When talking to small business owners the subject of how much marketing frequently arises. As a small business owner myself I have one answer for this. The right answer: enough to generate more leads than your business can comfortably handle.
That may or may not be the answer you expected but, nevertheless, let me explain. Firstly, your sales sets the pace and rate of expansion for your business. The amount of sales your business generates determines how many staff it can employ, how much stock it can carry, how much income you receive. So clearly the pace and rate of the business is determined by how many sales it makes.
For logical reasons, whether you are ambitious to increase the size of your business or if you want to maintain the level you are at, your business needs to expand. Why do I say that? Because day-to-day attrition will occur for any business, even those who feel pretty healthy with contracts closed in some past high sales period. Then again, inflation is a reality so the same income today is worth less tomorrow (even without that pesky attrition factor). A business must expand to stay healthy or eventually income will not meet the bills as it once did.
So let us consider my statement. A business must do enough marketing to generate more leads than it can comfortably handle. Too many leads is a much less stressful problem than too little. Too many leads and you could decide to take on extra staff and stock or, if that is not an option, you can sell the leads to a competitor (a common practice in many industries). Too many leads will keep you and your staff busy and you will expand ahead of that inflation rate mentioned earlier. But, tragedy, if your business has too few leads you will be paying staff to sit idle or stock to sit on shelves. I know which option is more enjoyable for me and so speak from personal experience when I say I’d rather have too many leads keeping me on my toes any day!
Schedule a Marketing Consultation to find out how to keep you and your staff on your toes!
May you and your staff have loads of leads and many sales!