Businesses with properly aligned sales and marketing teams sell far more often at a higher profit margin. When our part-time Marketing Directors arrive in a new business, they’re often asked for marketing strategies to increase sales. As they look into improving the sales process, though, they actually find that the relationship between sales and marketing isn’t as it should be.
Many B2B businesses place more emphasis on lead generation than customer retention. This is often a mistake. Not only is it cheaper to retain customers than attempt to win new ones, it also takes less time and effort. In fact, it can cost 5 times more to acquire a new customer than retain an existing one. Furthermore, as loyal customers repeatedly purchase your products and services they offer greater lifetime value, which in turn boosts revenue.
When you launch, you grow quickly. You’re going to outgrow your initial market, you'll look around for other opportunities to grow, and you’ll find yourself wondering “where do I go next?” For businesses that start out in the UK, the answer is likely to be “abroad”. British businesses are twice as likely to expand into international markets as similar firms elsewhere. “Similar”, here, means “growing in size or turnover by 20% per year over the last three years, and started out with more than ten people" - that’s the definition of “Scale-up” as the Scaleup Institute sees it. If that's where your business is, this guide is for you.
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.
Successful marketing begins with a rock-solid strategy. Your company’s goals, how might you achieve them, your marketing plan, creative and – of course – finances are all essential elements. But whether you’re planning for the 12 months ahead or implementing shorter projects throughout the year, even the best-laid plans will fall short without a well-considered budget. Setting the right marketing budget can be a minefield. Sharing notes with our Liberti group partner, The FD Centre, we’ve compiled a list of five budgeting pitfalls to avoid at all costs.