas and an action plan to jump start the business.
- Revisit your books. Take a reflective look at past successes and failures. Find a way to build on what has worked in the past, and try to limit the missteps.
- Toss out any of those activities, ad campaigns, promotions, etc. that are broken or have exceeded their shelf life. Focus your time, energy and limited resources on the new and improved.
- Experiment on all fronts – change up your headlines, ads and marketing messages to see what resonates and what doesn’t with your customers.
- Make marketing the business your top priority for at least the next 90 days, and then see what changes occur.
- Measure and track the results and shift resources and budget dollars into the areas that deliver the greatest ROI to the business.
The next time you consider cutting your advertising, sales and marketing budget when things get tough, stop yourself, and reverse the course. Instead put more emphasis on marketing the business and make this a top priority. It will help to reinvigorate your team, and put the business on a faster track to future growth and success.
Enjoy the journey!
COPYRIGHT © 2009-21 John Carroll