Short-term thinking is detrimental
As a small business owner myself here in Denver, I have my hands in virtually every facet of my marketing agency. Not only do I participate in the marketing and advertising elements of creative, strategy and online, but I have to oversee accounting and invoicing, which isn’t something I really enjoy doing, to tell you the truth. It is necessary, however. A priority I have in my advertising agency is to put together both short and long-term strategies and stick to them! Unfortunately, clients easily can only focus on the short-term tactics, which is very detrimental to their business.
All marketing agencies will confirm, a short-term strategy will kill your business if you don’t make your marketing and advertising a priority. The lack of a long-term vision will cause you to miss the opportunity to continue to promote your business, thus detrimentally affecting your revenues. Advertising agencies will always encourage clients to layout a series of long-term goals along with the short-term tactics to accomplish those goals. Without this, they are destined to fail.
I have a great example of this in a current client. They have been a successful company for the last 10 years, but took a significant blow with the recession in 2008. In the last few years, they have let their long-term marketing strategies lapse hoping to save money, time and stress. As the economy is returning, they realize the only marketing channels they currently utilize are so light, they aren’t getting the response they need to continue to be successful. In fact, they really one use one tactical approach. ONE!
They are so focused on sales from day-to-day and week-to-week, they have no vision on where their company is going in 1, 3 or 5 years from now. I have advised them they need to break from this cycle or they may as well shutter their doors now. With desperation comes poor judgment and their desperation is leading them to not think of what their clients need or want, but to bombard them with marketing messages. This may get some of their client base to place orders and satisfy their weekly revenue, but they are destroying their credibility, customer attention and brand. Continuing on this path will further erode their brand equity and lead to a negative perception of their service.
So when desperation starts to set in in your company, take a step back and think about the long-term viability and success of your business. You most likely will have to take some short-term sacrifices (like money, sometimes), but you will be better for it I the long run. Think where you want you company to be 5 years from now and focus there.
President, Encite Marketing