“Because the purpose of business is to create a customer, the business has two – and only two – basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs.”
This is a quote from Peter Drucker, who wrote over 40 books on business, management and marketing. When you think about it, these words are very profound.
What is the best way to grow your business? Marketing and innovation of course.
When you invest in marketing and innovation, you get a return on your investment. When you spend money on paving your parking lot or getting new office furniture, you do not get a return on your investment and the expenditure won’t result in more business.
We are working with an association that is great at innovation, but falls down when it comes to marketing. There are companies that are great marketers but have been doing the same old thing for years and years. Imagine if they put the two together. It would be a potent one-two punch.
Take a step back and look at your expenditures. For example, would a new website bring better return on your investment than new office furniture. You bet it would. Remember, marketing and innovation produce results.