Jared Pilon
Did you know that 45% of small businesses fail within their first five years? Over three-quarters of those businesses don’t make it because they don’t have a solid business marketing plan.
Today, with some outside expertise, we’ll dive into ways your business can utilize a marketing strategy to avoid becoming just another statistic.
Marketing is Critical for Small Business Owners
Effective marketing is crucial to business success, yet many small business owners struggle with it. We spoke with Peter DeWit, owner and marketing specialist at EDGE Marketing and Design to shed light on this topic.
Marketing, like financial planning, requires expertise and a structured approach. Peter’s insights demonstrate how small business owners can strategically position themselves for success.
The Struggle with Marketing: Common Challenges
One of the main reasons small business owners struggle with marketing is that it is usually not their primary skill set. They went into business because they excel in a particular skill or trade but often find themselves lost in the complexities of branding, digital advertising, and lead capturing strategies. Entrepreneurs who try to do it all themselves soon realize that effective marketing requires expertise, just like accounting does.
Common challenges include:
- Limited budgets and resources.
- Lack of clear marketing goals.
- Inconsistent messaging.
- Uncertainty about which tactics work best.
- Difficulty tracking return on investment (ROI).
Build a Marketing System for Sustainable Growth
Rather than viewing marketing as an afterthought, small business owners should consider it a critical division in their company. Financial management requires systems and expert guidance, so marketing should follow a structured approach. It is important to set clear goals, such as increasing revenue by a specific percentage and aligning marketing efforts to achieve those goals.
Here are the key components of a strong marketing system:
- Identifying ideal clients and understanding their needs.
- Developing a clear and compelling message.
- Choosing the right marketing channels (social media, email, website, networking, etc.).
- Tracking metrics and results to refine strategies.
- Ensuring consistent branding and online visibility.
The Role of a Website in Your Marketing Strategy
Many small business owners rely on word-of-mouth referrals to sustain their business. While referrals are valuable, they eventually plateau. A well-structured website is the foundation of any marketing strategy, acting as a 24/7 sales representative and an information hub.
The key benefits of having an optimized website:
- Enhanced credibility and trust.
- Serving as a lead generation tool.
- Providing educational content to engage potential clients.
- Acting as a hub for email marketing and social media integration.
At Legacy Accounting, we’ve revamped our website to transform it from a static online brochure into a dynamic resource center. By offering blogs, podcasts, and free financial insights, we hope to position ourselves as a trusted advisor to small business owners looking for guidance.
Acquiring and Retaining Clients: A Balanced Approach
Many businesses focus heavily on attracting new clients but overlook the potential of existing ones. You need to cultivate relationships with past and current clients. We’ve found that a well-executed email marketing strategy keeps us at the forefront for our clients to ensure they reach out to us when financial needs arise.
Tactics for client retention include:
Email Updates
Provide regular updates with valuable insights.
Follow-ups
Make personalized follow-ups after key milestones.
Educational Resources
Offer blogs, webinars, and other educational content.
Encourage referrals
Use incentive programs to drive new referrals.
Timing Your Marketing Investment
When should a small business invest in professional marketing help? The best time is when referrals start slowing down and organic growth stalls. A structured marketing strategy can help fuel new business while ensuring consistent branding.
For businesses operating on a limited budget, start with small, strategic efforts—such as refining messaging, improving a website, or launching an email campaign, to help lay the groundwork for future expansion.
Take Action: Marketing and Financial Strategy Go Hand in Hand
We understand that marketing and financial planning are two sides of the same coin. A solid marketing strategy ensures business growth, while sound financial management sustains that growth. Position your business strategically, target the right clients, and maintain consistency in your marketing efforts to create a sustainable path toward success.
If you need guidance on structuring your business finances, Legacy Accounting LLP is here to help. Book a consultation today and take the next step in building a thriving business. Call 403-343-7707 or email to schedule your appointment.
If your business needs a marketing overhaul, we recommend you contact Peter DeWit at EDGE Marketing and Design. You can reach out to Peter at 403-789-3343 or to get your marketing strategy back on track.
Want to hear more about this topic? Check out the Tax Talk Podcast
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Posted: 3/4/25
