7 Ways a Marketing Strategy Will Grow Your Business

“What is the best money I can spend in marketing to grow my business?” Without a doubt, this is the question I’m most frequently asked by small business owners. It may seem like a question that is promptly followed by an “it depends” type of answer, however, it’s actually quite easy to pinpoint one tool that is relatively inexpensive, delivers a high ROI and, sadly, is not commonly found in a small businesses’ toolbox. It’s a marketing strategy.

Why is a marketing strategy the most powerful tool for growing business? The straight-forward answer is that a solid marketing strategy will address current challenges and map out paths by which a business can grow in the future. It will audit a business’s brand and message, but isn’t limited to branding alone. Rather, a marketing strategy is a combination of big picture and detail analysis that incorporates a wide range of marketing channels tailored for that business’s industry, market, and budget. The majority of marketing strategies I write for small businesses include a high number of items that can be performed for free by current in-house staff, resulting in a plan that won’t lead to a fortune spent. In fact, a good marketing strategy is an investment in saving money because it targets a business’s efforts and helps avoid waste.

At this point I need to qualify my earlier statement; the best money spent in marketing is a smart marketing strategy written by an experienced marketer on behalf of a specific business, not something sketched out by a rep at a service shop (think printer or web firm) or from a generic, ‘small business strategy’ check list. For a marketing strategy to be truly effective, it needs to be a customized effort involving research, analysis and a careful matching of opportunities with the business’s resources and budget. This can never be a quick or off the shelf effort – a smart marketing strategy takes some time to develop properly. My own typically take less than a month and are generally under $2,000.

It’s important to keep in mind that while a smart marketing strategy won’t force a business beyond its means, it will present a mix of opportunities that meet immediate goals and show paths for growth. A marketing strategy’s advantage is that it paints a picture of a business, highlights who that business is targeting, focuses its marketing budget, and develops a schedule for reaching out to buyers. It accomplishes this in 7 key ways:

1. Develops Brand & Message

A brand is simply a business’s public look and message. Businesses all have the beginning of a brand – an official name – and some have taken steps to identify a logo, tagline, and possibly a general color scheme or style guide. In small businesses, these are often a reflection of the owner’s personal taste rather than an evaluation of the market and targeted buyers (years ago I had a client who chose her corporation’s color scheme from her kitchen wall’s paint chip). They may be a result of a family brainstorming effort or an owner’s flash of inspiration. Sometimes they are geographically influenced or an attempt at gimmickry. The point is that while it’s rare to find a small business that developed its name, logo, and message as the result of true market research, it’s a universal rule that, for good or bad, small businesses will refer to these items as their business’s brand.

And this is where a marketing strategy steps in. A smart marketing strategy will thoroughly evaluate a business’s brand through experienced and unbiased eyes. The marketer is not (hopefully) a member of the family and most likely hasn’t seen the kitchen’s walls. Instead, an experienced marketer will audit the brand as both a buyer and a marketer, and evaluate its ability to quickly convey the business’s story, whether or not it targets the appropriate buyer, and if it is unique enough within the marketplace to set the business apart from the competition. The marketing strategy will highlight any brand challenges, inconsistencies, or weaknesses before suggesting modifications and improvements.

Unfortunately, ‘brand’ seems to be a point at which many small businesses abandon their strategic efforts. A business’s brand is essential and well worth a hefty effort, but ‘branding’ isn’t enough of an action item to grow a business and isn’t where a smart strategy ends…

2. Audits Current Program

Which segues nicely into the next stage of a strategy: auditing the current marketing program. This stage goes beyond branding to review all of the business’s marketing efforts and is an essential component to any smart strategy. It’s at this stage that wasted money or effort is discovered, missed opportunities highlighted, or where I find that a client had started down a positive path in the past but either abandoned it too early or was off in its message. Has the business’s marketing program been well thought out or has it been a shotgun approach through a series of one-off efforts spread over time? This is where we find out.
My audits look for strengths as well as holes and weaknesses in a business’s marketing program by dissecting the marketing channel mix, promotional locations (both online and traditional), frequency, and more, then matching the entire program to the targeted buyer profile. I spend quite a bit of time looking through the business’s marketing tools such as its web site, brochures, newsletters, and social media and evaluate the business’s staff resources, factoring any strengths into the final evaluation.

3. Profiles Buyers & Marketplace

It may be hard to fathom but there are small businesses that face each year without knowing much about their own marketplace and the very buyers upon which their livelihoods depend. As a marketer, it baffles me how any business can hang its shingle without taking the time to first evaluate who it will sell to and from whom it will grab market share. Questions such as, “how many buyers are out there?”, “how do they like to be reached?” and, “who am I competing against?” are all fundamental to business success because it’s only through this knowledge that a company can adapt and grow. The only way to create this profile is through research!

I start by pulling information directly from my clients through a combination of interviews and surveys filled with carefully crafted questions. I’ll ask then re-ask until I’ve developed a complete profile from my client’s perspective. My work then turns to generating a buyer profile from a marketing perspective that stems from my client’s high level buyer description. I’ll dig and research until my profile is complete, then compare my profile with that of my client’s. Hopefully we’re in synch, but if not, I’ll point out where we differ and evaluate where my client can hone his or her efforts.

