Many small business owners make a simple mistake when it comes to marketing.
They only do it when they are stuck for clients, or their pipeline of prospects or customers is looking a bit shook.
What they don’t realise is that marketing your business is something that should be built into your everyday activity.
In the same way that you show up at your office or shop or warehouse or factory in order to do the work that is fundamental to your success you should also be marketing every day.
And making it habitual and part of your everyday routine.
Doing it this way, both in times of plenty and famine, means you will extract the most benefit from the ratchet effect.
What is the ratchet effect?
The ratchet effect in economics refers to escalations in production, prices, or organizational structures that tend to self-perpetuate. This occurs because the process involved also changes the underlying conditions that drive the process itself. In turn, this creates or reinforces the incentives and expectations of the decision-makers involved in such a way that sustain or further escalate the process. This is very similar to a positive feedback loop, which is any pattern that reinforces itself. Source: Investopedia