Introduction Business owners don’t always seek growth for growth’s sake. Founding or buying a business, building its value and selling it on is the ultimate goal for many of the businesses leaders we work with, and so it’s a key consideration for our Marketing Directors too.
“It's a great blessing if one can lose all sense of time, all worries, if only for a short time, in a book.” – Nella Last We asked our proven part-time Marketing Directors for their favourite business books. Here’s what they told us.
Warren Buffett, as one of the richest men in the USA, knows a thing or twenty-nine about making money. His core rules include “Never lose money”, “Keep doing the same things and you keep getting the same results”, and, most importantly for us, “Never invest in something you cannot understand”. That last point absolutely applies to marketing. Many business leaders don’t entirely understand marketing. They know it has to be done, but not how - or how much it should cost. To pick one example, related to one marketing medium: a survey by MDG reveals that 44% of Chief Marketing Officers are unable to measure the impact of social media on their business at all, while only 20% say they can quantify that impact. And yet 73% of businesses are tracking their social media efforts - so what’s going wrong between the monitoring and the understanding?
If someone came to The Marketing Centre and asked us what marketing they should do with £100, we’d tell them they were asking a trick question. Effective marketing is strategic, not tactical, we’d say, and we’d have to have a good idea about their business’ goals, situation and marketplace before we could even contemplate our recommended tactic. And we’d still be reluctant to answer the question, even then, because a marketing budget should follow a business’ marketing strategy, not come before it.
Marketing is eating up more of the sales funnel than ever before. Before they even speak to your sales team, customers will have progressed more than 70% of the way toward their purchase decision. How? They will have checked out your website, read some blog posts, looked at sales videos, checked your ‘About us’ page, perhaps downloaded an eBook. They will have checked out your social media channels or subscribed to your newsletter. Simply put, they will have interacted with your content.