marketing strategy Concept. Chart with keywords and icons on white background.
Marketing is an effective way of growing your business. It allows you to gain brand recognition and a returning, loyal customer base. If you haven’t found growth in your business, make sure your marketing plan has the following things below.
Determine how much you’re willing to spend on marketing. Do research to see what percentage of revenue other companies are spending on marketing, and follow suit. Consult with your accountant(s) to determine how much you can allocate to advertisements. Don’t detract too much from other areas of your budget, though.
Once you’ve determined how much you’ll spend on marketing, don’t go over that amount! Having a set budget can help you stay in control of your spending. Marketing budgets are also great for setting goals and for setting the amount you want to make on your return on investment (ROI). You may want to talk with your sales team to determine what a reasonable ROI goal should be.
Areas of Focus
There are quite a few areas that can bring you success in digital marketing, so take some time to figure out which ones are most important to you. Some ways you can advertise include: pay-per-click advertising through Google Ads, billboards, magazines, newspapers, social media, word-of-mouth and emails. If you’ve found an area of focus that your customers like, stick to that. If not, test each area of focus until you get the results you’re looking for.
After you’ve set aside money to spend on marketing, you’ll need to figure out who you’re marketing to or your target market. Ideally, you should have results from past sales to help you figure out who is using your services or products.
If not, you’ll need to find research online specific to your industry. See what trends are emerging and determine if that’s something you want to pursue. You should also know how your target market likes to be advertised to (refer to the Areas of Focus section).
Many businesses do surveys online or in person to see what needs aren’t being met for customers. They also do this to figure out if there’s a niche or group with similar interests that they can market to. An example of a niche would be marketing to vegan women interested in shoes rather than just women in general who are interested in shoes. Having a specific interest group can help your business grow.
While many businesses dismiss marketing because owners see it as another expense, marketing is a big part of any business. You can’t sell products or services if no one knows what your business is. You also can’t have a successful business if you’re overspending on marketing without reviewing your results. So reevaluate your marketing plan, and make the needed changes to help your business get recognized by consumers.
Read this next: 3 Digital Marketing Tactics Every Entrepreneur Should Know
As always, if you need any assistance with your branding and digital marketing, our MGR Team will be happy to chat with you one-on-one. Use this link to contact us and set up your free consultation.
Thank you for reading. Until next time, this is Manuel Gil del Real (MGR)