It is important to use all necessary tools to ensure all marketing dollars are spent effectively and create the highest return on investment possible.
SayWhat Consulting, LLC just released part 3 of the 10 part blog series labeled “The Top 10 Small Business Marketing Mistakes.” Part 3 discusses in detail the importance of a business having a strategic marketing budget along with the intricacies of creating one focused on both the short and long term. This includes understanding the importance of market research and of performing a well thought out and specifically targeted competitive analysis. Business owners work more hours than most in order to generate revenue for their business, to create a future for their families and employees. A well thought out marketing budget gives them the opportunity to generate revenue effectively and increase their profits.
Part 1 of the blog series discussed the importance of tracking all of their marketing along with truly understanding what marketing efforts are producing results so they are spending their marketing dollars wisely. Part 2 of the series covered in detail the importance for small businesses to understand how to not only generate leads but also best practices in nurturing and converting them. Part 3 specifically focuses on creating a strategic marketing budget with the understanding that a well thought out marketing budget gives a company direction, purpose and a strategic advantage over their competition.
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“A competitor analysis gives business owners all the information about their competition and allows them to tailor their marketing – highlighting their strengths and the competitions weaknesses.”— David Phillips, CEO of SayWhat Consulting
“A marketing budget that is well thought out acts as a map of revenue generation for a business” says David Phillips, CEO and Founder of SayWhat Consulting “and it is important that as the business owner they are involved in every aspect of the process”. Many business owners delegate this important task to others within the company without involving themselves in the process despite having a true vested interest in its success or failure. This can be a major mistake because typically the business owner best understands the future direction of the company.
One of the most important aspects businesses often overlook is performing a full competitor analysis to better understand who their competition is. When done properly, a competitive analysis will provide details about their competition ranging from their marketing tactics, internal operational inefficiencies, client retention and customer service. These factors can all be used to their advantage and improve their overall marketing efforts, lowering the cost per lead and increasing conversion rates. Mr. Phillips noted that “when it comes to marketing their businesses, many owners do not value the power of information. Information is readily available online and should be used to your advantage. A competitor analysis gives business owners all the information about their competition and allows them to tailor their marketing – highlighting their strengths and the competitions weaknesses.” The results are more leads, higher conversion rates and less money spent on marketing the business.
After posting the first two blogs we have received dozens of emails requesting our future blog discussing how to effectively choose your digital marketing firm. It is important that business owners understand the long term effects that a bad choice can have on their business. That blog is already completed but is not going to be released for a few more weeks. It discusses the long lasting effect that choosing a digital marketing firm has on businesses and the common tricks business owners need to look out for.
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