How to match your marketing expectations to your resources

One of the most frustrating things about being a small business owner is seeing some of the extravagant (and often expensive) things that big businesses do to market their products and services.

In fact, the marketing budgets for these companies are often anywhere from 2% to 10% of their revenue (on average), and when you're talking about multiple millions in revenue, it’s safe to say that’s a very healthy investment!

Those of us who haven't quite reached 7-figures yet have to allocate our marketing budgets differently.

Scaling down your marketing as a small business means budgeting your time, energy and money.

Here’s how to start paring down, getting clear on what will really move the needle for your business and what’s the best use of your marketing dollars.

Determine your business goals so you can align your marketing

What’s the long-term vision for you and your business? How do you plan on measuring success? What conversions and KPIs are important to you?

When you have an idea of the overarching plan for your company, you’re able to better gauge which marketing activities will have the biggest impact. Data is your friend! Use it to guide your marketing choices.

Go deeper, not wider with your strategy

Get super clear on your target audience. Ensure you’re creating content and sharing marketing messages that resonate deeply with them, and that you’re using the platforms and tools they’re already on.

Consider as well where you already have success and focus on growing those platforms rather than continuously looking for the next new thing to start. Just because you see something working for someone else doesn’t mean it’s right for your business. (Again, follow the data!)

As discussed in a recent blog post about making data-based decisions, “it can seem fun and exciting to start something new, but in most cases signing up for the next piece of software is not going to make the same amount of impact in your business as simply sticking to what is tried and true, using the tools you already have and know how to use.”

If you have an engaged email list that's growing, perhaps you don't need to devote as much time to Facebook or Instagram. Or, if your blog posts are already gaining a lot of traction, it might be a sign that your audience enjoys the written word, and introducing video doesn’t make sense.

Yes, there might be some fear of missing out (FOMO) if you don’t appeal to everyone or aren’t on all the platforms, but each new tactic you implement requires more of your time, energy, and money. So, you need to get honest with yourself and weigh whether it’s worth each of these investments.

Focus on the resources you already have available to you, the target market that resonates most with you, and a defined strategy with a few tactics you can execute effectively.

Choose tools that are cost-effective and make your life easier

There are lots of freemium tools out there and I'm a big fan of using them! These are a great way to experiment and decide what works best for you before committing to a process or platform.

Why invest time and money if you don't know the impact of something yet? Or whether it will even work for you in the first place?

By testing first, you can figure out the impact, and then you'll already have the setup in place so you can make the monetary investment go further.

Important note: it’s also important to know where to draw the line on free tools. Consider your time and energy as well when you’re determining their effectiveness. If a free tool sucks up too much time and energy trying to figure out or if you need to do everything manually instead of an easy-to-use, automatic tool you could pay for, you might actually be losing money. Especially as a small business owner, most of your time needs to be spent on the tasks that will make you money. Namely, selling your services!

Choose frequencies that are realistic

Once you’ve established your target audience, the marketing messages that will speak most to them, and the tactics you want to use regularly as part of your larger marketing strategy, it’s time to determine your schedule.

These tactics will become part of your regular routine. If you choose to post on Instagram, you’ll likely want to develop a consistent posting schedule. If you choose to start a YouTube channel, having a recurring time subscribers can look forward to your content can help you gain traction.

You want these schedules to take into account both your audience wants, and what’s realistic for you. One doesn’t work effectively without the other.

For example, I recently started actively emailing my list and taking steps to grow my email subscribers. I could have said I was going to start with a weekly email but I know that isn't likely to happen right now so why put that pressure on myself?

I'm also just getting started and don't want my subscribers to be overwhelmed with my content!

There’s a balance that needs to be struck here, and by setting things up with less frequent cadence at the beginning, you give yourself the chance to adjust to the new workflow and show your audience why they should care.

Eventually, yes, I'll send an email weekly. For now though, I’m keeping it realistic.

FOMO is an illusion

Have you ever experienced the fear of missing out on a social gathering, only to realize that you didn’t really want to be there at all? You hate small talk, aren’t a fan of dressing up, and go to bed before 10pm anyway.

Let’s bring that perspective to marketing.

The reason we’re so insecure is because we’re comparing our own behind-the-scenes to everyone else‘s highlights tape.

– Steve Furtick

We see what other companies are doing and want to be doing it too, but we rarely take the time to envision what that would look like in our own businesses.  

Let’s paint a quick picture:  

• Longer hours and less energy because you’re being stretched thin on too many projects

• Less sales because you’ve got a confused audience who isn’t sure what you want them to do or where they should be consuming your content

• Overwhelm and minimal progress because you’re taking one step in 10 different directions instead of 10 steps on a defined path

Let’s shift our mindset and focus instead on JOMO - the Joy of Missing Out (coined by blogger Anil Dash as the positive counterpart of FOMO), appreciating:

• How far we’ve come and the growth we’re excited to see in our business over time

• The time and energy we have available to us when we’re not stretched in so many different directions, and

• The pressure that’s taken off of us when we don’t feel the need to show up in so many places

Stop comparing where you’re at with someone who’s 10 steps ahead of you! Recognize that you won’t be able to do everything a larger company can (right now) and that that’s okay. Focus on where you’re at and use the resources you have available to you.

Your growth will come!