Tag: Small Business

The importance of a marketing plan

When it comes to substantiating the importance of a marketing plan when looking for funding, there are some obvious reasons and perhaps some that are not so well known.

Business Viability

First of all, lenders want to see that a business can generate revenue and grow over time. What is the target market, how will the business attract and retain customers? These all paint a picture of business viability.

Financial Projections and Strategic Thinking

When discussing financial projections, a lender may ask how the business can support its revenue forecasts. Where will new customers come from? What is the cost of acquiring a new customer? When will these customers begin to generate income? Basically, there needs to be a story behind the numbers. This will help the lender understand that management is on top of its game, thinks strategically and knows their market inside and out.

Risks and Differentiation

A marketing plan also details risks, which should be tackled head on by providing a competitive analysis, pricing strategy and contingency planning. What differentiates your business from the competition? Why would a customer choose your product or service over another?

Boost Confidence in Loan Repayment Ability

Overall, the idea is to boost lender confidence when it comes to loan repayment. Lenders care deeply about getting their money back. A solid marketing plan will help to reinforce how you’ll generate cash flow, shows how you’ll sustain that flow and reduces perceived risk.

Marketing Spend: One Size Rarely Fits All

Marketing spend for a typical financial services firm varies based on company size, target market, and business goals.

Most financial firms allocate 7% to 10% of revenue to marketing, with digital-first firms spending on the higher end.

Here’s a breakdown of how that budget is typically distributed:

Digital Marketing (40-50%)

  • Paid Advertising (15-20%) – Google Ads, LinkedIn Ads, Facebook Ads, and programmatic display ads for lead generation.
  • SEO & Content Marketing (10-15%) – Blog posts, whitepapers, case studies, and optimizing for organic search traffic.
  • Email Marketing (5-10%) – CRM platforms (HubSpot, Pardot, Mailchimp) for lead nurturing and automated outreach.
  • Social Media Marketing (5-10%) – LinkedIn, Twitter, YouTube, and financial community engagement.

Events & Sponsorships (15-20%)

  • Webinars & Conferences (10%) – Hosting financial literacy webinars, attending industry summits.
  • Partnerships/Sponsorships (5-10%) – Collaborating with fintechs, sponsoring finance-related events.

Traditional Marketing (10-15%)

  • Print & Direct Mail (5%) – High-net-worth (HNW) client outreach via premium financial reports or brochures.
  • TV/Radio & Outdoor Ads (5-10%) – Targeting mass-market consumers (less common for boutique firms).

Branding & Creative (10-15%)

  • Website Development (5%) – UX/UI updates, security, and lead capture optimization.
    • Graphic Design & Video (5-10%) – Explainer videos, client testimonials, professional branding materials..

Data & Analytics (5-10%)

  • Marketing Automation & CRM (3-5%) – Salesforce, Marketo, HubSpot for managing customer journeys.
  • Market Research & Competitive Analysis (2-5%) – Tracking trends, customer behavior, and competitor strategies.

Public Relations (5-10%)

  • Media Outreach (3-5%) – Press releases, PR agency retainers, reputation management.
  • Influencer & Thought Leadership (2-5%) – Engaging finance influencers, publishing expert articles.

Total Marketing Spend as % of Revenue

What is your firm’s Marketing spend, knowing one size does not fit all, are you aligned with the below?

  • Established firms: 7-10%
  • Fintechs & aggressive growth firms: 10-15%
  • Boutique financial advisors: 5-8%

Sources:

  • Asymmetric Marketing
  • ChatGPT
  • Gartner

Adapting to a Digital World

As the world becomes increasingly digital, businesses need to adapt to keep up with the changing times. This is where digital consulting comes in. Digital consulting is the process of helping businesses adapt to the digital world, from creating a strong online presence to implementing the latest technology.

At its core, digital consulting is about helping businesses become more efficient, effective, and profitable in the digital age. Here are some of the key areas where digital consulting can help your business thrive.

  1. Digital Strategy

A digital strategy is essential for any business that wants to succeed in the digital age. A digital consultant can help you develop a comprehensive digital strategy that takes into account your business goals, target audience, and budget. This strategy will help you identify the best digital channels to reach your audience, as well as the tools and technologies you need to implement to succeed.

  1. Web Design and Development

Your website is often the first point of contact with your audience, so it needs to make a great first impression. A digital consultant can help you design and develop a website that is visually appealing, user-friendly, and optimized for search engines. They can also help you integrate your website with other digital channels, such as social media and email marketing.

  1. Social Media Marketing

Social media is an incredibly powerful tool for businesses, but it can also be overwhelming. A digital consultant can help you develop a social media strategy that is tailored to your business goals and target audience. They can help you identify the best platforms to use, create compelling content, and track your results.

  1. Content Marketing

Content marketing is all about creating valuable, relevant content that attracts and engages your target audience. A digital consultant can help you develop a content marketing strategy that includes blog posts, videos, infographics, and other types of content that resonate with your audience. They can also help you distribute your content through social media, email marketing, and other channels.

  1. Search Engine Optimization

Search engine optimization (SEO) is the process of optimizing your website to rank higher in search engine results pages. A digital consultant can help you identify the keywords your target audience is searching for, and optimize your website and content to rank higher for those keywords. This can lead to increased website traffic, leads, and sales.

In conclusion, digital consulting is essential for any business that wants to succeed in the digital age. Whether you need help with digital strategy, web design and development, social media marketing, content marketing, or search engine optimization, a digital consultant can help you achieve your goals and stay ahead of the competition.

Advantages of Social Media for Small Businesses

Social media can be an effective tool for small businesses to increase visibility, engage with customers, and grow their brand. Here are some advantages of using social media for your small business:

  1. Increased brand awareness: Social media can help you reach a wider audience and promote your business to potential customers who might not have heard of you otherwise.
  2. Improved customer engagement: Social media allows you to interact with your customers in real-time, respond to their inquiries and feedback, and build stronger relationships with them.
  3. Cost-effective marketing: Compared to traditional advertising methods, social media can be a more cost-effective way to promote your business and reach your target audience.
  4. Increased website traffic: By sharing links to your website on social media, you can drive more traffic to your site and potentially increase sales.
  5. Competitive advantage: If your competitors are not utilizing social media, then you have an opportunity to stand out and differentiate yourself from the competition.
  6. Valuable insights: Social media analytics provide valuable insights into your audience and how they interact with your content. This information can help you optimize your social media strategy and improve your business overall.

Overall, social media can be a powerful tool for small businesses looking to increase brand awareness, engage with customers, and grow.

How to Improve Your Business Efficiency

In today’s fast-paced world, efficiency is more important than ever. If you want your business to succeed, you need to find ways to streamline your operations and get more done in less time.

There are many different ways to improve your business efficiency. Here are a few tips:

  • Automate your tasks. There are many software programs available that can automate repetitive tasks. This can free up your time so you can focus on more important things.
  • Delegate tasks. If you have employees, delegate tasks to them whenever possible. This will help you get more done and it will also help your employees develop their skills.
  • Take breaks. It’s important to take breaks throughout the day to avoid burnout. Get up and move around, or step outside for some fresh air. Taking a few minutes to relax will help you come back to your work refreshed and focused.
  • Set goals. Setting goals will help you stay on track and motivated. Break down your goals into smaller, more manageable steps. This will make them seem less daunting and it will help you track your progress.

Improving your business efficiency can take time and effort, but it’s worth it. By following these tips, you can save yourself time and money, and you can also improve your business’s bottom line.

Contact Us

If you’re looking for ways to improve your business efficiency, contact us today. We can help you develop a plan that meets your specific needs.