Updated: 13 November 2023
Serial entrepreneur Nigel Botterill has created nine separate million pound plus businesses over the past fifteen years, all here in the UK. Now, through Entrepreneurs Circle, he helps other business owners to build the business they want.
We see it literally all the time. Thousands of instances every month. An entrepreneur has made the commitment and decided to open their own business. They’ve got dreams and goals. Commitment and hard work. So they plot and plan and put everything into the development of their product, the fit out of their shop or salon, the creation of their website, their logo and their brand.
All the money that they’re investing in the business goes on the product, the vehicles, the fit out, the premises…
But they forget the most important thing.
You see, nothing happens in business until somebody buys something. And despite the best efforts of Kevin Costner in ‘Field of Dreams’ it’s just not true that “if you build it, they will come!”.
Which means factually, objectively, there’s only one answer to the question ‘When is the right time to invest in marketing?’. And that answer is: right at the beginning.
If you’ve missed the beginning because your business is up and running, then start investing in marketing now. Today. “If you build it, they will come – providing you market it properly so the right people know about you!” is what Kevin Costner should have said!
Every sustainably successful business incurs a cost to get a customer. In other words, marketing. Understanding how much you can afford to spend to get a customer is one of the most liberating and powerful facets in business. And contrary to popular belief, the higher that number is, the better.
Businesses that strive to get all their customers for free, or as cheaply as possible, are the ones who struggle. The successful enterprises, in every sector, are the ones investing in their marketing.
The businesses that are eeking out a living, lumbering from one payroll to the next or struggling to meet the VAT bill when it’s due this quarter are the ones that didn’t invest in marketing from the very beginning. They’re the ones that don’t understand that there’s a cost to get a customer.
All their eggs are in the basket of their premises or their product but that’s not what drives growth. That’s not what pays the bills. It’s not what makes dreams come true. And it’s not what brings in customers. Marketing does.
Cracking the rhythmic acquisition of customers is like the holy grail of business. When you have the right number of customers coming to your business rhythmically and consistently every week, everything in your life is better. Only effective marketing can make that happen. Not hoping or praying, or even Kevin Costner
Which is why the best time to invest in marketing is quite simply the sooner the better. Don’t leave it too late…
If you need help understanding what marketing is right for your business, you can try Entrepreneurs Circle completely free at EC22.co.uk.
16/01/2023: While we want to help as much as we can, the information found here is provided solely for informational purposes and should not be considered financial or legal advice. To the extent permitted by law, Funding Circle does not accept any liability for any loss or damage which may arise directly or indirectly from the use of, or reliance on, the information contained here. If you have any questions, please speak to your professional adviser or seek independent legal advice.