Continuous investment ensures that when the market eventually slows down, your firm remains resilient and well-positioned.
Marketing and business development should be consistent efforts over an extended period of time. You don’t reap what you sow immediately, so for those of us who want to see immediate results (myself included), it’s also an exercise in patience. There are numerous tactics in marketing and business development, each tailored to specific business goals. Whether it’s content marketing, social media campaigns, networking, or strategic partnerships, the approach must align with your objectives.
The joke among marketers is, “Our marketing is working, we just aren’t sure which half.” All joking aside, marketing and business development must be consistently implemented in your firm. Even when your firm is inundated with projects, your marketing and business development should not be neglected or put on the back burner. Why? Because continuous investment ensures that when the market eventually slows down, your firm remains resilient and well-positioned.
In our marketplace today, most firms are busy and looking for talent. That doesn’t mean you shouldn’t be focusing on marketing and business development, because we all know the time will come when things will slow down. Those firms that invest in marketing and business development consistently can be more selective with clients and projects – and many times have a higher profit margin on these projects as well. All that sounds like a great return on your investment, doesn’t it?
A powerful analogy is comparing marketing and business development to investing in your 401(k). If you start investing at the age of 20, you are going to have a lot more money later in life than if you wait to start investing until age 40. My college finance professor told us to put down a 10 percent contribution when we filled out that 401(k) paperwork at our first job. His reasoning was that you’ll never miss it if you just invest it immediately, and you’ll be a lot better off and will have more financial freedom if you invest early. He was right, too. I’m a lot better off today, and my money is making money while I sleep.
Your marketing can do the same thing! With your investment in marketing and business development, it’s much easier to gain market share, increase profits, and hire more talent. Again, that all sounds like a great investment to me. You have to invest consistently in your marketing efforts, so they will pay off for your firm.
Consistent investment in marketing and business development is essential for long-term success. It enables firms to gain market share, increase profits, and hire more talent. This strategic approach ensures your firm will remain competitive and profitable, even during slower periods.
Marketing and business development are long-term commitments that require consistent efforts. By investing early and continuously, firms can achieve significant benefits, including increased market share, higher profits, and the ability to attract top talent. This strategic approach is where early and consistent investments lead to greater rewards over time.
Lindsay Young, MBA, FSMPS, CPSM is a marketing services advisor with Zweig Group and president and founder of nu marketing. She can be reached at lyoung@zweiggroup.com.