It’s inescapable, this ongoing news report of an impending recession. As small business owners and marketers, how will we respond? The obvious answer, of course, is by cutting back … holding fast … weathering the storm. But what gets cut? How can you maximize your small business marketing to do more with the same or less money?
View marketing as an investment
Christina Trombley, director of the University of Wisconsin-Green Bay Small Business Development Center, says she’s often asked if there’s a formula that businesses should use to determine their marketing budget for the year. That question alone, she says, “uncovers an inherent problem in how a small business owner views marketing and its role in the organization.” Marketing is not an operational cost, but an investment in the business.
Worthwhile investments are based on good information, solid strategies and clear goals. A well thought-out marketing strategy will help you avoid wasting money on advertising that doesn’t bring you leads or sales.
Your small business marketing plan
Marketing success at any level requires a thorough understanding of your market, the right message for your market, and the right media to transport your message to your market. Without a plan, it’s far too easy to focus first on the medium, plan the message for the medium, and hope to reach your market. This is almost always a mistake.
Instead, strive to understand your market, and develop your unique message to meet the needs of that market. Learn where your market hangs out and meet them there. Track their response to your efforts. How will you know if your investment in advertising is well spent unless you track the results?
Start with a strong marketing plan. Analyze progress as you go. Keep what’s profitable. Discard the rest. Every investment carries hope of a reward, and your marketing investment is no exception. How are you investing in marketing your business this year?
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