The term band-aid marketing is commonly used to describe an emotional, empathetic angle to advertising – to spread consumer awareness of a product. But in this article, I want to talk about band-aid marketing in another way.
“We are down on sales this month, we need to get in front of more people… I know, let’s just throw some money on marketing, that ought to help.”
But, to those who understand marketing, this is such a crazy reaction! And, it’s a great example of the different meaning to “Band-aid Marketing”.
Having worked in Brand & Marketing for nearly 20 years, if there is one really important thing I have learnt, it’s that doing things in the right order brings the best results and ROI. Throwing money at marketing without strategy I’ve never seen work. Every brand or business I have been involved with developing has succeeded because of strategy; because things were done in the right order and money was spent effectively.
Time and time again I have seen businesses throw money at marketing as a band-aid approach when sales are down, and be surprised when it hasn’t worked. Businesses MUST think of the long game – which is what I am assuming most are in it for. If you are in it for the duration, why the hell would you not do things properly and be a smart spender?
So, what am I really saying?
You, more than anyone else, believe in your business. You have ambition for growth and success. You see a niche in your market or how you can do it much better than your competitors. But still, so many business owners immediately devalue their company when discovering the fees to build out their business correctly with the experts that know best – the very same experts that have developed other brands, whose companies’ have seen success since!
To give you some context; at Brand Elect, we build brands and businesses, or re-align propositions, and assist with business strategy to help businesses become the market leaders they want to be. This is our niche. We have spent years learning what works, what doesn’t and how to get the best results in brand delivery and marketing outreach. This is the VALUE that our clients invest in, and every single business we have worked with has moved to the next level because the brand proposition we have built out with them has moved them there.
I therefore ask you this question. How much is your business worth investing in?
If your growth ambitions were to move from a £2M business turnover to a 10M business turnover in five years, how much do you think is a reasonable investment to build out your business proposition correctly, in order to get you there? Let’s take, as a minimal example, 1% of your current turnover – if that’s £2M, that’s a £20K investment.
Now, if we look at the statistics, the suggested average marketing spend for any company, per year, is 5-8% of their turnover. All of a sudden, that 1% looks quite attractive, because even at 5% of £2M, you’d have an expected investment of £100K every year!
If you are a business with a turnover between £2 – 10M looking for brand / business guidance to take you to the next level, before you gasp at any fees you are quoted from expert agencies, remember these numbers! You will soon realise which quotes are good value for money!
My article in summary:
❌Band-aid marketing DOES NOT WORK.
✅ALWAYS build out your brand effectively BEFORE marketing.
🤔Think about how much your business is worth investing in – is 1% really too much?
💵Spend well, spend less.
My closing advice is this: Before spending any money on Marketing, take a look at your Brand Proposition. If your proposition, your messaging and your service offering aren’t hitting the mark, marketing will NOT work – you will waste your money. Do it right, do it well, be smart!
If you want to learn more about how Brand Elect can help your business, please do get in touch. Our fees are incredibly competitive, and you won’t meet a team with more passion and dedication – we LOVE building brands and seeing businesses succeed.
Thanks for taking the time to read my article – please do follow Brand Elect for updates on the great things we are doing for brands and businesses.
Senior Brand Strategist
Brand Elect Ltd