UNDERSTANDING THE MARKETING BASICS
It is difficult to start a new business or to operate one on your own, let alone learn how to market it. We have witnessed many clients finding themselves overwhelmed in the marketing role and feeling very discouraged with the unsuccessful efforts that they have spent in the past. Often times, the disappointment can leave a sour taste for many small business owners personally, mentally, and financially.
After reviewing several of our B2C clients marketing efforts, the key observation that we noticed from those “unsuccessful attempts” was due to the lack of a strong marketing plan. Many owners considered marketing as an expense rather than an investment. If they elect to spend money on marketing, they prefer a plan that is simple, quick, affordable, and produce fast cash return. Some of the past efforts include placing an ad online, in a local newspaper, running a coupon deal or a direct mail piece. The result was a quick but temporary stream of customers coming through the door.
The truth is marketing is an investment expenditure. It plays a vital role in generating awareness to prospective consumers and clients, developing demands, converting prospects into customers, and building strong brands. The effort should not be a temporary stream of customers but rather an ongoing effort to build relationships and turn new customers into loyal and repeat ones. In addition, marketing influences a company’s sales, pricing, promotions, and advertising strategies. If a business understands the importance and role marketing plays in growing a business, then perhaps they would consider investing in a comprehensive marketing plan.[learn_more caption="What is a marketing plan?"]
A marketing plan is a blueprint which outlines the calculated actions that you will take to market your business. These actions are supported by the research, data analysis, and strategy that will provide you with detailed directions on how to reach your marketing goals.[/learn_more] [learn_more caption="What research are you talking about?"]
We are talking about your business target market, customer demographics, direct and indirect competitors, economic factors, customer reviews, and what motivates people to purchase your product or service.[/learn_more] [learn_more caption="What data do I need to analyze?"]
Historical sales, current sales, “top selling versus not selling” product or service, past marketing expenditures, percentage of the actual difference between this year’s sales and last year’s sales attributed to the marketing effort, product costs, labor costs, expenses, budget and among other factors.[/learn_more] [learn_more caption="What kind of strategy to use?"]
There is no such “one strategy fits all” because every business is different. The strategies are reflected through research which may include reviews of product mix, market segmentation, product portfolio, distribution channels, pricing objectives, and promotional mix.[/learn_more]
We know this may not sound a like a quick cash plan that you were hoping to achieve. However, once you have a marketing plan in place, it can provide an unparalleled objective view of your business and the directions to take.
If you’re serious about your marketing success, please email or call us at 678-861-1230 and find out how we can help you develop a strong marketing plan for your business.