Should you outsource your business’ marketing or keep it in-house? You might expect us to answer this question with an emphatic ‘outsource your marketing to marketing experts’. But here’s where we might surprise you. Marketing encompasses everything a business does to drive sales and promote its brand; from advertising to direct marketing to digital marketing, market research, PR, product development - even distribution methods.
Building a marketing team can be challenging. Modern marketing is made up of a variety of specialisms and the team that you create will need to closely reflect your sector and your strategy. For instance, a B2B software company may focus their marketing efforts on events. A luxury fashion brand may focus on PR. A consumer SaaS platform may focus on digital marketing. Whatever your strategy is, you need to hire, or buy-in, talent that matches that strategy. There are few genuine all-rounders out there but it’s no good hiring a brand marketer when what you really need is an SEO specialist.
Who’s the best driver in the world: Rally star Sébastien Ogier or F1 champion Lewis Hamilton? Trick question. Both are viable contenders, but only for a given value of “best”. Their driving styles are worlds apart. F1 is a matter of speed, precision and perfect understanding of the vehicle. A rally champion may not hit the same raw m.p.h., but they need to drive with flamboyance and a will to improvise. There’s a fundamental difference in mindset and skill set involved, and a champion behind one wheel may end up in the middle of the pack behind another. There’s a lot more to the choice than: “well, they both drive fast, don’t they?” So it goes with many things - including sales and marketing.
A friend of yours invites you a charity gala dinner organised by her business. By coincidence, you both turn up at the same time, her Jag just beating your Golf into the car park.
In a growth-driven world, businesses often focus on the new: new markets, clients, products or services. Too often they miss our most reliable source of profit – existing customers. The probability of selling to an existing customer is somewhere between 60% and 70% compared to between 5% and 20% for successfully selling to a new prospect. They’re also cheaper to market to, it costs three times as much to win a new customer as it does to retain an old one.