What are your revenue goals for your business this financial year? Boom! No introduction, just a hard-hitting question. If you don’t have an answer, I recommend you think about it, pronto!
Next question. How many leads, new customers and existing customers do you require to reach your intended goal?
Third question. What is your marketing strategy to achieve this goal?
Have a think about whether your marketing strategy is concise? Do you understand who you are trying to attract? Who is your target demographic? Do your team members know what your marketing strategy is, and are they all on board to deliver it in a constant and consistent way?
With 50% of companies failing after 5 years, it is vital for a business to have a concise marketing strategy. The consequence of failing to plan, is planning to fail!
It is important to be proactive rather than reactive with your marketing, meaning, having a plan which is consistent and timely, rather than incorporating last minute marketing that is not well planned, leveraged or tailored to your demographic.
A small percent of business owners say they don’t have the money to spend on marketing.
However, business owners who are reactive with their marketing, often waste money, because they don’t know where they are getting the best value. A key factor is knowing your data. Are you asking your consumers how they heard of you? As an example, if 90% say they saw you online then why spend money running adverts on radio, the splatter gun approach can work overtime but it will cost you a lot more time (and cash) as well as wasted energy – a resource most businesses just don’t have.
Businesses need to make their dollars work smarter.
Invest in the planning, reach out to an expert to help you increase visibility and in-turn your sales. Be clear on who you are trying to attract and then remember if your market or product changes - adapt quickly!
Round Square Marketing specialise in marketing strategy, in fact, we don't start working with a client until we have nutted out their exact startegic direction.
If you'd like to complete a Strategy Workshop with us to determine your businesses direction, target market and deliverables to achieve your objectives - get in touch, here.