New Year New Marketing Strategy
For most business owners the first quarter usually feels like “new year, new marketing strategy”. With the new year already in full gear; have you taken the time to think about your current marketing strategy for the year? If you haven't, don't worry. Whether you’re making a strategy for the first time, or changing your strategy for the new year we are here to help. We’ll discuss some of the key factors to consider when making a marketing strategy for your business, so you don’t have to feel overwhelmed. I mean, taking care of your marketing needs is our job, after all, so let’s dive in!
Business Goal
The goal of marketing in simple terms is to get your business/product seen by potential clients to convert them into a customer. This will ensure that any steps taken are leading you to your overall goal and allow you to measure your success. This is a great way to find out if your business is performing well or if you need to make some changes. Ultimately, your goals will keep you focused on what needs to be done. After all, what’s the point of having a plan if there is no reason behind it?
Strategic Breakdown
Think of marketing as the roadmap to your business goals. With that in mind what direction must you take to reach your destination? The ultimate key for boosting sales is choosing the right marketing strategy.
“There is more than one type of marketing strategy?!”
Marketing Penetration focuses on selling current products to existing customers. You use this strategy typically if the goal of your business is to increase the loyalty of existing customers. Tip: If you plan to use this strategy, identify new uses of your product.
You would use a marketing development strategy if your business is looking to expand its audience. Tip: With this strategy, you’re going to look for ways to spending most of your efforts to boost sales in new markets.
You would use product development if your business is creating new products to sell to existing customers. Tip: Research and development analysis is key to dominating this strategy.
The last type of marketing strategy is called the diversification strategy and it is usually targeted towards new businesses because you are taking a new product into a new market. Tip: This strategy requires a great deal of patience, be sure to take your time.
Implementation
People will learn new information on how to improve their lives and their goals, but only 10% will implement it. It’s fantastic that you have your business goals written and that you have taken ample time to figure out what strategy works best for you. However, none of it means anything if you aren’t setting up your systems to get these steps done. Goals have to be measurable! Have a team to hold you accountable, and a system like dubsado to keep track of your customers. Use project management software like Asana to keep track of your task and apply pressure to those deadlines.
“The plan is only as good as your commitment to implementing it.”
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