A successful business, probably has a marketing strategy. If your business is not as successful as you would like, you probably don’t have a marketing strategy. If your marketing strategy is not as successful as you would like, you may want to change it. The internet has become very important in the retail industry. I’ll bet you buy things online every month. I also bet you pay some of your bills online as well. See, your financial habits have changed since the internet provided a platform for this to happen. Nearly every American frequently uses the internet. Therefore, if an online presence is not part of your marketing strategy you may want to ask yourself why not?
Your marketing strategy should consider several factors;
- Your Products and/or Services
- Your Pricing
- Your Clients (past, present, & future)
- Your Company
- Your Industry
- Your Competition
Products and/or services impact your marketing strategy if availability becomes an issue. Make sure availability is not a factor. Have a back up plan just in case your supply chain gets disrupted. It’s better to offer something different than offer nothing at all. Being able to change quickly can be the difference between going out of business and surviving.
Pricing says a lot about you and your business. Understand it and make sure your clients understand it as well. Being too cheap is just as bad as being to expensive. Unless you have a valid reason for cheap or expensive pricing, it’s probably not in your BEST interest. Be aware of your industry standards, competition, and your clients perception of your pricing.
Clients control your business future with their willingness to pay the price that you are asking. Always pay attention to them as they are a true barometer of your marketing strategy. Listen to them! Make the changes in your business that they are expecting and desire.
Make sure your company understands your market and delivers what your marketing strategy is calling for. If you can’t deliver your plan, then it is not correct at this time. Change your plan to match your abilities. Be honest! Don’t shoot yourself in the foot, trying to be something you’re not.
Stay on top of industry standards. Make sure your business is up to them as well.
Know your competition and pay attention to them. If they are worth their salt, they will be paying attention to you. Competition is good for everyone. It makes us all better at what we do. Don’t be afraid of it. Embrace it!
Make sure that you are flexible with your marketing strategy. Change is not always a bad thing. It often allows for growth. Contact Select Marketing and let us help evaluate your marketing plan.
updated June 2022