One of the main problems facing SMEs today is that even though they understand the importance of marketing, many times they just don’t have the budget for it. There are actually ways to reduce the cost but before that can happen, it is important to understand all the ways marketing is the foundation of a business's success. Once that is made clear, it’s time to look at ways to build a marketing strategy for that company and its unique needs. Let’s start at the beginning.
It All Begins with the Budget
Before even looking at the important aspects of marketing, let’s approach the main problem facing many of today’s SMEs. That would be budget. The good news is that there really is no longer a need to hire a full-time marketing team because of the existence of fractional CMO services. What this boils down to is working with a Chief Marketing Officer who puts in a fraction of the hours as would be the case with a full-time CMO, and it is that person’s main priority to research and develop a marketing plan for you.
Sometimes the services they suggest can be contracted through them and other times they will suggest marketing platforms offered by other experts in the field. In this way, you get all the benefits of a full-time CMO at a fraction of the cost. Also, bear in mind that you do not need to pay benefits to a fractional CMO and there are no long-term contracts most often.
Let’s Put Branding at the Top of the List
This, without a doubt, is the most important thing marketing can do for your business. Stepping back a moment, it is vital to understand the role of marketing in business growth. Marketing is how you put consumers in touch with your company. It helps to answer a need for them. They need or want what you sell, and you are here to tell them you have just that. This is where branding comes into the picture.
There may be dozens, if not hundreds of businesses out there that do the exact same thing you do. A fractional CMO will help you devise a branding strategy so that when consumers think about products you have, they think of your company. That, in a nutshell, is the ultimate goal of branding, and branding is the ultimate goal of marketing. It is a way in which consumers think of your business first when they have a need.
Everything But the Kitchen Sink
In the end, there are so very many marketing techniques that it could make your head spin just trying to enumerate all of them. This is why you must have a marketing officer who can look at all those strategies, determining which are best suited to your business and your market. Some businesses try to throw in everything but the kitchen sink, and this is where they are wasting money that could be better spent on other things like market research or product development.
When it comes to marketing, it is vital but not all strategies are well suited to your industry. If you have a slim budget for marketing, as important as it is, a fractional is your best solution. Let a pro devise a campaign for you that fits your limited budget with the promise of the highest results.