Keep Your Small Business From Failing with Effective Marketing
The fact that eight out of 10 businesses fail within the first 18 months is unacceptable to me. So I am on a mission to change that statistic and help you avoid falling into the trap of small business failure.
The 3-step system for ensuring that your business is on track for success
The Three Pillars of Marketing Approach
The Three Pillars of Marketing is a concept developed by my partners and I at Boss Women Rock over the last four years. Based on our combined 50 years of experience as marketing professionals, the last 12 years as entrepreneurs, and last 6 years as marketing consultants specifically working with small to medium-sized businesses, we began to see a pattern emerging. The pattern was that most businesses were failing because the owner did not have a plan for marketing. They were winging it so to speak. The Three Pillars of Marketing was our way of explaining a very simple process for ensuring marketing success.
What are the Three Pillars of Marketing?
We were inspired to create the Three Pillars of Marketing because a lot of business owners would come to us and say that they needed a website. In fact I had one client who had a $20,000 budget for a website but what they lacked before that was a solid brand. The first pillar is branding. Your brand is the essence of your company, it’s the promise you make to your audience. If you don’t have that worked out, your website design will miss the mark.
The second pillar is tools. Once you have your brand established, are recognizable, consistent, and differentiated in your Market or industry, then it is safe to move forward with building out all of the various tools that you will need to attract the ideal customer. Your tools include your website, social media channels, sales funnels, books, advertising, public relations efforts, sales efforts, and every other way that you are investing in your business to purchase a new customer.
The third pillar in the Three Pillars of Marketing is marketing. After you have your brand established and all of the tools that you need for success, you can begin investing in marketing, in purchasing a new customer. And yes, you do need to invest in buying a customer. To begin, think about what your acquisitions may be, and what your acquisition costs per customer are. Do this by examining or knowing what the lifetime value of a new client is to you. You should have that number worked out so that you know how to determine your marketing budget. If it the value of a new customer to you is, for example $4,000 then you know that in order to get a good return on investment out of your marketing, you can invest quite a bit of money in attracting that new client. Usually in business the companies that are spending the most to acquire new customers are the ones that are successful.
Shifting Your Mindset
The Three Pillars Approach to marketing will be a very helpful tool but will require a shift in your mindset when it comes to marketing. Instead of feeling the urge to jump ahead and skip stage one branding, and to start building tools or spending money on marketing, you must do the preceding step. Doing this will require some patience on your part but if you follow the formula: branding first, tools second, and marketing last, your efforts will be much more effective and you will be able to spread your message, create your movement, and serve your true purpose.
- Divide it into three columns.
- Write branding at the top of the left-hand side column.
- Write tools at the top of the middle column.
- Write marketing at the top of the right-hand column.
- Then in the left column you’re going to quickly write down all of the different elements that are in your brand.
- In the middle column, jot down all of the different tools that you’re using to do your marketing including your website, social media, email marketing system etc.,
- Lastly on the right hand side of the third column please write down all of the different ways in which you are communicating your message with your audience.
For now the goal is to begin retraining your brain using The Three Pillars of Marketing Approach.
We will have more to come in the short future!