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By Jeff Kear
Most companies don't have a choice whether to market themselves or not, as companies that don't put much of an effort into marketing themselves usually go the way of the dinosaur once the VC money runs out.
In fact, according to prominent economist Peter Drucker, the only two revenue-generating functions a business can undertake are marketing and innovation; everything else is just a cost.
However, when it comes to budgeting company resources, many people often look at marketing as a cost of doing business and as a drain on vital resources. So when they are faced with having to create new marketing materials to generate interest in their products and services, they look at things in terms of cost only.
As a business owner myself, I can completely understand the apprehension to spend money on something that has no guarantee attached to it. Brochures, sales sheets, Web sites, print ads and the like are supposed to generate customer interest and, in turn, revenues, but as we all know this isn't always the case. Here is where the ugly word "risk" comes into play.
I'm not going to concern myself here with why marketing does or doesn't achieve its intended result (this would take a library of articles) but with how you can find a comfort zone in making the decision for creating new materials for your company.
First of all, when you're considering developing new marketing materials, make sure that your existing materials have reached the end of their usefulness. Here's why I say this...
I recently spoke with a marketing manager who said that they were completely overhauling their collateral system. Being chronically curious, I asked if their current materials weren't working well or if they had so many product changes and additions that their materials no longer reflected what the company offers. She said, "No, the materials are all current and working fine. It's just that our CEO is tired of looking at the same materials for a year and a half."
The moral of the story here is that even though you have seen your marketing materials every day, most people have never seen them at all, and they still may be quite effective in getting your message across. Basically, if it ain't broke, don't fix it.
On the other hand, you may sense that your materials have run their course, and if this is the case, you should evaluate how these materials were being used and determine how any new materials would best integrate into and enhance the way you sell now.
Then, once you have an idea of the materials you need, I recommend looking at your marketing budget as an opportunity to invest in materials to help you generate more business. (It's odd that the term "return-on-investment" is frequently applied to marketing budgets but that marketing is not often viewed as an investment.)
As with any investment, you should consider what type of return you want from these materials. Obviously it's easier to quantify the return of some materials (such as direct response mailers, e-mail campaigns, Web sites) as opposed to others (brochures, sales sheets, print ads), but you should at least determine what kind of outcome you want from each piece and how much you want to pay for each outcome. The American Marketing Association has an entire webinar series on marketing ROI, and you can view previous sessions at http://www.marketingpower.com/webcast-search.php.
Advertising maven David Ogilvy once had a similar take on marketing during a recession. He found that companies that maintained their marketing spending through a recession actually gained market share during that time. This led him to consider marketing and advertising as a production cost, not a selling cost, meaning that you should not cut back on marketing any more than you would cut back on any other essential ingredient in your product or service.
Creating marketing materials is an essential and unavoidable part of running a successful company. This is a fact most marketers, CEOs and business owners already know. So how you approach creating these materials may make the difference in whether or not they pay dividends down the road.About the Author
Jeff Kear is a principal at Kear|Stevens, an integrated marketing communications firm in Denver, CO. During his career in marketing and advertising, Jeff has created revenue-generating marketing communications for nationally recognized brands such as Budget, MetLife, Moosehead Beer, Qwest and Toyota. Before his work at Kear|Stevens, Jeff served as a senior-level creative at a few well-respected Denver ad agencies as well as a marketing and communications specialist for a Fortune 500 company.
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