Today, businesses have more choices than ever regarding how and where to promote or advertise products and services. To grow your business, you need marketing. Successful companies keep investing in marketing because they understand the importance of it. Many times companies can think of marketing as a “fixer” or “medicine” but marketing should be thought of as “necessity” or “food.” When companies are not selling enough the company then decides to invest in marketing or “medicine” to fix the situation but marketing should be something that happens at the beginning it should be thought of as the “food” need to make a business flourish. Having a sound marketing strategy is a great way to get your business off the ground by following these 4 tips.
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- Goals- What do you want your marketing plan to achieve? Establish both short term and long term objectives for your company. Make your goals meaningful, specific, and measurable. Concrete goals such as revenue and new customers will help you keep an eye on your goals at all times. If you have never looked up the idea of setting SMART Goals (Specific, Measurable, Attainable, Relevant and Timely) then you should do it now.
- Budget- In order to have a successful marketing strategy you must build a media plan and review the plan quarterly. Once you create the plan stick with the budget in order to succeed.The key is to never stop marketing, don’t concern yourself with the more costly tactics until you can afford them. Some good initial marking outlets for a low cost budget are online methods like Pay Per Click (PPC), Search Engine Optimization (SEO) and Social Media Advertisements.
- Know your competition- Know the competition you face for your business, it will help you to better your products and services to stand out amongst others. In order to fully understand your competitive advantages use the SWOT method. SWOT allows you to understand your strengths, weaknesses, opportunities, and threats. In case you did not know, SWOT stands for Strengths, Weaknesses, Opportunities and Threats. When writing a SWOT make sure to invite your entire team to be a part of the activity. Having an anonymous survey and then getting together to go over the results is a successful way to make a SWOT
- Brand consistency- Consistent branding strengthens your identity and drives positive feelings about your product or service. Your brand should be reinforced through business cards, email marketing, website, logo, signage and print collateral. Consistent brands are worth up to 20% more than those that aren’t. When you think about the major successful companies, you know their brand. Brands such as McDonalds you automatically think about the Golden Arches, Apple you think about the image of the modern apple and Target you think of the color red. When establishing your brand make sure you choice colors, images and that the brand creates a feeling that adequately represents your brand.