Guide For Marketing That Does Not Involve Buying Gifts For Corporate Clients
Business owners already know the importance of a solid business plan to be successful but many of them fail to realize the impact of a good marketing plan on the overall success of a business. In short, without marketing plan, it is impossible for businesses to achieve their corporate goals. A good marketing plan includes how you can keep your existing customers happy and get more customers. Here is the step by step guide for business marketing that does not simply involve buying gifts for corporate clients.
Step 1: Perform Situation Analysis
Whether you just have started a new business or you want to make a brand new business marketing plan for your company, you need to perform situation analysis. This refers to evaluating your current business position, the reputation of your brand name in the market, knowing how competitive your products and services are and most importantly understanding your market.
You need to analyze all influential factors like your business strengths, weaknesses, risks and threats. This knowledge would give you insights about the capabilities of your business and how you can move in the market. Analyzing your products and defining the decisive features of your products or services that give them an advantage over their competitors is also important.
Step 2: Define Target Audience
Situation analysis might be the first step but defining your target audience is the most significant step of your marketing plan. You cannot possibly advertise or market your brand, products and services to people you don’t even know or understand. Usually target audience is defined based on external characteristics and demographics like gender, age group, income group, geographical location and even education level.
This information not only helps businesses in offline advertising but it can make a big difference in online marketing especially social media marketing. Interesting, even small businesses do not realize that they cannot possibly target everyone and the purpose of defining your target audience is to narrow it down.
Step 3: Define Marketing Goals
Different businesses have different marketing goals; some companies want to increase their sales volume which is a common yet not the only goal. Some companies want to expand their customer base while some businesses want to convert their one-time customers or hesitating prospective customers into long term clients. You need to define your own goals.
Step 4: Define Your Budget
Just like the marketing goals, the marketing budget drastically varies depending on the goals and how much businesses are willing to spend. Usually when business owners start new companies, they set marketing budgets for offline and online marketing campaigns. However, in some situations, the pre-defined budget is adjusted later depending on a number of reasons like change of business plans or to accommodate new opportunities.
Of course marketing is essential for a business but you need to put enough efforts into the process to make it affordable for you. There is no point in spending on business marketing more than allocated budget while compromising other important aspects of business operations.