As a business owner, you put so much thought and energy into mapping out the path for your business to grow. One step you can take to increase your return on investment is to develop a solid marketing strategy. A good marketing strategy will increase your brand recognition, and will take into account all marketing channels which will help to grow your business.
By developing a really good marketing strategy, you can save money on advertising and marketing that either won’t work at all or will provide minimum return to your company. If you can draw up the ideal marketing strategy for your company, you will have identified your target audience, focused on your marketing budget, and developed a plan for reaching out to consumers.
Here are seven ways that a marketing strategy will accomplish all those objectives.
Develop a message and a brand
Developing a brand identity and the core values that represent your company should be a much deeper process than any kind of family brainstorming effort that you may have used to invent a cute company name. It should instead be a genuine reflection of those values considered to be important by your company. Your brand and message should set your business apart from competitors, and should be a reflection of the way you want customers to view you.
Audit the current marketing strategy
Before developing a solid new marketing strategy, you should thoroughly assess the strengths and weaknesses of the existing strategy. If there are certain aspects of your current marketing strategy that are performing well, keep them, and drop any others that are not performing at all.
Check out the competition
As a business owner, at any given moment in time you should be aware of what your competition is doing, and how your approach is different. This is especially true if your competition has secured a good share of the marketplace.
Research your target audience
Since buyers represent your livelihood, it seems logical that you should be researching exactly what their desires and needs are. You should know how many buyers are in your market, what their pain points are, and what motivates them to make a purchase. There are many ways to find this information, and you should use all of them.
Identify the marketing mix
This is the point at which strategy really comes into play, and the need to communicate with potential buyers becomes very important. This is also the point at which you should decide whether to stick with traditional methods of marketing, or to use some of the latest technology to accomplish your objectives.
Find low cost options
You may lots of low-cost options at your disposal without even realizing it. A really good marketing strategy attempts to identify any low-cost options that may be available, so that all resources can be used to develop a marketing plan. If you can save your market spend for bigger ticket items down the road, you’ll be that much further ahead.
Design a 1-year plan and a 2-5 year plan
Ideally, in a one year plan you should use as many low-cost options as possible, especially if your company is in startup mode. More expensive opportunities can be considered in years two through five, especially after you have achieved some successes from your one-year plan.
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