“How can I invest to boost my business marketing?” This is one question most asked by enthusiastic small business owners to which the simplest answer can be; “it depends”! It’s quite easy to figure out as one tool or strategy can deliver a high ROI whereas others would fail doing so and that’s how it goes.
Yet another question is why marketing strategy is crucial to business growth! Not all but only comprehensive and well-defined strategies can cope with the current challenges and map out a solution that augments the business. It takes into consideration brands, messages, budget, market competitiveness and other collective factors.
A truly effective marketing strategy should be customized involving research, analysis and careful comparison of opportunities in-line to the resource and budget.
All of this can’t be achieved with off-the-shelf efforts and moving hastily but being smart and keen-eyed would do the trick. Let’s have a look as to how you can grow your business with a few effective strategies.
1. Brand & message development
Physical aspects of the product, the message it delivers and how customers are benefited; all these define a brand and it has a cycle such as growth, maturity and a decline. It starts with an idea followed by official name, logo, tagline, color scheme, style and implementation.
In small organisations, owner’s personal preference is reflected rather than careful market analysis and targeted buyers. Such strategy can work if target area is small or perhaps a family community but not if competition is on enterprise level. A brand should define the very purpose of its evolution and existence in a glimpse which is crucial for its survival.
2. Audit existing strategies
To establish a business and see its growth overtime, audit and evaluation of current program from time to time are a must. This is when you’ll probably know the cause of financial waste and unachieved goals.
Audit also helps in recognizing the strengths and weaknesses in existing strategy through the market channel mix, promotional locations, frequency and more. Once all of this is done, compare the structure with buyers/consumers profile for perfection. This stage is also known as SWOT analysis!
3. The market stance & buyers profiles
There’re times when organisations fail to realize its own position in the market and customers that need its service most. This is another reason why certain companies and strategies fail so to avoid such from your end, gauge the number of buyers out there, how to reach them and competitive measures for long-term survival.
The only way to develop this particular profile is through meticulous research. Conduct interviews with clients, draft survey with questions covering almost every aspect of your business in line with present market. Repeat the process unless information, enough to develop a profile is completed.
4. Gauge the competition
Identifying your potential competitors is very important without which element of uniqueness would be unclear. Owners will therefore identify who’s sweeping the market and come up with a staunch plan before landing blindly.
Knowing about competitors isn’t just about their name and profile but encompassing services, quality, customers, brand and all marketing efforts. Having the best service provider won’t gain anything if your competitor is taking the market.
5. Identify the marketing mix
Here we’ll learn how to “find the buyers” and marketing is nothing if it fails to communicate. This stage also provides answers to questions such as; is it the right time adopting to the latest trends or stick with traditional methods as well as identify which approach would bring more profit with less investment.
While social media is the budding trend, a good strategy goes beyond in search of new business presentation ways. In conclusion, the above steps help establish a business with steady growth in time as well as to compete on corporate level.