Entrepreneurs – Why it’s important to ‘stay in your lane’ – 5 reasons …(opinion)
We have met many business owners and entrepreneurs who have tried to do everything themselves in a bid to keep costs down or stay within a particularly tight budget. This is completely understandable but wrong – the next stage is for them to be distracted from their core activity and dragged into areas that are not their strengths. Inevitably it takes them longer to achieve their goals in the non core activities and their overall level of productivity suffers.
This is a familiar pattern. We do not try to do our own bookkeeping we have accountants for that – neither do we attempt to attend to our own legal matters. In this respect we definitely ‘stay in our lane’ and focus on our core strength – marketing. Here are five reasons why we believe you should hire professional help for your marketing:
1. Understanding the metrics
Unfortunately there is a lot of jargon that accompanies the world of marketing and unless you are knowledgeable in the area the vagaries of OTS/OTH, response rates, open rates and redemption levels may be lost on you. Working with a specialist will allow you to gain a deeper understanding of the key metrics for your business while focusing on your business activities.
2. Strategic Planning
When you are immersed in your business there is a tendency to become operationally focused. It is very difficult to retain sight of the big picture or the strategic vision both from a business perspective and more specifically from a marketing point of view.
3. Responding to Competitive Threats
How are you going to respond to a direct competitive threat? What if a new company comes to the market with the same offering as you at the same price as you. What would be your response? A marketing specialist should have a range of solutions for you and a solid recommendation.
4. Managing the Sales Funnel & Conversion rates
Your website is live and your traffic is building slowly but so far you have not had any sales or even concrete leads from the website. Do you know what is wrong with your sales funnel? Would you be able to fix any issues yourself and improve your web visitor-to-sales conversion rate?
The most effective way to stand out in a competitive niche is by being disruptive to the marketplace i.e. being different in your product /service offering or the way you communicate to your target audience. It is an easy concept to grasp but harder to execute. However, this is the area where your business can potentially make the biggest breakthrough and crucially you can be disruptive without spending a fortune.
Agree? Disagree? Let us know in the comments section below.
Marketing Fundamentals Team