Can you afford not to market?
The cost of neglecting your marketing strategy.
It’s easy to get caught up in the daily operations and forget about the engine that drives
business growth: Marketing. Some companies, often small companies, mistakenly view
marketing as an expense rather than an investment. In other words, it would be more
accurate to assume that marketing is not just an expense but rather, a strategic
investment that drives business growth.
In this blog, we delve into the importance of maintaining a robust marketing strategy and
the significant costs associated with neglecting it. If you’re based in Oman and are
seeking professional insight on the matter, then this article is for you
The Cost of Stagnation
The cost of stagnation, relative to investment in marketing activities, can be substantial
for businesses. According to a 2020 survey by the American Marketing Association,
companies that increased their marketing spending during economic downturns
achieved an average of 16% higher revenue growth compared to those that reduced
their marketing budgets. Additionally, data from a 2019 study by the Content Marketing
Institute revealed that organizations with a documented content marketing strategy
were 60% more likely to achieve their content marketing goals than those without one.
These statistics underscore the importance of continuous marketing investment in
driving growth and staying competitive, as stagnation or neglect in this area can lead
to missed opportunities and potential revenue loss. Effective marketing strategies
drive leads, conversions, and sales. Without these efforts, your revenue may plateau
or even dwindle over time. According to a survey by the CMO Council, 72% of
marketers agreed that content marketing increases engagement and lead generation.
Loss of Visibility
In Oman’s competitive market (Of the 140 countries worldwide, Oman was ranked
53rd for most competitive nation I the world in 2019) staying visible is crucial. If you
neglect to carry out marketing efforts, you risk fading into the background as other
businesses continue to engage with your potential customers. Consistent marketing
efforts, such as campaigns, Social Media Marketing, and search engine optimization
(SEO), keep your brand in front of your target audience.
Missed Opportunities
Effective marketing is not just about maintaining your current customer base; it’s also
about capturing new opportunities. Neglecting your marketing efforts means missing
out on potential leads, partnerships, and collaborations. Opportunities come and go
quickly. Research by Bright Local found that 97% of consumers search for local
businesses online, and 85% of consumers trust online reviews as much as personal
recommendations
Decreased Brand Awareness
Your brand’s reputation and recognition are priceless assets. Effective marketing
helps build and maintain brand awareness. When you neglect marketing, your brand
may start to lose its prominence in the minds of consumers, making it challenging to
compete and gain new customers. A study by Nielsen supports this, as 59% of
consumers prefer to buy products from brands they know and trust.
Competitive Disadvantage
Your competitors are unlikely to pause for their marketing efforts. Neglecting your own
marketing while your competitors actively engage with your target audience gives
them a significant advantage. If your competitors are consistently reinforcing their
brand, capturing new customers, and creating a loyal following while your business
falls behind, you’ll end up at a significant disadvantage.
Long-Term Impact: Customer Retention
Neglecting marketing can have long-term repercussions for your business. When
you’re not actively marketing your product or services, it becomes challenging to
rekindle customer interest, leading to a decreased customer retention capability. The
Harvard Business Review emphasized the long-term impact, stating that acquiring a
new customer is anywhere from 5x to 25x more costly than retaining an existing one.
Marketing isn’t just about acquiring new customers; it’s also about retaining existing
ones. Neglecting your marketing effort can lead to a drop in customer satisfaction and
loyalty, subsequently increasing customer churn rate and directly affecting the bottom
line. Bain & company’s research shows that increasing customer retention rates by
5% can increase profits anywhere from a standard 25% to a sizable 95%
In summary:
marketing is not just an expense; it’s a strategic investment in your
company’s future. The costs of not marketing are not only financial but encompass missed
opportunities, reduced visibility, and a diminished competitive edge. The statistics and
percentages we’ve explored clearly highlight the risks of neglecting your marketing
strategy.
At Blue Coppers, we understand that Oman’s market is unique, and we offer data-driven,
tailored marketing strategies that deliver results. If you’re ready to invest in your
business’s growth and prevent the costs of neglect, get in touch with us today. When it
comes to marketing, a well planned and executed strategy is an investment, and it’s one
you can’t afford to forego.
