In business, marketing is the key to survival. Marketing takes a lot of planning, organizational skills, budget measures and timing. Proper planning and accountability measures will enable you to position your business for success. To ensure maximum ROI (Return on Investment) of your marketing plan, these are 6 tips for a successful business:
1. Update Your Marketing Plan
If you are planning to expand your business or wish to give it a directional turn, then it is important to update your existing marketing plan. With a well thought out marketing plan, it becomes easier for a business owner to systematically promote the company.
In addition, it is imperative that marketing collateral such as business cards, logo, signage and promotional material are in alignment with your overall message.
Updates to your plan should be based on careful assessment of the market, understanding the needs of the consumer and consideration to the objectives and outcomes of the plan.
2. Create a Marketing Budget
Marketing is crucial for business success. For every marketing plan to reach its full potential, it is vital that a budget is in place. Allocating too little capital can be a detriment to your future goals. For example, a new business that calculates start-up costs for business cards, logo, flyers, a website and custom shirts, etc., is a smart move.
In addition, a business owner should follow a goal-based budgeting plan; one that includes customer service initiatives, communication, and all prospecting activities.
3. Implement a Marketing Campaign
A marketing campaign includes several activities carried out to accomplish a pre-planned goal; generally the promotion of a product or service. To see how well a marketing campaign works, consider planning it as a 30-day or 90-day trial to avoid unforeseen losses. By running it for a short period allows you monitor the feasibility of the plan with your target market; set clear campaign objectives; and plan the outcomes accordingly.
Successful campaigns are carefully researched and centers on details and implementation, rather than on a single, big idea.
3 Memorable Marketing Campaigns:
- “Just Do It” – Nike
- “Where’s the Beef?” – Wendy’s
- “Absolutely, Positively Overnight” – FedEx
4. For Heaven’s Sake… Find FREE Marketing Opportunities
When you want to reduce your marketing budget, it is essential to take advantage of free marketing opportunities. With so much impetus being laid on web-based marketing services, you can find a multitude of free PR on the internet. There are numerous press release and article submission services, Google and Yahoo local listings, online directories and similar services to create company profiles and promotional opportunities.
5 FREE Offline & Online Ideas
- Social Media Networks – Facebook, Twitter, LinkedIn, Pinterest, Foursquare, Google+
- Guest Blogging
- Customer referral program
- Public speaking
- Business Network Group – online and offline
5. Ask For Referrals
Referrals… a powerful selling tool! To be introduced to a potential client through a personal recommendation is GOLD! Asking your clients, associates, partners or consumers for referrals is a cost-effective way of expanding your network. People do business with those they know, like and trust. So, the best compliment you can earn is from those who like your product or services.
There are also fee based referral programs that provide extensive leads to specific consumer markets.
6. Always… Always Follow Up!
Last but never the least, always follow up! A follow up process is extremely important in securing business from new clients and in maintaining rapport with existing ones.
- Send a thank you note
- Make a phone call
- Email a greeting card
- Mail a special gift
In business, there are no guaranties for success; however, incorporating these 6 tips will significantly improve your chances of having a profitable company.