It’s no secret that even companies with the best products and customer service are dead in the water if people don’t know about them. That’s where a high-caliber marketing campaign, brand outreach, and reputation management enter the picture. But what are these concepts, and how much of your budget should you devote to this all-important component?
Getting the word out about your business.
It doesn’t matter if you sell in a physical store, work with an online payment processing vendor on your ecommerce site, or both — in every case, you need to come up with a solid strategy to make yourself known to your desired community. That involves numerous elements, including a full-fledged marketing campaign, public relations, promotions, sponsorships, print ads, social media pages, influencer content, and events.
Additionally, you should consider inventory management and reputation management software. It does more than just sanitize your brand. Here are just a few of the reasons you should make it a part of your business model.
- Helps you to add new, optimized content that people will find in Google searches.
- Uses tools like profiles and reviews to boost traffic to your website.
- Enables you to keep up with or go ahead of your competitors who are also benefiting from this software.
- Helps you to mitigate risks in a timely fashion.
- Enables you to manage bad reviews and prominently post good ones.
Additionally, demonstrating that you have a spotless reputation also attracts top-tier employees who will work hard for you and tend to remain in their jobs for longer.
Investing in your brand and reputation.
Now you know why it is so important to create a buzz about your products. You also understand the necessity of fostering trust and credibility with your potential customers. So how much should these priorities be worth to you in actual dollars?
According to the U.S. Small Business Administration, companies that make less than $5 million a year in sales with a net profit margin of between 10 and 12% should spend 7-8% of their gross revenue on advertising and marketing. There will be some years when you may need to spend more on these items, particularly when you need to update your website or buy new equipment. In general, you should devote your marketing attention to the following.
- Set goals, i.e., increasing website traffic, growing new business, etc. and include how each will be measured.
- Examine your business foundations: website, brand, systems, equipment, etc. Be sure your brand is consistent across all channels, that your website is clear and effective and you are in line with or ahead of your competition.
- Rectify any issues with your foundation, and then determine how much you will spend on each aspect of your marketing systems.
Careful planning at every step will enable you to navigate successfully through the monetary allocation process. The result will be a marketing and reputation management strategy that is well-conceived and executed at every level. Ultimately, your customers will recognize that you have put a great deal of thought and hard work into building your business. Best of all, they will reward you with loyalty, referrals, and sales.
