As a business owner, demands on your time and attention constantly increase while the fundamentals of business remain the same. Sales, productivity, expenses, and other urgent concerns require your immediate attention, and it becomes too easy to brush aside important matters like strategic marketing and business growth.
It’s time to step back from the urgent and focus on the important by concentrating on something that could be a lifeline for your business– the POWER of profitable marketing.
P – Plan your marketing
A good plan is essential to knowing what you are trying to achieve and how you plan on completing it. Who is your target audience? What pain points does your product or service address? How can you best communicate with them?
O – One size does not fit all (in advertising)
You tried advertising once ten years ago, and it didn’t work for you. Is it possible that advertising and the business environment has changed since then? Advertising was a $180 billion industry in 2015 and continues to strongly influence consumer behavior. Emerging technology gives you the opportunity to find and communicate with your target audience without breaking the bank. Take advantage of these advancements.
W – What do your customers think about you?
What you think about your business may not be what your customers think about your business. You may not want to accept it, but your customers determine your brand far more than you do. Is your business transactional or relational? Explore your relationships with your customers and how they perceive your brand.
E – Expenses are not investments in your business. Advertising is.
Your expenses are necessary evils to keep your business open. Phone bills, utilities, insurance, rent – they generally stay the same regardless of whether your business is growing or shrinking. Advertising, however, can play an active role in your business’s growth. Moreover, a lack of advertising can contribute to the shrinking of your business. Look into how advertising can help you grow your profits.
R – Reject the temptation to stop advertising
Some business owners start cutting marketing expenses when their businesses slow down. These owners believe they will somehow save their way to growth. While cutting back may help the business survive a short-term slowdown, it’s not an effective long-term strategy. “I don’t have money to advertise” is a common complaint from small businesses. As business advisors with the ISBDC, our standard reply is “How will you ever have more money if you don’t advertise?”. Working together, we can solve this paradox.
During Indiana Entrepreneurship Week, June 19-25, the East Central ISBDC will present five Power of Profitable Marketing workshops. In these sessions, we aren’t promising stunning new revelations. We are going to encourage you to revisit the fundamentals of running your business and provide some new insights to help you grow your profits through marketing. Join other members of the business community to learn about ways to successfully market your business.