Saturday, February 11, 2012

What's Your Marketing Strategy?

Let’s face it. When the economy takes a dive, businesses are forced to compensate with downsizing, restructuring and taking drastic cost-cutting measures. During the recession of the last few years, as in other years of economic down-turns, dollars allocated to advertising and marketing are the first line-items to be eliminated. However, on the other hand, it makes perfect sense that when your competitors are cutting back on such spending, now should be the time to charge full speed ahead of your competition in getting the word out about your company, product and services.

With money tight, especially for the small to mid-size businesses, self-promotion is the most economic and viable option. Where do you begin? Do you have a business plan and marketing strategy in place? Have you identified your niche market? How will you reach your target client? Which social media option is the right venue for marketing your products and services? When it comes to marketing, these are just a few of the questions that business owners wrestle with on a daily basis.

Where do you start? The place to begin is with having a solid business plan in place. And, in addition to the business plan, having a strong marketing strategy is the key to your success. A marketing strategy is part of the overall business plan and is best described as a well thought out and step-by-step plan that shows how the business proposes to create revenue.

If your company doesn't have a business plan and/or marketing strategy in place, now is the time to create one. There are countless websites on the internet or books in any library that will guide you through the process. Or I will be happy to critique your business plan and work with you in creating a marketing strategy the best suits your business. Remember, if you fail to plan, you plan to fail.