Why Invest in Marketing? Is It Really Worth It?

March 11, 2024

At some stage during its development, every business questions if it should make the leap and start investing in its marketing. Later on, it may also question if it should continue to invest in its brand.

Whether it’s during the early stages, when budgets are tight, or later on when business is booming, the cost of marketing can cause business owners to hesitate and question its value.

It doesn’t help that it can be difficult to accurately measure the ROI that comes directly from marketing. This can easily lead to its value being dismissed.

But like sales, marketing really is an essential part of keeping a business alive and growing. Implementing a marketing strategy that is tailored to your industry can work wonders.

Consultation to create a bespoke marketing package

What Will Expert Marketing Achieve?

Ongoing, marketing will:

Positively influence growth.

Done well, marketing will lead to new business for your company. It complements your sales process by reaching out to prospective clients and presenting them with a solution or useful information.

Strengthen brand awareness.

This is essential. If people don’t know you exist, how can they buy from you? Maybe you already have a strong brand. However, if you stop marketing it, awareness of your brand will decrease against your competitors who continue to promote their brand.

Increase your brand credibility.

Consistent, useful messaging from your brand strengthens its voice as an authority in your field. So prospective customers are more likely to trust and choose your products or services.

What Puts People Off Investing in Marketing?

The Cost of Marketing

Why invest in marketing when it can be expensive? Cost is often the number one factor that gives business owners the wobbles about marketing.

Part of the problem is the tendency to think of marketing as an expense rather than an investment.

During periods of financial difficulty, marketing budgets are often the first thing to go. But as we’ve demonstrated above, not marketing will also cost your business by hindering its growth.

Marketing to a business is like water to a houseplant. It may carry on for a while without it but it will eventually struggle and start to die if completely neglected.

Why invest in marketing?

By not investing in marketing and seeing it as just that – an investment that will pay off in time – you may be unwittingly creating a crisis for your business further down the line.

“But we’re already doing well”, I hear you say! Just beware of becoming complacent. Some of the biggest, most recognisable brands are still marketing their products all the time. Think Coca-Cola, Nike, Apple…They haven’t just suddenly stopped marketing because they’re doing well.

Risk Avoidance

This is different to risk aversion. Risk averse businesses may branch out in small ways, but are averse to larger investments.

Risk avoidance is avoiding the risk altogether. Instead, these businesses choose to stay in their comfort zones, even if that risk could bring an excellent return on investment. Which is certainly the case with well targeted and expertly crafted marketing.

There are several reasons why the security of sticking to what we know can be so appealing. It could be hesitancy over cost or fear due to lack of expertise. But, whatever the case, if you always do what you’ve always done, you’ll always get what you’ve always had. As Mark Zuckerberg has pointed out, the biggest risk is taking no risks.

Lack of Knowledge and Expertise

A lack of expertise in marketing techniques may be another obstacle.

To respond to this, you could either employ an experienced marketing professional or enlist the services of a marketing agency. Either way, if you don’t have it yourself, gaining this expertise will involve some financial outlay.

Shaking hands with industry experts

So, it’s vital you invest in marketing from someone who is highly experienced with a track record of excellent results.

Again, this of course is linked to the cost question. The more experienced someone is, the more you’ll have to pay them. But experience isn’t the only factor to bear in mind.

Marketing is an enormous and nuanced field and there are distinct differences between B2B and B2C marketing. Then within those two areas, there are countless sub-fields.

What to Look for in a Marketing Professional or Agency

Whether you’re looking to hire an individual or the services of a marketing agency, first ask yourself the following:

Do they have experience in my field of work?
Do they have a proven track record of measurable results?
Do they have good relationships with the relevant media for my field?
Are they offering strategy and direction based on experience of what works? Or is it just a case of ‘task and complete’.

Marketing agency

Experience in your specific field, or at least the wider sector you’re involved in is imperative.

The way marketers approach, say, the lifestyle media needs to be different to the way they approach the manufacturing media.

Marketing efforts will not be successful with a one-size-fits-all approach. Looking for a specialist marketing agency that covers your industry sector is likely to be a more secure investment.

On top of this, it often works out cheaper than the salary of an in-house marketing professional. And you will probably benefit from the expertise of several individuals rather than just one.

A good marketing agency will provide a clear pricing structure and bespoke solutions. Find one that will take an in-depth look at your business and provide strategy and consultancy. This will give your marketing efforts longevity.

As the results start to come in, you’ll begin to get a clear picture of what prospects are responding to. This will then show you which direction to take next. From here you can continue to test, analyse and improve your marketing to increase your conversions.