Hidden in Plain Sight: Why Canadian Businesses Must Prioritize Sales and Marketing
One of the benefits of a career in business development is the accumulation of opinions and insights. There’s power in hearing varied perspectives, and every new conversation is an opportunity to learn. Often, they also reveal chances to teach.
Case in point, recently over drinks a friend shared stories of his ongoing efforts to convince his partners of the importance of strengthening their business strategy with sales and marketing (M&S) expertise. His colleagues believe their product can sell itself on quality alone. While I commend them for their confidence, the truth is a bit more complex.
Expertise is invaluable, yes. But without a robust, strategic M&S approach, even the best products are destined to remain hidden in plain sight.
R&D only goes so far
Charles Plant, PhD, CPA, CA, is a serial entrepreneur, financial adviser and innovation economist. In a recent Globe and Mail article, he lamented these concerns, shining light on the troubling reality that Canadian firms invest proportionally less in marketing and sales compared to their U.S. counterparts. We also struggle to find enough experienced M&S professionals at home. The result? Less confidence, slower growth, and reduced competitiveness.
Plant also points out that Canadian companies spend a higher percentage of revenue on R&D than their U.S. rivals, yet still lag in growth, suggesting that funneling more funds into R&D alone isn’t the golden ticket. By focusing more on strategic M&S instead, businesses can unlock sustained expansion and broader reach. After all, what good is cutting-edge innovation if no one knows about it?
Consider Canadian Examples of Effective M&S in Action:
Wes Hall & Kingsdale Advisors: Jamaican-Canadian entrepreneur Wes Hall built Kingsdale Advisors into a leading shareholder services and corporate governance firm by doubling down on relationship-building and high-visibility campaigns. Known as the “King of Bay Street,” Hall recognized the value of proactive networking and credibility-driven marketing—securing mandates from major Canadian corporations. His firm’s success highlights how consistent messaging, expert positioning, and strong networks can catapult a service-based business into the upper echelons of finance. Today on top of his numerous businesses, he’s both an investment mogul on Dragon’s Den, and a top advisor to both the Canadian and Ontario governments on trade and tariff matters.
Tobi Lütke & Shopify: Originally conceived in 2006 as an online snowboard shop, Shopify evolved into a global e-commerce platform worth tens of billions of dollars. Tobi Lütke and his team harnessed creative marketing and a developer-friendly brand to fuel word-of-mouth buzz. Their approach, ranging from community-building events like hackathons to user-centric advertising, helped Shopify stand out in a crowded marketplace. Today, it’s become a go-to platform for merchants worldwide, a testament to how targeted, adaptive marketing can supercharge growth.
Michael Lee-Chin & the Berkshire Group of Companies: Another Jamaican-Canadian entrepreneur and philanthropist, Michael Lee-Chin famously acquired a small mutual fund company in 1987 and turned it into Berkshire, a powerhouse in financial services. While his investment acumen was crucial, Lee-Chin credits a significant part of his growth to showcasing success stories and engaging in bold marketing efforts, from public speaking to media appearances. By building trust through consistent branding and clear, relatable messaging, he expanded Berkshire’s client base, eventually selling it for a reported $1.76 billion--far exceeding the price he originally paid. Today, he continues to thrive as Chairman of Portland Private Equity, Chairman of the Portland Holdings group, and Chairman of NCB Financial Group Limited.
The Lesson for small-business owners
These stories all illustrate one core principle: prioritizing sales and marketing (alongside solid product knowledge and service development) can propel a company from modest beginnings to incredible heights. Recent data from the US’ CMO Survey suggest that businesses allocating around 10% or more of their budgets to sales and marketing can see a substantial boost in brand visibility, translating to real dollars and, ultimately, tangible expansion in both local and global markets.
For entrepreneurs and small-business owners, the takeaway is clear: Invest in your sales and marketing. Whether through training, specialized hires, or collaborating with outside consultancies such as Vermont Strategies, a focused M&S strategy can transform your product from a “best-kept secret” to a thriving success story.
Yes, research and development drives innovation, but sales and marketing drive revenue. One without the other is like having a lightbulb with no switch. If you’re serious about growth, make sure you’re shining a spotlight on your product.
