Have you noticed that around the end of August business executives start dodging prearranged meetings scheduled after Labor Day?
Maybe this does not happen to you and the industry you are in, but in the marketing services industry, it happens like clockwork.
Why?
Most meetings executives have with marketing vendors deal with talking about spending.
It is no secret a sound marketing strategy is expensive. The tactics that work to get the message out about a brand or product is not developed out of thin air and is certainly not Free.
Effective marketing strategies take time and time is money for a marketing strategist.
What takes place around the end of the third quarter of each year is businesses who either have a weak operation or have not adopted a sound marketing strategy or both, will start overspending on quick fixes to overcome the lack of sales. By the end of the third quarter, their operations funds are in critical status resulting in all spending…or talks on spendings…to be avoided at all costs.
This has to be one of the biggest mistakes a business can make.
The Problem
Business who struggle to gain traction in their market usually have one, if not both, of two things pulling them down:
- Poor Operations Procedures – Over 40% of businesses lack a standard operating procedure (SOP). Out of this 40%, 10% of the executives of the company do not feel an SOP is necessary and out of that original 40%, 5% do not know what an SOP is. No matter how strong a marketing strategy a company has will never be successful if the companies operations cannot handle the additional activity generated by the marketing strategy.
- Wrong Marketing Strategy of their Market – Over 80% of businesses today put in place a marketing strategy that does not meet their consumer’s needs. Out of that 80%, 60% will avoid using digital marketing to it’s fullest and out of that original 80%, 70% will avoid using a video-centric digital marketing strategy.
This does not mean there are no businesses out there who find they are our over budget at the end of the 3rd quarter. There are some very financially sound businesses in every market. That is due to them solving the two problems most businesses are having.
They hire an experienced operations manager and they opened the checkbook back in 2016 when video-centric digital marketing became a necessity.
The Solution
It is never too late for businesses who struggle each year to make through the entire year. Making the change is difficult and it is expensive, but if the change is not made one of these years these businesses who do not make the change will find that one year there is no budget to continue doing business.
Talk to an experience operation management consultant. Let them validate that your operations are sound.
Then bring in an experienced video-centric digital marketing agency that has business operations executives on staff to help make the change in your marketing strategy.
It is the tough decisions a business executive has to make to keep the company successful. Keeping the meeting scheduled after labor day with a video-centric digital marketing strategist is one of those tough decisions. Make that meeting this year and start learning how to make the change you need to make.
Let me know how I can help.
