Like Guac at Chipotle, marketing can be seen and considered “extra,” but trust me when I say, it’s not only worth it, but you can’t afford to not do it. Over the next few months, we’ll explore precisely how this common misconception came to be and why you’ll want to ensure marketing has a place in your long-term business strategy.
Marketing’s value is often overlooked, but I think it’s safe to say it might be even more so in this industry. I’ve often attributed this to simple misconceptions or ignorance of marketing’s value in the industry. Perhaps the expensive nature of hiring marketing experts (whether it be in-house or outsourced) also adds to this, which would certainly not be unique to this industry.
With inflation looming, it’s only natural for consumers and businesses alike to question certain expenses and look into how they can minimize unnecessary expenses and/or get maximum value on what they choose to invest that money into. It’s nothing new that often marketing or advertising expenses are viewed as one of the “non-essential costs” and, therefore, can be the first budget cut. Sure, marketing and advertising expenses can rack up quickly, and these figures alone are enough to give you sticker shock. But once you take a closer look, it becomes clear that investing in marketing efforts is one of the most intelligent decisions you can make as a business owner. (Notice I said invest not budget, spend money, etc). But how did we get here?
Marketing was actually born out of the Industrial Revolution when manufacturers needed to develop products that would appeal to customers and find ways to engage customers with them.
MARKETING IS MISUNDERSTOOD
Marketing plays such an important role in business success today, so why is it so often overlooked as a value driver and area worth investing in? I think this can be attributed to the fact that we live in an age where marketing is everywhere (literally), and more often than not, it just isn’t executed well. It’s been diluted down to being simply thought of as “customer acquisition and retention,” or that it’s synonymous with advertising. Marketing didn’t get its start in the “Mad Men” era as depicted in the AMC hit series, “Mad Men,” where creative directors dream up catchy jingles and persuasive copy to stimulate purchases (all while smoking a lot of cigarettes).
Marketing is so much more than this. It was actually born out of the Industrial Revolution when manufacturers needed to develop products that would appeal to customers and find ways to engage customers with them. Yep, that’s right, marketing was ultimately founded due to the need for manufacturers to differentiate their products in the marketplace, who knew? … (*puts cigarette out*)
The American Marketing Association (AMA) defines marketing as the function’s foundational role in business: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.
Now I don’t know about you, but that sounds like a pretty important piece of driving business and forming relationships. Not everyone understands the nature of marketing (now you sort of do), the costs associated, and why it’s not worth the risk to pull the plug on marketing during a recession...Luckily, there’s tons of data out there to show us why marketing is so important and worth the investment, even if it is a bit extra. (I mean, isn’t guac in your burrito bowl always worth the extra $3?!)