Most small to medium size businesses operate under tight budgets, especially when they are in the growth phase. Many times, marketing gets pushed to the back burner as businesses struggle to pay staff, buy inventory, and manage the day-to-day costs that keep their business afloat. However, without a strong marketing strategy, many of these businesses will fail to get enough customers to keep their door open. That’s why choosing a marketing strategy that best utilizes your limited resources for the highest return on investment (ROI) is critical. Here are three steps to determine what type of marketing strategy you should use.
Know Your Goals
Depending on the type of business you own and your vision for the future, the goals you have for your business may be much different than others in the marketplace. It’s important to determine both short and long-term goals that you can craft your strategy around. A short-term goal could be to add five new $1000-a-month clients to your business in the next 90 days. A long-term goal could be to hire two additional employees and generate an extra $30,000 in recurring revenue within the next 12 months. Once you have determined your long and short-term goals, you can better form an effective strategy and determine what will garner your desired results quicker.
Understand Your Prospects’ Needs
It’s difficult to market to prospects if you don’t know what their needs are. If you sell a product, their needs are probably relatively easy to ascertain. For example, if you sell custom t-shirts, your clients’ needs are probably to increase awareness of their brand through employees and customers wearing their gear. If you are service-based business with various offerings, it might be a bit more difficult. A financial planner may need to determine if their prospects are in need of retirement planning, estate planning, or life insurance. A business coach may need to determine if their most likely prospects are looking to make a mid-life career change or just want to brush up on leadership training. Narrow down a few needs you’d like to focus on and craft your marketing message around them.