7 Crucial Questions for Business Owners to Answer Before Building A Marketing Strategy
As a business owner, there is no question about it, your business is your pride and joy. You’re familiar with the feeling of “wearing all the hats.” You’ve juggled the finances, dabbled with marketing, generated all the sales and you’ve structured the business development process. The truth is, nobody knows your business quite like you.
That's why when your business is ready to develop a twelve-month marketing strategy, it is crucial that you are able to answer the following 7 questions to ensure your plan will achieve your business goals:
What is your budget?
As some aspects of marketing are more expensive than others, it is extremely important to know how much you are willing to put towards both the creation and execution of your marketing strategy. This will help determine whether you spend your budget on public relations, social media campaigns, Google advertisements, direct marketing, etc. It will also help you determine whether to hire an in-house marketer or outsource your marketing to an agency.
Where would I like to see growth?
Would you like to see an increase in your online sales? Do you want to generate more leads? Are you trying to grow brand awareness? Could your website use some SEO work? Maybe you want to see growth in all of these areas. Determine exactly where you want to see growth through your marketing efforts and prioritize them so that when your company begins executing your strategy, the most important aspects are handled first.
What does my company voice sound like?
Is your company voice relatable? Is it inspiring? Maybe it’s educational? Content creation is a huge part of any marketing plan. Whoever handles your marketing needs to have a complete understanding of how you’d like your business to be perceived through the content they distribute. Whether it a blog post, copy for your website, or a newsletter, this person will be responsible for giving your company a voice that resonates with your target audience.
Why should my audience choose me over the competition?
Of course, you believe you are the best option for your clients, but why should prospects believe it? Naturally, you and your competitors have similarities. You may offer the same services, have a similar business model, and have competitive pricing. However, you add a value your competitors don't. Is it your customer service approach? Does your product or service simplify or even solve a previous problem? Is your business the more honest or transparent choice? Your marketing team will leverage your unique value propositions all throughout the marketing strategy. The competition won't stand a chance!
What are my goals?
Now that you know where you’d like to see growth through marketing, put numbers with those strategies. For example, if you want to see increased online revenue, set this goal: “See a 20% increase in online revenue by the end of the first quarter.” Having a tangible goal helps your marketing team create a variety of campaigns to ensure your milestones are met.
Who is my ideal customer?
You know your business better than anyone. Write out the characteristics of the people who purchase your product or services. These are the people you sell to every single day. How old are they? Where do they live? What is their profession? Be as detailed as possible so that when you are talking to your marketing team, they know exactly who your audience is.
How involved do I want to be?
Ask yourself how involved you’d like to be in your business’s marketing operations, and keep it realistic. Do you just want to hire someone for marketing and go back to running the company? Would you like to attend more networking events or trade shows? Would you like to establish yourself as a thought leader in your industry? There is no wrong or right answer! If you want to be more involved, the marketing team will highlight industry events and speaking opportunities for you to attend in the marketing strategy.
Now your marketing team is ready to craft a strategy that will fit your business goals, give you ROI, and take you to the next level. The possibilities that come to life through marketing are endless, and answering these 7 questions is just the beginning of a very exciting journey.
Are you ready to take your business to the next level? Whether you just need a website developed or need a complete company rebrand, Marketing Eye will handle all of your marketing needs for a low monthly rate. Contact the team at Marketing Eye today to get started.