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As long as your business exists, investment in marketing is a vital contributor to your success. What are the upsides when you invest in marketing? Here are 5 reasons to increase investment in marketing today.
In today’s competitive environment, you need to hone your marketing team’s key skills to ensure you are working as efficiently and effectively to reach and engage your customers. But without the initial investment, this can be difficult to achieve.
In fact, 79% of CEOs listed availability of ‘key skills’ as one of their top 3 concerns.
Heading into 2021, investing in marketing means reaping the rewards of a planned approach to SEO, or essential email design elements. So you can confidently plan your marketing strategy across the full marketing mix.
Over the years, customer service has grown in importance. In fact, it’s now a form of marketing. When you treat your customers well, they promote your company through word of mouth and you attract even more customers.
In a consumer-led world, where 75% of people don’t accept advertisements as truth, it’s vital to have your customers onboard to ensure your key brand messages are backed up by the most trusted voices.
When you invest in your employees, they will become more engaged and this translates to their interactions with your customers.
Generally, employee engagement at workplaces is low. According to a Gallup study, only 36% of American employees are engaged in their work, and 14% are actively disengaged.
When there is low engagement in workplaces, the side effect is a loss of productivity and profitability, which hurts your business. However, your staff will become more engaged when you invest in marketing training and tools that help them do their work better.
Ultimately, with the right investment, they start to see themselves as part of your company and are happy to do their jobs. For instance, a study by the Said Business School, University of Oxford and the British telecoms company BT found that happy workers are 13% more productive.
With this in mind, it is not surprising that Gallup’s more recent study found work units in the top quartile in employee engagement outperformed bottom-quartile units by 23% in overall profitability.
Apart from increasing productivity, CPD (continuous professional development) creates an environment where your employees feel more committed to their work.
Investing in your employees, in turn, provokes loyalty from those employees. LinkedIn’s latest Workplace Learning Report highlighted that, in 2019, 94% of employees would remain at a company longer if it invested in their development.
In addition to the commercial benefits of their training, increasing retention rates can help you save other costs too.
Apart from the monetary cost of finding a replacement, it can be difficult to integrate a new employee into your company. Likewise, it takes time before a new employee can get up to speed. All these can lead to even more costs for your business.
To build a successful business, you need to hire the best talents. As your business grows, you’ll need to expand and fill in more positions.
The good news is that you can attract great talents by investing in your current employees. When you do this, they become your business advocates for potential employees.
Furthermore, in a survey of millennials by PwC, 35% listed ‘Excellent training/development programmes’ as attractive to employees (third on the list), making investment in marketing training more
Having explained the benefits of investing in marketing, what are some steps you can take to start investing?
You can take these and more steps to start investing in marketing.
Investing in marketing is the best way to increase your chances of success. Because it results in better employees, products, and customer service.
In a nutshell, it’s an all-round win for your business. So if you weren’t convinced why you need to consistently invest in marketing, these are 5 great reasons.
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