As a new business owner, there are many questions you'll need to tackle. While you build out your infrastructure and revenue model, develop your products and services and figure out how to manage daily operations, you'll also need to address how you'll market your company and reach new customers. Successful marketing strategies are experimental and need to be customized to what is sustainable and realistic for your company's growth capacity.
Advantages of a Marketing Strategy
If you're like many business owners, you're swamped and have many tasks vying for your attention. Creating a marketing strategy will allow you to take a step back for a moment. It will help you analyze and understand your message and how to effectively reach a larger pool of prospective customers. It will give you a plan and a clearer focus. But keep in mind, no matter what marketing strategy you use, if you don't have an effective sales funnel or pipeline and optimize your conversions, you'll be leaving money on the table.
An all-encompassing marketing strategy will also keep you relevant in all the mediums your customers engage. Developing an online and offline marketing strategy will help integrate your business. If you have a brick and mortar store, consider selling products online. If you have found success online, consider moving to a specific geographic physical location. A marketing strategy gives you more control and allows you to
Disadvantages of a Marketing Strategy
While taking the time to develop a marketing strategy can be key to propel a company's growth over a period of time, there are disadvantages of implementing a marketing strategy. For one, it can be challenging to generate momentum. Though you may have an innovative idea and a capable team to execute, there's no guarantee of success. Executing successful marketing strategies often takes time, money and resources and for a small company especially, that can be frustrating.
In addition, creating a marketing strategic plan can also identify your weaknesses as a company and as a business owner. This can be challenging and could derail the company's vision. It can also lead to faulty marketing decisions if
Your Company, Your Needs
Whether you choose to develop a marketing strategy or not, go into the decision with your eyes open. While creating a marketing strategy for your company can provide you with a variety of critical and insightful information, it's only helpful if your analysis is done properly and thoroughly. When you're just starting out, watching your company grow organically and making decisions