Many SMBs are not getting the results they need from their marketing efforts already this year. I often hear SMB leaders say things like “our marketing doesn’t work,” or “we don’t have the budget.” These beliefs become obstacles to getting better results.
There are several common challenges SMBs face, regardless of industry vertical, but they can all be overcome. You may be surprised to learn that larger companies face these same challenges. They just address them differently.
Owners of smaller businesses think larger ones have a lot more budget, and that it’s the amount they can spend that makes the difference. In reality, the largest marketing budget would be insufficient if the company didn’t overcome the other challenges. Larger companies really do face all of the same challenges as smaller companies.
The most common challenge, a limited budget, is common to all companies. Chief Marketing Officers in all large companies are being pressed to provide better results and ROI with lower budgets this year. Many are seeing that their budgets are set lower than what they may need to achieve the goals and targets set for them.
The most common challenges in marketing for SMBs and large companies are:
| Challenge | SMBs | Large Companies |
| Budget | X | X |
| Undifferentiated value proposition | X | X |
| Unclear competitive advantage | X | |
| Ineffective market growth strategy | X | X |
| Difficulty gaining audience attention | X | X |
| Difficulty increasing market share | X | X |
| Time constraints and inconsistent execution | X | X |
| Lack of marketing expertise | X | (sometimes) |
| Lack of leadership level expertise | X | X |
As you can see, company size is no guarantee an organization will avoid any given challenge. The difference is in how these challenges are addressed.
SMBs typically address disappointing results by increasing the marketing budget or adding more channels. Neither of these solutions solves the issue in most cases. Instead, they find that:
- Adding budget typically leads to more expensive, disappointing results
- Adding channels leads to additional time and expertise shortfalls
So how do larger companies address these same challenges? They know that this often requires creative, cost-effective solutions and a focus on what sets the business apart. It’s not just about adding more budget, but how you spend that budget that matters. Some of the things that provide the greatest increase in results with smaller increases in budget include:
- Hiring more highly skilled marketing professionals
- Using better quality tools, apps, and platforms
- Investing in technology and AI solutions that reduce time and effort
- Maintaining consistent marketing efforts, and
- Hiring a fractional Chief Marketing Officer that has a successful track record
Most of these are solutions that larger companies routinely put in place. SMBs, in contrast, are more reluctant to move money from their digital marketing and advertising budgets to the budgets for hiring more skilled employees or investing in marketing leadership and the tech-stack..
The secret to becoming a larger company ? If you want to become a larger company, start marketing like a larger company!
Want help overcoming your challenges? Reach out, or schedule a complimentary call today!
I’ve helped companies grow from under $1MM to over $100MM. It would be my honor to help you grow your dream business.
