Business owners invest in their firms, not stocks is the headline AP Business Writer Joyce M. Rosenberg used for her article in Crain’s Detroit Business, June 24th Small Talk section. It discusses how business owners, like you, are intending to invest in their businesses instead of the stock market, since it’s such a risk.
If business owners are truly going to (re)invest in themselves as the article states, then they really have to understand that a marketing investment is something they cannot do without. It’s one of the investments that, if done right, has the largest return-on-investment and impacts the business the most.
But sadly, I have to say, many companies start without any research. Many fly along by the seat of their pants. Many don’t have a clue who their competitors are, what their business structure is and how they are positioning themselves in the marketplace. Many don’t have an inkling who their stakeholders are, their customers’ needs and wants are, or how and where their customers get their information. Many don’t know what makes their own business unique.
If your business wants to gain the greatest return-on-investment possible, have the best conceivable brand image and awareness and have the largest sales increases attainable, you must do your due diligence before you invest. Hopefully, that is what you did when you invested in the stock market. So, the same principles must apply to your company’s marketing investment because without knowledge the investment is worthless. Read more