Written by: Vickie Sullivan | January 19, 2016
When to Market When You Have Competing Priorities
I had several conversations last year with business owners who wanted to stand out in their crowded market. I turned them down. Why? It was too late to help them. They waited so long to promote their business that the effort became too risky. Growth was too far outside their comfort zone.
Twenty years ago, I would have judged those owners’ business acumen. As a seasoned business owner, though, I get it. They fell into the trap of competing priorities. Several things can cause you to dig such a big hole that any kind of marketing effort becomes too little too late. Here’s a look at three of the most common issues:
• Operational fears: This is the biggest trap for start-ups. Many owners don’t want to “get out there” because they want to shore up operations first. It makes sense, right? On the surface, yes. You do want to be sure you can deliver on what you promise. The problem, however, is waiting until operations is “just perfect” burns too much cash. If you wait until all operational problems are solved (which never happens), you don’t have the resources to market properly.
Related: What Your Marketing Team Can’t Do
• Financial fears: This is the biggest trap for young or struggling businesses. Many of us understand the impact of being the frontrunner: shorter sales cycles, bigger profit margins, etc. But it feels too “risky” to invest in marketing until we have the big bank accounts. That’s why I hear a lot of “we’re gonna hire you when the money comes in,” which never happens. If you wait until you have enough money, you will never have enough money. Because that’s what marketing is supposed to do: make you more money.
• No fear at all: This is the biggest trap for up-and-coming B2B businesses. It’s tempting to say, “Hey, I’m busy right now with client work, so I’m good.” The key words: right now. That bulletproof position doesn’t last forever. I’ve talked to too many owners who have had big accounts pull out without notice. Marketing from a stressed financial position is riskier than when you have cash flow.
The bottom line: the best time to market your business is when you’re ahead of the curve, not when you’re behind the eight ball. Timing is everything.
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