So your a small or medium size company...
“Small, medium-size, and larger employers all rate Massachusetts business conditions higher than national conditions, and expect conditions to improve over the next six months, but only larger firms are predominantly positive about state and national conditions. Those with more than a hundred employees are twice as likely as smaller ones to call current conditions for their companies 'good,' and half as likely to call them 'bad.' "AIM Business Insider - @AIMBusinessNewsAssociated Industries of Massachusetts released survey results on Tuesday that indicate SMBs are singing the blues. In general they are not as optimistic as large companies (they used 100 employees as the demarcation) about overall economic conditions for the next six months.
That makes sense. The furry of regulatory requirements is relentless. Large companies are well positioned to respond. Sure there's a cost, but they can respond while many SMBs simply can't scale to do so. It's no secret that large companies use lobbying and regulation to create competitive barriers to growing competitors.
So? Be nimble!You're not beholden to faceless shareholders. Silos and internal politics certainly exist, but as an inconvenience rather than a barrier to progress. The president/CEO/sr. management team can agree to a course of action and set it in motion.
And nowhere does this translate to an incredible business advantage as it does in the area of B2B marketing.
It's not unrealistic to expect that you can have nearly the same impact in generating sales qualified leads and targeting profitable new markets for an investment of $250K as you could for a couple million.
Are there differences? Of course. Will you have to improvise, economize and be creative? Sure. But use the right tools, the right way, toward an awesome strategy which has pan organizational buy-in and alignment, and you can do so.
There has never been such an incredible equalizer available to SMBs competing against large competitors.
"Inbound marketing is about the thickness of your brain, not the thickness of your wallet." Brian Halligan @bhalligan, CEO, HubSpot @HubSpot
Yet many small and medium size companies are wasting it because they don't have the vision or in house resources to pursue it.
A reasonable budget based on your goalsWe recently offered some thoughts on how to measure your marketing budget against benchmarks. Read more here - but the bottom line is simple. Most B2B manufacturing companies that are growing, are spending roughly 5% of revenue on marketing.
So a budget of $250K translates roughly to revenue of $5MM. Can you work with less? Sure. Do it right and your direct sales cost will shrink substantially as well - providing a savings offset.
The point is that small companies have an incredible opportunity to really hit B2B marketing homeruns - if they are committed and open to ideas and assistance.
Let someone else sing the blues - you get to workBut you're not going to get it done whining to a survey caller or to your golf buddy. In fact when you tell the latter that you're going to try something new, this gee whiz inbound marketing stuff, he will probably tell you you're wrong.
That's OK. You have an amazing competitive opportunity to seize.
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