I recently read an article from Entrepreneur.com that talked about how older companies regretted not spending more on marketing in the early years – by a lot.
The data showed that the average marketing spend by small businesses in the first year was just 7%. That, compared to the 28% these companies wished they had spent.
But of course it’s important to spend on the right kind of marketing. So, where do these entrepreneurs wish they had focused?
- Customer prospecting. Basically all things marketing – getting more customers to your website or into your store.
- Proactive communication with customers. This includes social media and email – just keep your customers informed and loyal to your business.
- Reviews. It’s easier than you think to ask for positive reviews, and will increase your business’s legitimacy. (I’ll be writing a future blog post about this!)
- Social media. According to a Sprout Social survey, 74% of consumers make buying decisions based on social media. You don’t have to be on every channel – just do a channel or two really well.
The takeaways:
- Entrepreneurs must invest more marketing dollars earlier into the lifespan of their company.
- Start small and test different marketing strategies. Once you find what works, expand on those strategies.
