Without effective marketing, you could be missing out on or losing profit. Marketing is more than a sales tool, it works with every department to improve your processes, your customer experiences, and overall organizational cohesion.
Here are the top 5 hidden costs of ineffective or inadequate marketing:
- Missed Opportunities
If your message isn't getting in front of the right people or, worse, not resonating with them, you're missing out.
When a potential client searches online for a competitor, does your name pop up? When it does, does it induce them to click? Once they reach your site, are they moved enough to contact you? At each of these stages, you can unknowingly be missing opportunities. This is true for every marketing initiative. It's important that your marketing initiatives continually move prospects, leads, and customers to do business with you. - Actual Dollars in Employee Wages
If your marketing is not effective, it puts more pressure on your sales force and executive team to fill in the gaps. Beyond employee wages and benefits, what is the opportunity cost? At every stage of the sales pipeline, marketing can amplify and multiply their efforts. Marketing can repeatedly put your name in front of current and potential clients with minimal to no additional investment. - Increased Customizations and One-Offs
Customizations and one-offs can occur when there is a disconnect between sales and operations and potential clients. By its very nature, effective marketing forces crucial conversations to happen, decisions to be made, and expectations established. Effective marketing can increase profitability through repeated sales and less overhead associated with customizations. - Drawn-out Sales Cycles
Speed up your revenue cycle with smoother sales cycles. Effective marketing helps companies transition more quickly through each stage by setting and managing expectations and also amplifying and multiplying the efforts of your sales force. While your sales staff is working on the next deal, marketing can ensure you are still in touch with your leads and moving them forward. - Lost Customers Due to Mis-Information
Have you ever lost a customer to a competitor because they didn't know you had a feature or solution? Marketing can help keep your customers informed of your latest features, products, and service offerings. Not only does this offer the potential for new sales, it gives your customers the peace of mind that when their next challenge arises, you'll be there to with the solution to help tackle it.
How can Stratimar Help?
If you're experiencing any of these issues or more, contact Stratimar. We're experienced in helping businesses be more effective with their marketing and capitalize on more opportunities.
