Are You Spending Enough Time to Market Your Business?

by Ed Martin on November 24, 2009

Marketing is the key to getting a new business off the ground. Most people don’t realize they will have to spend half of their time or more(!!) on marketing. Especially for a new business.

You have to get your message out there to your target market to let them know that you’re in business and that you’ve got a great product or service. Unless you’ve got a staff, you are going to be the sales guy and the marketing guy, the advertising and the customer service rep. If you can’t see yourself as those guys, then you are going to have to find someone to do the work for you. You will have to get a partner who does want to be that guy, or hire someone.

Half your day is filled

If you work on your own and provide a service, then remember when you are scheduling  to do billable projects that half of your time is already filled for non-billable marketing work. Now you’ve got to increase your rates to make up for that non-billable time.

If you make a product, then figure you are going to have only half of your time to work on it. The rest is marketing time. Set your pricing accordingly. Think about outsourcing some of the production work if you need to in order to have enough inventory to sell and enough time to market it.

If you are selling something online, you probably already know that you have to spend more time getting eyeballs to your site than you do making content if you want to be successful.

Re-evaluate when you are successful

Once you’ve got an established customer base, you can consider reallocating your time. It is easier to sell to existing customers, but if you want to keep growing, you should count on still putting in the marketing hours.

Other ideas

Ed Gandia at The Wealthy Freelancer says 10% of your time when your business is up and running should be on marketing, but that doesn’t include sales. Debbie Lachusa goes for the 50% time. Scott Ginsberg says you should be spending all day marketing. So take your choice.

Not spending enough time on marketing is one of the common reasons businesses fail. Sign up for my MicroBiz Made Simple newsletter and receive a free copy of my report Succeed By Not Failing: The 50 most common reasons businesses fail and how to avoid them.

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