Marketing is a black hole. You can spend as much or as little as you want on marketing. At the end of the day, ROI is the only thing that matters. No matter the circumstances a good rule is to spend one whole day, once a week, on marketing. The main thing to remember when you market your business is that you have to put a face on it.
What I mean is people forget about what they read the following day. But like the saying goes, a picture is a thousand words. So be sure to get the owner’s face in the marketing plan. Adding a face to the plan will greatly improve your chances of marketing success.
Marketing does not equal advertising
It wouldn’t be wise to think that marketing is completely about advertising. Business marketing is an activity. It’s a process of creating, communicating, delivering, and exchanging products or services that have value for the stakeholders. Advertising may be an important element of marketing, but not everything. It will be difficult to answer how frequently a business should market itself as it is a continuous process. As long as you to continue your business, marketing will always add value to the market. The frequency and level changes based on various aspects of the elements such as the product, price, place, promotion. To get the point clearly, let’s see how business marketing works.
How the process of marketing works
The initial process starts with a problem the potential customers are facing. Then someone steps forward to solve the problem and looks for opportunities available to make a profit delivering the solution. Businesses thrive when they have a viable solution that really offers value to the market. Then the business builds a relationship with the customers through various business marketing materials. It’s as simple as this!
The process can be explained in 4 steps:
Understanding the Problem
The first and foremost activity a business needs to conduct is understanding the wants of potential consumers. It requires a thorough analysis of the problem. Finding true insight from the problem data and deciding what the business will solve.
Designing Marketing Strategy
No business can serve the whole market. It is impossible. There are differences in customers that require segmenting the market. Then deciding which segments the business can serve with its resources ensuring the highest profitability.
The next biggest question is how the market will be served? A business needs to identify its value proposition. It also needs to achieve a position in customers’ minds through differentiation and adding a unique value.
Creating a Pool of Loyal Customers
Customer satisfaction is not enough. A business needs to offer a value proposition that exceeds customer satisfaction to get them to purchase again. This is the most crucial step for the survival of a business. There should be a proper mechanism to ensure the best Customer Relations Management.
Capturing Value in Return
After delivering the right value to the customers it builds a strong relationship. This is how the business will grow with increased market share. More importantly, with an audience who listens to you it is important to learn what they want to see. Learning more about them will give you more information about how to talk to them. It will also teach you what marketing strategies they like. Then you can revamp your strategies accordingly to capture more of your target market.
How often should you update the marketing plan?
Market research is not a time-sensitive activity, and there are no yearly set dates to conduct this. It depends on the nature and the need of the business. Some businesses need continual market research. As for others, this is needed only when they are to introduce a new business service or product.
The frequency of market research and changes in marketing activities varies from business to business based on their types. For example, for a startup, market research helps to find out the viability and profitability of the business. By analyzing competitors, product quality, and offers, to find out the gap where they are deficient. Then they can come up with something that can minimize the need in the market.
A company that has been doing business for years needs to follow up on up-to-the-minute market research. This way they can know how the products are doing. They can make informed decisions regarding the next steps to improve all aspects of the products and presentation.
Don’t Stop Researching
Instead of conducting market research at a time interval or when needed, some businesses practice ongoing research techniques. This allow them to have insight on sales tracking, issues regarding products, market share, and other relevant information.
As the business world is changing rapidly companies should upgrade their marketing plan to avoid failure. There is no specific rule to mention how frequently you should upgrade the plan. Although many experts suggest to upgrade every month.
Before upgrading, a business has a few things to consider. Its industry, internal changes of the business, changes in customer behavior, and the effectiveness of the plan. Therefore, a business may need to upgrade marketing plans biweekly. On contrast, the update may be needed once in a year for businesses operating in stagnant industries like construction.
Brand defines level of marketing activities
For the long-term success of a business, it’s essential to build a brand. And only a well-organized marketing strategy can do this. Businesses need to achieve a customer base to become loyal and entice them to trust the business. The perception businesses try to put in the mind of customers is called the brand.
More importantly noted, a brand is not build overnight. It’s a process that needs thorough planning and strategy incorporated into the marketing activities. In every step of the process, you have something to do to enrich your brand image to the customers. This will take time and patience.
Businesses may choose different marketing strategies to thrive in the market and sustain the business in the long run. But focusing on brand building should always be common in all the strategies. It’s because when you have a strong brand image, it will facilitate your way to pursue new markets and products. Acquiring market data for research purposes becomes easier. Therefore, fewer marketing interventions are needed to expand or launch a new product or service.
Digital Marketing changes the frequency of marketing activities
There is a saying “Out of sight, Out of mind.”
To survive in the competitive business world, a business needs to constantly promote itself. This keeps the customers engaged with the business.
Advertising is the most frequent marketing activity businesses focus on today. They do this by conveying the message towards customers and building a strong brand. Today’s sophisticated technology made it easier than it has ever been. Now businesses are able to run campaigns towards more specific target audiences at a lower cost.
How frequently should we advertise?
The frequency varies based on the media you are advertising on. It also depends on the type of the product or service, and the stage of the product in its lifecycle. Although, experts suggest to inform your potential customer about your product or services without annoying them. This means you have to learn what your audience wants. Some campaigns address audiences once a day while others are once a week.
There is no finite rule to marketing. Only the business owner and decision makers know best. They are the ones that are talking to their team everyday and finding out what works and what doesn’t. Sometimes you win big and sometimes you loose big. The most powerful tool is the data behind the marketing. So as more marketing strategies are implemented, the more data the business has. Then you can use this data to create an even better marketing strategy the next time around.
So get out there and put a face on your business!
You have any questions about how to market your business? Well, I would love to help! Shoot me a message and we can get you on the right path to marketing success!