SMBs and the three l'll marketing myths

With the growing sophistication of web marketing, email marketing and social/ business networking channels, small and medium businesses (SMBs) are no longer a disadvantaged lot when it comes to marketing themselves right. At CMO Axis we have been speaking to several SMB CEOs and I believe what perhaps stops of these companies from achieving marketing epiphany is their leaning towards some popular myths. I have tried to address some of them for the benefit of my readers and our customers and I would love to hear from you if you have any thoughts contrary or collaborative to what I have outlined here.

Myth #1: Marketing is for large businesses, for us - sales is king.

It is appalling to see how many CEOs put their sales teams through the grind mill to achieve results that could perhaps be achieved in half the time with the right marketing plan resulting in better revenues and productivity. Effective marketing is no longer about spending $$$, but in sharpening your focus to optimally leverage your 'business ecosystem', accurately reach your target segment and generate qualified leads, often at very little or NO cost. It is the perfect compliment to your sales strategy.

Myth #2: Our marketing is outsourced - we have a design agency and a PR agency.

Many SMBs truly believe that if they have a PR agency and a design or ad agency, they have covered their marketing requirements well. Unfortunately, marketing is not how well you have designed your website, but how effectively you have tailored your messaging and communication to your target buyers. It is good PR, but often not limited to that. It is about right targeting and positioning and building insightful and strategic marketing programs that increase your share of mind with your prospects, improve your odds of winning in a competitive bid and reduce your sales costs and cycle time.

Myth #3: We cannot afford fancy marketing consultants

Marketing outsourcing is often confused with brand consulting or similar high-end marketing strategy work. While marketing outsourcing involves its share of advisory, it is in reality a very practical and inexpensive approach to delivering measurable business value. It gives you access to best-in-class marketing processes and industry best practices by leveraging marketing professionals and more importantly, practitioners with significant functional experience. It also helps you cut your time to market and improve spend efficiencies by not having to reinventing the wheel when it comes to designing and running your strategic marketing programs.

Finally, marketing outsourcing keeps your costs variable and flexible, adding greater predictability to your spends and lowering your overall risk and exposure if you are not sure if you want to hire yourself that ace marketing team yet.