…don’t do it. Your marketing strategy is the backbone of your business. Without it, the chances of things going poorly are basically expected. Don’t chance not having a good strategy, and discover ways to improve the current one you have.
You have a great idea for a party, so you scout-out the best location you can find, and you rent the space. Then, you start to plan. You have a whole theme in your head, and you want to bring it to reality. Hours are spent tasting different foods before you find and hire the perfect caterer. You listen to audition tapes from thirty different bands and engage the perfect entertainer. Entire weekends pass as you troll local fabric shops and florists to find just the right shade for your tablecloth and centerpieces. Finally, you purchase 100 sets of the perfect place-setting, plan and purchase the decorations and lighting, flowers and frills.
After months of work, hundreds of decisions, and thousands of dollars spent, you throw open the doors. You are convinced that your excellent location and top-shelf entertainment will appeal to everyone on the street. Friends and loved-ones come, followed by a few dozen stragglers from outside, but there is almost no one in the room. As the night wears on, people leave, but no new people come in. Eventually, everyone is gone, the entertainers finish their set, and the caterers pack up the food. You sit, alone, in the perfect location with nothing left but beautiful decor and a pile of bills.
How to Let This NOT Happen…
You can’t believe all the preparation and perfection of your party has gone unnoticed. It would have been an unforgettable evening! Why didn’t they come? You can’t help but question your wonderful idea, your planning, and all the decisions you made. You feel like a failure, but the truth is that if everyone had known what was happening, everyone would have been there. It wasn’t a failure of planning; it was a failure of marketing.
Of course, no one would plan a big party without sending invitations, but every day, all around us, entrepreneurs and business people, armed with an amazing idea, start planning their business without considering how they will find their customers. They open their doors in perfect locations with stellar products–but most people don’t even know they exist. They start out OK, with a small but enthusiastic customer base, but eventually those customers leave, and the party is over. Eighty percent of businesses survive their first year, but only half survive the fifth year, and only one in three businesses survive ten years, according to the Small Business Association.
Many of these businesses would still be around today if they had invested in marketing from the get-go. In today’s complex business climate, a great location–on the street or the internet–just isn’t enough to bring customers in. You need to prioritize marketing in your business plan, and you need a marketing professional to help. Marketing is not an “extra expense” that can be attended to once you make a profit. It is an investment that leads to profit itself!
A powerful marketing strategy can proliferate your current customer base by instilling confidence in them towards your mutual business ventures. This approach can cultivate you a solid customer base to raise profits, boost ROI and drive margins. Marketing helps you understand your customers and keep you current with their needs. Marketing is integral to business and should pay for itself as your business grows.