July 17, 2019
How Much Emphasis Should Your Company Put On Marketing?
As you’re trying to navigate the world of business, one of the questions that you’re going to run into eventually is how much emphasis to put on marketing. It is a very difficult balance to strike. It may feel like you are spending a lot of time and energy on marketing to get no return on your investment. But on the other hand, if you don’t put any money in at all, it’s doubtful that your brand will remain competitive because other companies are willing to put their resources into that realm.
As you’re trying to figure out what kind of emphasis makes the most sense specifically in your context, there are several concrete steps for you to take, especially if you’re in a business management role. First of all, you need to create a marketing team. Their sole purpose needs to be to figure out how much of what kind of marketing makes the most sense.
Second, you need to utilize social media for business. The savvier you are on the major platforms, the less you have to spend on other types of less effective marketing. Third, utilize general accounting principles. If you recognize the importance of the accounting equation when it comes to the results of marketing, you can make much better managerial decisions.
The Creation of Marketing Team
Before you can answer the marketing question, you have to take some steps toward the creation of a marketing team. Your marketing team can either come from within your own ranks, or you can hire new people, or you can outsource the entire team. There are pros and cons all of these methods, so it’s important to recognize that the decision you make will create a pretty big ripple within your company’s structural framework. Recognizing this, extensively research your options before you make a final choice.
Social Media for Business
Every brand and every company should be using social media for business. It doesn’t matter if you agree with the concept of social media. Your name should be on there. Even if you aren’t particularly interactive, you need to have profiles on all the major sites so that when people search for you through social media engines, those engines at least point toward your central website.
Use Your Accounting Principles
How familiar are you with the accounting equation? If you’ve never heard of it before, or if you’ve never used it before, then you’re going to have a hard time with your marketing decisions. You have to recognize where assets, liabilities, and equity fit when it comes to marketing overhead because that’s the only way you’ll be able to figure out down to the very teeth of the matter whether your marketing efforts are worth it.