I am setting behind a conference table negotiating a
marketing contract with a client. The table is meant for a dozen people, but on
this day it feels oversized because there are only two in the room: the owner
and myself. I am making my case why he should sign a contract to do business
with my company and he is fidgeting in his chair. I ask him why he is
uncomfortable. He says it has to do with ROI – a return on his investment in
marketing. "There’s no guarantee that any of this will work,” he says back to
me. "I’ve spent money on marketing before and there was no return for the money
we spent.”
This is a scenario that is played out in boardrooms every
business day. ROI should be an expectation of any marketing. But your Return on
Investment is not the only ROI you should consider when making a marketing
decision. There are some other ROIs that
you need to be concerned about if you don’t market your products and services.
Here are a few to think about.
Risk Obstructing
Income
Marketing can be risky – there are no guarantees your target
market will buy anything from you. However, there is another side to the
marketing equation. If you decide not
to market your products and services, you are taking a bigger risk. That risk
is that somehow – without the aid of marketing – customers will find out what
you are selling and buy it from you. This is akin to setting up an oceanside
clam market and thinking that you have a
jewelry store because clams can produce pearls. Customers simply will not
understand what you are doing unless you tell people that you are harvesting
pearls and making jewelry from them. Marketing starts with making people aware
of your products and services. If you choose not to market yourself, you risk
being an obstruction to income that could come to your business, but will now
go elsewhere. The goal of marketing is to lead customers to a sale. That cannot
happen without taking a risk on marketing to do its work.
Remain in Oasis
Introspection
Businesses can feel like an oasis – you know, a little green
spot by a pond in the midst of a very large desert. Business owners typically
have done something right to grow their business to a certain level.
Oftentimes, that involves knocking on a lot of doors and creating an effective
network. There is a temptation to think that the business can continue on a
growth cycle using the same model. However, there comes a time when the
potential for growth will outpace the number of people you can meet in a day.
You need a new model and that will involve a strategic marketing plan. However,
when faced with the new model, many business owners have a tendency to sit in
the oasis and ponder the possibilities – which is just a stalling technique. A
new model will require them to think outside of the oasis, and the oasis is a
very comfortable place because it is the only model they have ever used.
Marketing done right will propel you to new opportunities. Sitting
back and letting the business come to you is not a sustainable marketing plan.
Smart businesses are looking for ways to reach more and sell more – the
opposite of oasis thinking.
Restricting Outside
Innovation
To think differently typically means you need someone from
the outside to give you a fresh perspective. Technology used in marketing has
changed drastically in recent years. It will continue to evolve. To resist
either outside thinking or new technology runs counter to effective marketing. Much
of marketing is getting people to look (or re-look) at your products and
services. You may need a new package or a different approach. Yet, there is
often push back against the kind of innovative thinking that would deliver
something new. If you are going to be effective in marketing, you have to throw
off the restrictions on innovation.
Let me leave you with a couple more ROIs that you should
employ while making marketing work for your business. Rebuff Oppressive Inclinations,
especially those that are Rewarding Our Indecision. In other words, don’t put
marketing off. It should be driving you forward towards sales. And don’t be
afraid to set goals and measure your effectiveness in marketing. That’s what
true ROI is all about. That’s how I sold that owner sitting with me in the big
conference room. Is marketing risky? Yes, but it is also rewarding. You don’t
get one without the other.