Understanding the Fundamental Marketing Process
In the world today, where hundreds of businesses compete against each other to take hold of that tiny sliver of market space, learning about and using the marketing process effectively is crucial. There is just no way around it.
If you are a new business owner looking to learn, or if you are an old hand looking for a refresher on digital marketing processes, then you are in the right place. Keep reading to find out how to get your marketing channels to build your profits.
Stay Focused on Your Marketing Goals
There’s no point in starting to build a marketing plan without knowing what goals you are trying to accomplish. Your mission statement or vision statement for your business should give you an inkling into this. Every time, you work on your marketing plan, you should always refocus upon your goals to see if you are on target or not.
Do a SWOT Analysis
Strengths, Weaknesses, Opportunities, and Threats – this is what SWOT stands for. And it’s a great way to figure out your business’s position in the overall market. Do a SWOT analysis quarterly to see what’s happening with the market around you.
Figure Out Your Marketing Channels
There are a dozen or more marketing channels you could choose, especially with the rise of all the digital marketing mediums. But that doesn’t mean that you need to have your hand in ALL of them at once. Choose carefully and then dip your toes tentatively into each channel to see which one works for your niche and which one doesn’t.
Build Brand Recognition Over Time
Building a marketing plan and through that brand recognition in the market takes persistent effort over time. It won’t happen in a few months. As long as you stay consistent with your marketing campaign, you will see results eventually.
Pricing Strategy Needs to Stay Flexible
You don’t want to price yourself out of a market, but you also don’t want to price yourself too low, so you miss out on valuable revenue. That’s why you need to consistently check in on the market and on your competitors, to see what your pricing strategy should be like. That will also influence your marketing plan greatly.
Implement and Regroup Constantly
Effective marketing processes aren’t a set-it-and-forget-it kind of deal. As a business owner, you will have to sit with your sales and marketing team regularly to recalibrate and tweak your marketing plan to suit the ever-changing business environment. Try using the fail-fast method, by trying new things, seeing if they work or not, scraping them if they don’t, and moving on to the next thing fast.
A Good Marketing Process Can Make Your Business
…While a marketing plan badly implemented can break it. That’s why it’s so important to spend some time each week as a business owner on your current marketing process to ensure it’s doing what it’s supposed to do, and tweaking it as necessary.
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