Strong marketing strategies are the foundation to any successful business. In fact, the U.S. Small Business Administration recommends spending 7 to 8 percent of your gross revenue for marketing and advertising, or slightly less for small and start-up businesses. The recommendations vary between 1 and 20 percent, based on a number of factors about the business including its revenue, competition and budget.
Each year, B2B businesses focus on how to change their marketing approach for additional success during the upcoming months. From content marketing to offline marketing, each method is paramount in its own way, and each needs spruced up on a regular basis to ensure that people are aware of your business and the products and services offered.
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By marketing your business correctly, you can impact your company in big ways, drive revenue and help meet and surpass sales goals. When creating and executing your marketing plan, keep these tips in mind:
Create and Borrow
Observe what other companies in the business are doing to both generate new customers, and keep their business. Where you obtain your ideas for marketing does not matter as long as the end result you are hoping for is produced.
Be effective: If another company has a successful marketing idea, it is okay to use it and evolve it into a way to best help your company. Take the time to make sure it is a good fit for your company before jumping into the idea.
Try, Try Again
Not all marketing ideas result in new sales. In fact, some fail miserably. Yet all businesses need to take calculated risks and explore new ways to market their business. Similar to many inventors, some of the best marketing methods failed numerous times before a certain strategy made it big.
Be effective: Learn from your mistakes and try again. While branching outside of your comfort zone can be scary, trying something new can b e beneficial. If you are nervous about a new marketing idea, first test the idea with small number of choice customers you trust.
Related: Need More Ideas? Check out: Top 15 Companies to Like On Facebook
A major mistake a business can make is committing to an idea halfway. If you're going to invest in a marketing program, make it a commitment.
Be effective: Make logical choices as you decide where you invest your marketing dollars; select marketing methods that produce long-lasting results. Remember, the reason you market is for brand awareness and to generate leads that result in sales.
A successful marketing plan takes balance. Manage your marketing risks by blending proven marketing techniques with new ideas and campaigns. Learn how to bridge outbound and inbound marketing techniques to achieve the highest success.
Be effective: Social media and other newer approaches work well, just as other marketing plans that have been used for twenty or thirty years. By mixing proven viable techniques with new ones, the risks of a floundering marketing program for your business are minimized.
Some businesses get caught up in searching to find innovative and unique marketing methods. These methods of marketing outreach can become a distraction away from the methods you currently use that work well.
Be effective: While doing things different is important, walking away from tactics that are successful and serve you well is not the way to go. As simple as it sounds, it is the truth: if you have found a successful marketing technique, do not stop using it.
A good marketing plan is based on the foundation of consistency. When creating and executing your marketing plan, keep the tips above in mind. If you're still unsure and need further clarification, you can always hire a marketing consultant.
Just remember that your marketing ideas should start with logic and be dynamically executed from start to finish. Keep an open mind and try new marketing methods, but always stay true to the marketing programs that have proved successful in the past.
Photo credit: ncsbdc.org
Megan Totka is the Chief Editor for ChamberofCommerce.com. ChamberofCommerce.com covers both business news and local news.