Whether a startup or a seasoned company, one of the first questions business owners always asks themselves is: Am I getting the biggest bang for my buck when it comes to reaching my potential clientele?
In the case of startups, a few questions that need to be addressed to reach your potential clientele include:
- How does my company fit within the marketplace? Do I know (really) what that universe looks like?
- How can I differentiate myself from my competition so I can effectively target and grow my client base?
- What forms of marketing/advertising or public relations will most effectively motivate my potential target market?
- Is my (business) purpose clear to my potential clientele?
- Is my business ready? Do I have the ability to deliver on the promises my marketing will make?
In the case of seasoned companies, the following questions should be addressed:
- What’s the bottom line? What kind of ROI have we achieved over time with our marketing efforts? How do our results compare to others in our industry?
- What is my business reputation/perception in the public view and in my clientele’s view?
- Are we effectively using available technology and any current trends to maximize our marketing efforts?
Crafting a marketing plan – for a vast majority of companies – takes extensive amounts of time, money, and research to find the right mix between company/client. If you do not have a strong understanding of how your marketplace works and what methods of advertising work best, you’ll simply not be able to maximize your marketing dollars budgeted (or you’ll overspend or not budget enough… both costly mistakes that sink businesses). Too many companies fall into the trap of overextending on TV spots in bad times, running internet marketing campaigns which are not effective because, “they don’t cost very much,” or running radio/magazine ads which don’t reach their target market. All of these methods CAN be effective, when employed correctly and for the right business or scenario. They can all be dismally ineffective, and expensive, too.
If you need help maximizing your marketing dollars or help crafting an effective marketing plan, we can steer you in the right direction. While we are not marketing experts, we refer all of our clients to fantastic Tulsa-based integrated marketing and PR pro Mandy Vavrinak. She and her company, Crossroads Communications, will take your business to the next level. She works closely with Ryan and I, so the marketing plans and business plans developed through our joint efforts reflect real world business cases, ROI analysis and solid financial footing.