Other than total spend, marketing is the cost that SMEs feel least in control of. More leads means more campaigns and more budget – and for what result?
In fact, most SMEs could grow their profits by 30% (or more), without an additional penny spent on marketing. Forget pumping more cash into marketing, invest instead in the productivity of your market operations.
Focus on what you can do for free with the demand you already have. Existing relationships and enquiries offer the greatest potential to accelerate profits, at no, or very little cost. Too often firms chase new leads, instead of capitalising on the ones they have.
Even a 5 or 10% gain in any stage on the purchase pathway will add significant profitability. All, or nearly all the income will drop to the bottom line, making it the most cost-effective growth strategy available.
More systematic market operations can improve conversion, reduce customer defections and increase repeat purchase rates. Everything is measurable, so you know what impact it is having on protecting and developing your income.
Measure, understand what works, and scale up to rapidly grow income and profits through market operations that have a sustainable return.
