Marketing is arguably one of the most important functions of your business – and should be treated as such. However, not all companies should jump straight into investing thousands on a marketing budget. There are several factors to consider before deciding to put your product or service in the public eye.
If you agree with two or more of the following statements, it may be time to consider investing in marketing for your software business.
Your product/service is fine-tuned & ready for your target market
Time and resources will be largely wasted marketing B2B products or services that are not primed for success within the market. While this may seem like a more obvious concept, many businesses unknowingly make this mistake every year. A minimum viable product is doable, but it is important that is has been tested and tweaked to appropriately solve your customer’s major pain points.
Establishing a strong customer service center may be a worthwhile investment in your company’s operations. Whether outsourced through a third-party firm or hired locally, these representatives will provide customers with on-demand aftermarket support, allowing for increased focus on other aspects of the business.
Your business lacks a marketing plan
Irrespective of the industry, size, or strategy, a solid plan is vital to the success of any future campaign. Starting this process can be a daunting task to the unfamiliar, which is where a marketing consultant will come in handy for any needed advice.
When implementing your plan, you will also need to decide if you would like to sign off on all marketing collateral or content before it is distributed. While time-consuming, this will provide you with the most control of the voice and positioning of your brand. Alternatively, many companies opt towards outsourcing their marketing operations, as it usually provides the greatest return on time and capital. This approach allows you to coordinate your marketing team on a high-level and allow them to execute that strategy most optimally.
You should be comfortable allowing trusted professionals to guide your brand regardless of your chosen marketing approach. However, your involvement beyond that is entirely dependent on how much extra time you have available.
Your business consistently falls short of quarterly target figures or other company goals
Setting reasonable sales and revenue goals is a great way to track improvement over the course of your company’s life. It can also be a sign to trigger a reactive solution when these goals aren’t being met on a continual basis. This is a very sound reason for finally deciding to invest in a marketing budget and strategy for your organization.
You should be prepared to set aside 10-20% of your target revenue figures towards marketing for your B2B software business. As marketing is a long-term investment, short term losses are not at all indicative of perpetual failure. The majority of campaigns, especially those focused on pay per click strategies, mature over time as various user demographics interact and engage with your content. Simply put, don’t feel too discouraged if you’re not seeing a desirable return on your investment in the short term, as the data gained from the slow, but steady acquisition of new customers will be valuable throughout the entire life of your business.
If your business identifies with a majority of the statements outline here, it may be time to take a look at investing in a marketing budget for your business. Be sure to consult a professional to help guide you through the vast number of opportunities available for your business from an outreach standpoint. In conclusion, you must be ready to potentially undergo a bit of change, while potentially taking a few losses when implementing a major marketing campaign for the first time. However, as time goes on, the change will become permanent and your return on capital, time, and resources will multiply for years and years to come.
