People will work on their corporate identity or their “lemon” but usually do not plan a budget to implement it. Having the best product, best location, best ideas all are great. Still, when you decide to skimp on that marketing budget that introduces your product, brand, or service to reach a larger audience and formulate strategies for growth, you fail your brand and impact your prosperity and success. Many companies tend to underspend on their marketing strategies, and if you are not spending, you’re saving in the long run, right? Many small businesses think hiring a marketing expert is an unnecessary luxury expense that they can not afford. The bottom line is, are you willing to invest in yourself? If you must skimp or cut your budget, don’t make it your marketing budget. Put your money where your brand is.
U.S. small business says successful companies should be spending 7-8% of their gross revenue for marketing up to 5 million dollars in yearly sales, more if your income is more significant. Over-all, someone should spend 5-12% on marketing and brand identity.
As we look at lemons to brands, we all remember the Americana summertime iconic “Lemonade Stand.” Most of us probably persistently pestered our parents to have one as a child. We most likely remember setting up a table of some sort, we may have had in a garage or basement, placing a bright-colored happy little cloth over it, stealing cups, lemons, water & sugar from the kitchen, and then trying to think of the best design for our lemonade stand sign.
Even a kid from Omaha, Nebraska, was a lemonade stand entrepreneur. I read an article where this individual discussed his childhood and how he started a lemonade stand. He touched base about the competition and how everyone had a lemonade stand that summer, but the two things that most were forgetting, number 1 is location, location, location, and secondly marketing and advertising. This boy from Omaha is currently worth 84.6 billion dollars and even in 2009 had a kid’s cartoon on the Hub Network called “The Secret Millionaire’s Club,” a business show for children.
Many of the brands, products, and businesses can take a few lessons from these kid entrepreneurs. Some of these start-ups are not kids play anymore. While still being fun and exciting and teaching children the value of hard work and dollar, it has become a pretty big market these days, and these kids know who to market. Did you see a start-up lemonade stand will start at $20.00 to over $400.00 depending on how elaborate you go and budgets? These kids are becoming more aware of how branding works, and it’s not only just about location. These kids are attending workshops in person and virtually; they use digital advertising, social media advertising, organic content; they even have kidpreneur events throughout the United States. So no more cardboard boxes, construction paper, glue, and crayon signs; these kids mean business, and so should you!
The top four reasons that you should hire a marketing firm. Business cards, sure there are many places you can get free templates or pay a minimal fee to design your own, but do you want the same business cards as 100’s other companies have? Or do you want a business card that stands out and is memorable, unique to only you? Website design, professional websites increase traffic, positive customer experiences, and establish your brand. It says you are serious and professional about your business. Photography, a picture is worth a thousand words, well it’s worth more. Professional photography is vital because anyone can take a photo, but only a professional can make a photo. Content companies undervalue good content that wants a professional storyteller to help them connect to their consumers, but they don’t want to pay what it’s worth. On top of all these things, let’s not forget the -going budget to keep your lemonade fresh and sweet. On-going content, edits, updated photography, website re-designs are all part of a marketing strategy and critical factors to continued brand success. Marketing is responsible for about ¾ of a consumer’s journey through a brand. Consistency is crucial and should be up to date across all aspects. Marketing is hard, so when life gives you lemons, plant the seeds, grow an orchard, and let your marketing team squeeze the day by telling your epic story while you enjoy the lemonade.
Way to squeeze the day Lisa!Girl, 7, sells lemonade to pay for brain surgery