Building marketing capability

They are:

1. Why isn’t my working to expectations?
2. How do I recruit a marketing resource?
3. How much money does my business need to spend on marketing?

This is what we tell our clients.

Having a marketing strategy

Having a well-defined marketing strategy is crucial for you as an SMB leader, aligning market investments, time and financial resources with business objectives. A marketing strategy provides a roadmap that guides how your SMB will achieve its goals through targeted marketing activities. By clearly defining target markets, positioning and key messages, it ensures that your marketing efforts are focused and effective in reaching the right audience.

Moreover, a solid marketing strategy gives context to tactical plans by outlining specific actions and campaigns that support broader business goals. It helps allocate resources efficiently, whether it's budget allocation for advertising, hiring the right talent, or investing in technology. By continuously measuring and adjusting strategies based on performance metrics, you can optimise your marketing efforts and maximise return on investment.

Ultimately, a well-crafted marketing strategy not only enhances brand awareness and customer acquisition but also strengthens customer loyalty and contributes to sustainable business growth in competitive markets.

Having the right marketing resource

Having the right marketing resources internally and externally is critical for small to medium-sized businesses to achieve marketing success. Internally, SMBs benefit from having a skilled and dedicated marketing team or individual who understands the business goals, target audience and industry trends. This team can develop and execute strategic marketing plans, manage digital marketing channels, create compelling content and analyse campaign performance to drive growth.

Externally, partnering with agencies, freelancers or consultants can provide specialised expertise in areas like SEO, social media marketing, graphic design or market research. These external resources bring fresh perspectives, scalability and, often, cost-efficiencies, enabling SMBs to compete effectively in the market without the overhead of a large in-house team.

Together, internal and external marketing resources ensure that SMBs have the agility, expertise and resources necessary to adapt to market changes, innovate their marketing strategies and effectively reach and engage their target audience to achieve sustainable growth and competitive advantage.

Setting a marketing budget

Setting an appropriate marketing budget is crucial as it aligns resources with business objectives and ensures effective execution of marketing strategies. For SMBs experiencing growth, allocating a sufficient budget allows for aggressive market expansion, customer acquisition and brand building initiatives. This supports sustaining momentum and capitalising on market opportunities.

Similarly, during periods of significant change or transformation, such as launching new products or entering new markets, a robust marketing budget is essential to support these strategic initiatives. It enables comprehensive market research, targeted promotional campaigns and the deployment of necessary marketing tools and technologies to drive successful outcomes.

By aligning the marketing budget with specific business goals and growth plans, SMBs can maximise their competitive edge, enhance brand visibility and achieve sustainable growth. This approach ensures that marketing efforts are adequately resourced to meet challenges and capitalise on opportunities effectively.

If you want to speak about building your marketing capability for growth then book a call with Deb Richardson from MSQ; email us on team@hfbgroup.com.au and we’ll fix it up for you.