How much time should a small business devote to marketing?
I have several clients, who can be described as owners of small or medium-sized businesses. And the question comes up fairly regularly as to how much time they are required to devote to marketing and sales.
Much of my business mentoring and coaching takes place in the greater Jerusalem area. This week, I am in Melbourne, and the same subject cropped up here. For example, to paraphrase a conversation with a CEO of a software company: ‘I know I need to be out there selling, but I have limited resources and time’.
Fair point. And he is by no means alone. Later that evening, a similar conversation resulted in another oft-quoted question: “but where do I look for the new clients?’
In all cases, I offer two rules of thumb.
First; in an average month, set aside 20% of your time (and manpower?) for sourcing and then meeting new potential clients. This applies even if you are working flat-out. You never know when the supply line will dry up, which means that you must always keep new ‘blood’ running through.
Second; remember the old stories of the door-to-door sales rep? And remember how social or digital media marketing was supposed to replace that sort of pounding-the-streets approach?
Yes, there are some excellent methods to use the internet to enhance customer engagement. However, nothing beats getting out there and trying to put your face in front of potential customers. In other words, start joining networking groups and then attending regularly. Pick out key trade shows. Cold calls. And even speak to your friends to see if they can give you a lead.
I cannot guarantee you what will and will not succeed. All I know is that I once I began to practice what I preached, the results were impressive. And similar things can be said of my clientele, who implemented similar courses of action. By way of proof: In the middle of one of these conversations, as a result of my outreach work, a new potential client phoned me from Jerusalem.
(My thanks to the CEO mentioned above who unwittingly gave me idea for this blog).
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