How to Develop a Marketing Strategy For a New Business
All small to medium enterprises or businesses (SME) have some form of marketing in their business, but often there is not a co-ordinated approach or understanding of marketing principles.
There is also confusion about the difference between marketing and advertising and how marketing sits within the overall Business Strategy.
The moment a company registers a name and logo, they have begun the building of their brand which is one of the first steps in developing a marketing program.
Before a business gets to this stage, they will have done feasibility studies, budgets, competitor and a range of other studies/analysis. These will form the basis of a strategic plan which will contain their mission and vision statements, values, objectives and timelines.
The marketing planning and subsequent strategies will form part of the overall strategic business plan. It will include an analysis of the key marketing mix areas of product, price, promotion and place with added analysis for service-based businesses of people, process and physical evidence.
Advertising is only one part of the promotional mix which includes sales promotions, personal selling, public relations, interactive (websites/digital/mobile/internet), direct marketing, print collateral and word of mouth.
Various forms of advertising include the traditional media – TV, Radio, Newspapers, Magazines, Yellow Pages, Cinema, Out of Home (OOH) coupled with the new digital media options – websites and social medial platforms.
The key to get both the marketing and promotional mixes right is to have clear and measurable marketing objectives that tie in and support your overall business objectives. Make sure all marketing efforts are co-ordinated and monitored and communicated to all stakeholders in the business.
SME’s that are the most successful apply a collaborative approach and utilise one of their best assets, their staff to build and achieve objectives. They also regularly review and revise their strategies to reflect market changesHall of Fame Marketing Bendigo Services and tagged Advertising, Facebook Marketing Bendigo, Hall of Fame Marketing Bendigo