Is it Time to Update Your Marketing Plan?
Now, more than ever, businesses are feeling the pressure to maximize their marketing efforts while minimizing their out-of-pocket expenses. It seems as though businesses aren’t just being challenged by the economy, but rather in the way they’re reaching their target audience.
An example of this is comparing traditional marketing services such as print advertising and direct mailers with online marketing services such as Website updates, blogging, search engine optimization (SEO), pay per click (PPC) advertising campaigns, and social networking.
How to Choose The Right Marketing Strategy?
Clearly, there are many different marketing strategies and tactics to choose from. The big question then becomes: Which marketing strategy will yield you the most ‘Bang for your Buck’?
The answer to that question depends on your plan.
Benjamin Franklin said, “By failing to prepare, you are preparing to fail.”
In order to establish and/or launch your business to a new level of growth, you need to have a current Strategic Marketing Plan.
According to the United States Small Business Administration, roughly 50% of small businesses fail within the first five years. The SBA lists a variety of reasons including lack of experience, insufficient capital funds, and unexpected growth. But the SBA says what really inhibits a business from succeeding is poor planning.
While most business owners tout they have a business plan, it does not necessarily reflect the ever-changing strategies for branding and marketing. A strategic plan should match the strengths of your business with the opportunities available in any given market.
This means your plan should include information about your target audience, business environment, short and long term goals, as well as any hurdles you will need to overcome.
A strategic plan not only defines your mission, but it acts as a one-of-a-kind template to establish a distinct set of actions you can use to measure your objectives, and ensure a successful future for your business.
Of course your plan can be as simple as two or three pages or as detailed as a short novel. There are also experts who specialize in developing Strategic Plans and can help you fine tune the direction of your business.
Either way, you will be a smarter marketer when you plan ahead with a Strategic Marketing Plan.
Remember – A Smarter Marketer
- Develops and continually reviews a strategic marketing plan
- Stays up-to-speed with the latest marketing tools such as Internet marketing, Brand marketing, and social networking
- Utilizes Internet consulting experts and marketing consultants to develop a plan
- Is not afraid to grow their business to the next level
Esteemed Consulting is a San Diego based marketing company that can help your business grow through effective marketing strategies and tactics. Our approach is goal-focused, practical, and tailored to your specific needs and budget. Contact Esteemed Consulting today for a free one-hour consultation.