What is your Marketing Strategy?
Whether you have a business blog, website and or e-commerce site, you cannot afford not to have a Marketing Strategy in place around your business and or brand. With the open competitive market that reaches across international borders that the internet and social web 2.0 has provided to us, the potential for your online revenue to be greater than your physical sales (depending on your business, expertise and willingness to trade) being a possibility for most businesses – means the rise in competition is just getting bigger as time goes by.
Here are a couple of questions you should be able to answer – and if not, it is time to revise your overall Business and Marketing Strategy or consult with a professional.
Who and where is your Target Audience?
Before you overthink the whole situation and become too eager – you need to be able to identify a target audience and where that target audience spends their time – both Online and Offline. This will influence user behavior (amongst other marketing factors), which will influence where, when and how you will market your product or services and if you should make use of Digital Marketing or Traditional Marketing.
What are your goals and resources allocated to achieving those goals?
In accordance with the market research you’ve obtained and your desired targeted client market – you need to know what goals you want to achieve, not only with your Marketing strategy but also your Business goals (long-term and short-term) and how your Marketing strategy should be incorporated with your business vision and or goals.
Are your goals realistic?
A lot of business planning seems legitimate when on paper or white board – but how realistic in terms of achievement and most importantly the realistic willingness to adapt to ever changing trends (Technological, Economical and Financial) in the market. The more realistic your goals – there more likely you won’t overestimate the potential for Business growth.
Can you monitor and measure your progress?
How – If possible can you measure and monitor the goals and the progress to achieving the goals? Will this be accurate? If you cannot monitor your progress you don’t know where you are and most importantly where your marketing and business strategy are most likely to fail or have less ROI (Return On Interest) value.
What risks are there for your Business to have a presence online?
What other areas of Business have you neglected to include in your Business- and Marketing Strategy? Can your PR department (if you have one) handle the strains in business online when it comes to Online Reputation Management? Depending on your Business and services – this will most likely be quite different, especially if you are going to have a large system of Marketing campaigns in place.
What potentials in business are there if you have a presence online?
What and how many advantages are there that your business can benefit from when it comes to having a presence online? Are they worth the effort and risk? How might these benefits influence your Business vision, priorities and strategy – will it change the way you deal in business for the better or for the worse when it comes to the long-term?
These are only some of the main Questions you should be able to answer – and if not, you most likely will have to consult with a consultant who should ask you the same if not guide you down a path more suited for (at very least) the interim (if you have already started with your own unsuccessful strategies) and specifically tailor a realistic strategy for your business to help you grow and adapt in the best possible way.