Not sure about whether to invest in marketing; you are not alone
The problem is that not all entrepreneurs are born marketers. Some may be born sales people and perceive this to be "marketing" but there is a distinct difference and once an entrepreneur is completely across this, only then are they are to make the right decisions for their businesses.
We all know we need marketing. Many of the most successful companies in the world spend between 7 to 20 percent of revenues on marketing, and they ARE successful.
When you are running a small to medium sized business, phantom spending this type of money cannot be in the equation, because most of us are managing cash flow. Many entrepreneurs also face the issue of not understanding marketing and with the constant shift of the goal post, it is almost impossible to keep up with knowing where and when to spend valuable marketing dollars.
Global marketing spend exceeds $1 trillion, which makes it between 1 and 2 percent of global GDP. Marketing spend has been rising faster than the top line for several decades.
Marketers, and not just entrepreneurs, are facing many challenges today, including high growth expectations, cut-throat competition, and the digital and social media revolution.
Making decisions on whether or not to hire a marketing company is a tough one. Do you keep trying to do it yourself? But if 'nothing changes, nothing changes', so you need to decide upon whether you want to grow your business or not.
Freelancers are a hit and miss situation. Agencies are the same - some are good and some have no idea. You can spend $5,000 on the same website that another agency will quote you $30,000 - so how do you know which one to go with?
There are so many questions that entrepreneurs are faced with, but the most important thing that they can do is not sit on their hands when it comes to marketing. Don't fall behind the eight-ball just because you are indecisive. Speak to some agencies and find a good fit for your budget. Look at the work that is visible for others to see and make sure it is in line what you resonate with.