Do Something - Anything - in 2020

Whenever someone in the industry asks me what our biggest competitor is, I always have the same answer: nothing.  Companies doing nothing - not hiring an agency, not hiring in-house marketers, not having a strategy - is the biggest challenge we face as a marketing communications agency.  There seem to be some common reasons why many companies do nothing instead of marketing their products, services, or brand as an employer:

1. Lack of knowledge - Many leaders just don’t know how to create a marketing plan or hire a marketing team.  They don’t know what all the different kinds of marketing tactics are or how they can be helpful to their businesses. While this is understandable, it’s also not acceptable.  We don’t accept people not understanding finance and therefore just not doing it. Or just not understanding HR. There are many resources out there to learn about marketing, including the Slice blog and Social Media Day.
2. Lack of understanding - Some people don’t invest in marketing because they don’t understand how to manage marketing people or evaluate the return on the investment they’ve made.  That’s ok. But we have some simple solutions in this eBook.
3. Lack of leadership - Some leadership teams just don’t have vision for their companies, and marketing requires the ability to showcase leadership in product, service, or thought.  But that’s not the only value marketing brings.
4. Lack of ambition - Many leaders want to just keep doing what they’re doing.  Let’s say that’s fine for now, but what about the future? We hear this particularly from leaders who say they rely on their personal connections to drive sales.  What happens when the company is no longer theirs?

Here’s the secret about marketing communications: it can be the single biggest source of learning about your customers, product, service, market, competitors, employees, investors, and centers of influence. Here are some examples:

• Customers - Most companies we work with know very little about their customers and prospective customers.  They don’t know where they get news or information about the industry, and they have no idea what keeps them up at night.
• Product / Service - What makes your product truly, objectively different?  If you don’t know, you’re at a disadvantage.  
• Market - What are the big external trends or developments that could help or hurt your business?  Where will the next big opportunity come from? Don’t know? Make that your 2020 marketing goal.
• Competitors - Yes, you may know a handful of direct competitors.  But what about your perceived competitors? A company you might not even have on your radar could be stealing your lunch later this year.
• Employees - If you don’t know how your brand as an employer is perceived by prospective employees, you could have a very big problem you don’t even recognize. We’re hearing from more and more companies that having great people is the single biggest barrier to growth.  Unfortunately, most companies don’t realize marketing and HR have to work together to solve the problem.
• Investors - Your investors and shareholders have lots of interests and care about lots of things.  Are you communicating with them regularly? Are you listening?
• Centers of Influence - You may get most of your business from word of mouth, but who is doing the talking?  People who refer business and have influence are often overlooked.

Whatever industry you’re in, chances are that something is changing.  That’s why in 2020, all marketing communications strategies and plans should have learning objectives.  Answers to clearly defined questions can change the course of your business innumerable ways. The return on your investment in learning can be greater than any other investment you make.  For that reason, make a resolution to do something with your marketing this year.