Marketing and Sales: Why Spend More Than You Have To?

About 90% of small businesses in the UK survive their first year, but only 40% make it past five years. The difference between those who fail and those who succeed is often summed up in one word: marketing. This is why many of the most productive entrepreneurs often seek the help of strategy consulting firms in London when it comes to marketing their products and services. It’s time to talk to strategy consulting firms in the UK if you’re serious about growing your company, too.

But what exactly is marketing?

Eight of 10 start-ups make the mistake of equating it with advertising or sales—which is just 15% of what true marketing involves. The Chartered Institute of Marketing defines it as the management process that identifies, anticipates, and satisfies consumer requirements profitably. The real goal of marketing is to use segmentation, positioning, and targeting (supported solid market research) to create value.

Are you worried about costs? Don’t be. Investing in marketing is one of the most profitable decisions you can make for your business. In fact, marketing provides three times more value than any other business function.

Don’t make the mistake that many small businesses make. They focus way too much on saving pennies and refuse to invest in marketing. The result? They end up losing pounds.

That said, it’s not healthy to spend too much on marketing, either. International studies show that the most successful companies spend 5% to 7% of their turnover on marketing. Consider doing the same.

Working with strategy consulting firms in London can help ensure that your marketing plan is lean and efficient—that every pound you spend can potentially bring you solid returns. The best strategy consulting firms in the UK can provide measurable marketing plans that can be aligned and integrated into your marketing mix. The measurability aspect ensures that it can be continuously improved to deliver identifiable returns on your investment.