Jeweller - November 2021

BUSINESS
Marketing & PR
Why marketing and promotion matters:
Building the ark before it rains
BRIDGET BROWN analyses the difference between sales and marketing and
explains why small businesses should invest in a strong marketing strategy.
There is a healthy competition between
the two disciplines, but are sales more
important than marketing?
It’s a question small business owners
must consider because they frequently
wear both hats, being responsible for
increasing sales and developing the
marketing strategy.
Sales is a clear path
Most small business owners focus on
sales, and this makes sense; after all,
if sales aren’t going well, you don’t make
any money!
The problem is, if you don’t have a steady
influx of new customers – or repeat
customers – even the best sales processes
and techniques can’t help you.
There is another reason small businesses
tend to focus on sales strategy, and it can
limit revenue.
That reason is that sales is simple – it
offers a clear path forward.
It is essentially only one thing, and it is easy
to measure and track success.
Plus, if you own a small business, you know
sales are vital, so you push forward with
an emphasis on improving your processes
and techniques.
Marketing, on the other hand, is less
straightforward.
Marketing is about knowing your target
audience and what they want, and shaping
your business to provide that.
This takes a lot of forms, including:
• Branding – Many marketers think of this
as the identity you create for your business
and the personality behind your words; I
consider those tools to shape your brand.
Brand itself is actually the level of
credibility you have in your market, and
what your reputation says about you
• Generating demand – Cultivating and
growing the existing interest in your offer,
as well as looking for new audiences
Stay afloat amid the shifting tides of retail with a solid marketing strategy.
• Lead generation – Attracting people
who are interested in your offer, and
cultivating a relationship with them
• Competitive intelligence – Market
research and assessing your competitors
• Pricing – Determining the value of your
offer, and what your audience is willing
to pay
• Channel strategy – Determining where,
when, and how you sell your offer
Naturally, marketing takes a lot of
effort. Of course, sales also takes
effort, but marketing does not show the
immediate, tangible reward of cash in
hand that sales does.
For that reason, many business owners
try to pretend marketing is optional, rather
than necessary.
To me, both marketing and sales are
important, but marketing should
come first.
Marketing as foundation
Marketing requires a clear message,
carefully chosen tactics, and a strategic
plan. That’s a big lift for a small business.
It seems expensive, and maybe even
optional. I prefer to think of it in another
way – as an investment that will increase in
value over time.
My parents worked in banking and
Robust
marketing is
like building
up that savings
account; you
are constantly
generating leads
which can keep
your business
afloat during
lean times
the lesson they taught us kids was the
importance of saving.
I got my first job at 14 and was obligated to
save a third of my paycheque. It seemed
draconian at the time – I wanted to spend it
all on concert tickets and black lipstick!
While I haven’t always been able to keep my
savings to this level, I have done a good job
of squirrelling some of my income away,
and it has saved me time and again.
There is nothing more freeing than being
able to walk away from a bad job because
you have enough money in the bank to pay
your bills until you find something better.
Think of marketing the same way – as a
hedge against the tough times.
Robust marketing is like building up
that savings account; you are constantly
generating leads which can keep your
business afloat during lean times.
By having a steady stream of incoming
business, you won’t need to worry about
making payroll or keeping the lights on.
You can concentrate on the day-to-day
challenges of serving your customers
because you know you have a plan for
the future.
As the saying goes, the time to build
the ark is before it rains. Creating a
sustainable marketing system is a hedge
against lean or difficult times ahead.
If business slows down, you have the
means to return to profitability – so long as
your marketing plan is running efficiently.
During boom times, building a quality
customer base is a way to capitalise on
your current success and store it away for
the future.
BRIDGET BROWN is founder of
Create That Copy & Marketing, a
Canadian marketing firm focused on
generating leads and increasing sales
and revenue for small businesses. Visit:
createthatcopy.com
78 | November 2021