A Few Minutes of Wisdom After 15 Years in Business
It is hard to believe it is our 15th year anniversary, and what a ride it has been. Here is Part 2 of a sneak peek of what we have learned. We hope this series offers something different and is helpful in your own journey toward growth. Missed part 1? Read it here: Part 1: Conversation with a Marketing Agency CEO.
Part 2: Looking for an MBA on How to Run a Business? Join a Marketing Agency — They are Beacons of Entrepreneurship.
There’s Nothing Small about Running a Small Business — Especially if You are a Marketing Agency
Marketing Skills + Sense of Urgency = Success. Most people who decide to start running a business have absolutely no idea what they are getting into. That was me 15 years ago. In fact, some people think that if they are successful on a project, they can certainly make a business out of it. Others get inspired to build a company not from ego, but to fill a void in the market (those people tend to be more successful). Regardless of your motivation, we’ve all heard the cold facts before.
20% of new businesses fail during the first two years of being open.
45% fail during the first five years.
65% fail during the first 10 years.
And only 25% make it to 15 years or more.
If you look more deeply into WHY many of these companies fail, you’ll realize some of the main reasons are related to bad marketing. Here is a handy-dandy visual I found on LinkedIn highlighting this fact.
Is Marketing Critical to Small Business Success? You bet it is. While passion for your craft certainly can propel you forward, most people have no idea how to package what they are selling, let alone pitch it. They either overwhelm (and don’t organize their thoughts in alignment with the buying process) or undersell it (because it is all in their head). Furthermore, people have no idea how to regularly target and motivate buyers to take action on an ongoing basis once they DO come across as clients. They also have no idea how to go after one market versus another and how to keep things fresh and competitive. The list goes on and on.
Guess what you do all day at a marketing agency? Exactly these things — for different industries and companies at various levels of maturity. As a marketing agency, you are constantly meeting deadlines, making sure you are earning your keep each month so that invoices are not challenged, and doing a great job in driving referrals (because they continuously love you). Wouldn’t you want to work with a company that is constantly working hard and doing everything it can to earn your business? My point exactly.
Marketing Agencies are Small Businesses Driving Growth for Themselves, Others & The Economy
In case you were not aware, small businesses across the U.S. represent the largest hiring block in the country. Their success brings innovation and keeps our economy moving — and marketing agencies large and small are helping these companies grow.
So, in honor of Small Business Week, here are some thoughts about why marketing agencies, like ours, are amazing examples of entrepreneurship at its best.
Marketing Agencies Teach You About Continuous Market Alignment, Problem-Solving, Pitching, and Packaging of Services. Every good sales and marketing professional knows that being in sync with the needs of the buyer (and packaging a solution that fits that urgent need) is the way to grow your business. Period. This may sound simple, but the right messaging (and energy behind it) does not come easy for most people, yet it is everything when it comes to success. That’s what marketing agencies do for their clients — they summon their creativity and focus and whip out their toolbox of targeted marketing options that will start ringing the bell on your behalf. That’s why companies, large and small, invest about 10% of their budget in marketing because that’s what it is — a critical investment (not a sunk cost) toward their small business’ success. Bonus: Having a marketing agency that has a sales background (like EWISE —shameless plug 😊) will accelerate your growth efforts that much more. It is that relentless sales discipline that gets opportunities across the finish line. Look for that experience in your own marketing group.
The Best Marketing Companies Understand Money, Market Demand, Lead Generation, and Profitability. Gone are the days of marketing agencies just focusing on creativity. It hasn’t worked in a while, and it really DOES NOT work now. With technology and the high expectation of personalization, marketing must be targeted visually, verbally, and tactically. The best marketing agencies think like a salesperson, and they also think like their customer and come up with outreach programs that motivate and convert opportunities for the organization. As an entrepreneur, you need to understand this as well. As the famous Zig Ziglar said, “You are out of business if you don’t have prospects.” The best marketing agencies do everything they can to prioritize and track their marketing activities toward getting opportunities. Given the rise in digital marketing controls, this has become the standard across the industry. As an entrepreneur, this must also be part of your daily habit — becoming educated and focusing on habits that grow revenue and profitability for the organization. If this perspective is not driving your marketing agency, move on.
Small Marketing Agencies are the Best at Showcasing Ingenuity, Courage, and Discipline. Another famous quote applies here.“Success is the sum of small efforts repeated day in and day out.” When you are an entrepreneur, one of the leaps you need to make is understanding that nothing can “go on auto-pilot.” You must innovate, find ways of challenging people (and the market), and drive the momentum that gets you to your goals. Marketing agencies are constantly coming up with new campaigns, new product pushes, and new tactics to reach decision-makers. It is this mindset of continuously looking for new ways to enter the market and stand out that helps them drive growth for their clients.
Bottom Line: Marketing Agencies Jumpstart and Set the Example for Small Businesses
An agency’s continuous focus on opportunities and ongoing pursuit of an opening is at the heart of anyone’s entrepreneurial spirit. If you are a business that is looking for fresh ideas and looking to drive growth, don’t waste time. Hire a marketing agency! Heck, hire us!
Between what marketing companies will do for you, and the infectious entrepreneurial energy they will bring to the team, you will set yourself up for success like never before.
See you at the top!