At this point I’ll also want to look at the marketplace from my buyer profile’s point of view, and will “shop” the competition. I’ll look at the business’s geographic reach and investigate both demographic data and local economic growth plans. All of this data will play into the final evaluation of whether my client should continue in its current market or branch out into an area that’s buyer-rich.

4. Evaluates Competition

“Who is my competition and how do we differ?” That’s a question every business owner should be able to answer at any given time! Business owners should be aware of who is snagging market share from them and how each competitor compares in services, quality, customer service, messaging, and overall marketing efforts. It’s wonderful to be the best service provider available, but that won’t mean anything if the competition is signing more buyers!

For this stage of a marketing strategy, I like to shop the competition from a buyer’s perspective before comparing my findings to my own “client shop”. Since I’m an outside consultant, it’s fairly easy for me to assume an unbiased buyer’s approach to most shopping efforts, be it B to B or B to C, and I look for easy shopping situations, who could satisfy my buyer needs, would entice me to make a purchase or conversely would turn me off as a buyer. I use these results to suggest ways my client could improve his or own business’s message and to…

5. Determine Marketing Mix

This stage of a marketing strategy is a game of, ‘find the buyers’. After all, what is marketing if it isn’t an effort to communicate with buyers and lure them to a business? To me, this is the truly strategic stage of a strategy, but one that could not exist without all the previous steps. It is at this point that the strategy should answer questions such as, “should a business adopt the latest trends or stick to more traditional methods?” or, “what will provide the biggest bang for a limited budget?”

It’s also the stage where experience really pays off as there are many, many ways to spend money in marketing and only so many options that will reach the right buyers. I enjoy this stage the most and spend time looking under rocks to discover new options and find cost effective solutions. No two strategies should be ever be the same at this stage, making this the most custom portion of the entire process. A good strategy will look beyond paid search and Facebook ads and find new ways to present the business – within budget.

This is also the most flexible portion of a smart marketing strategy. I like to include a variety of options that range from ‘incorporate immediately’ to more longer term efforts that make sense once the business has grown or has put other marketing tools in place. A good mix will pull in multiple marketing channels and allow a business to reach buyers on many levels.

6. Finds Internal & Low Cost Options

Many businesses have low cost and free marketing options already at their disposal and may not realize it. A good marketing strategy reviews a business’s internal options, evaluates the business as a whole, and discover resources that can be used in the marketing plan. I like to empower my clients and give them the chance to save their budget for bigger ticket items down the road.

7. Designs 1 – 5 Years Marketing Plan

I wrap up every marketing strategy with a 1 year, month by month, marketing plan. This marketing plan lists carefully selected marketing efforts determined in the strategy and provide a schedule for when they should be launched and evaluated. For smaller businesses, I try to stick to the low cost options that can be maintained internally with optional efforts that may cost more money or should happen after an early goal has been achieved. More expensive or involved opportunities are generally reserved for a 2-5 year plan and are contingent upon achieving goals.

By incorporating the above 7 stages into a thoroughly researched and carefully crafted strategy, a small business will have a map by which it can achieve its goals and grow its business. It’s money well spent and something a business really shouldn’t exist without!

Top 3 Business Mistakes Personal Trainers Make and How to Avoid Them

I’ve been a personal trainer for over seventeen years and I’ve made my fair share of business mistakes. I’ve seen other trainers make the same mistakes. Most of us get into the fitness industry because we have a passion for helping people. Unfortunately, we don’t typically enter the field with much if any business experience and are prone to making some very fundamental mistakes. Here are the top three mistakes that rank the highest amongst trainers and how to avoid them.

1. No business plan.
While it’s easy to set-up shop and just start taking clients this is a big mistake. With no plan how do you know what direction your business should take? What happens when business slows down, how have you planned for that? In order to run a profitable, long-term business you must create a plan. It’s not enough to just think about what you need to do, you have to write it down. To start to create your plan take a large sheet of paper and create a vision for your business three years down the road. Have you opened a studio? How much are you making? Do you have other trainers working for you? Think about the future you want to create for your business as your first step towards creating your plan.

2. Lack of sales training. I’m not a salesperson, I’m a trainer? If that’s what you think then you have just tripped into mistake number two. Unless you plan on training clients for free, you need to be comfortable selling your services. What was the last book you read on the subject of sales? What was the last workshop you attended? Therein lies the problem. If you want your personal training business to thrive you must become a student of sales and learn how to connect with your customer. There are tons of great resources available on the subject of sales. My favorite is written by Jeffery Gitomer called, “The Little Red Book of Selling”.

3. Working in your business instead of on it. By now most of us have probably heard this expression but have you taken action to change how much time you spend training versus working on building your business? It’s easy to fall into the trap of working ten hours days seven days a week and still feel like you aren’t accomplishing anything. The problem is you probably haven’t set-up your schedule to allow time for training, running your business, personal and social time. Pull out your schedule right now and block off times for training, admin work, marketing, family time and your own personal time. Then stick to it.

Clients hire personal trainers to help them stick to a program, improve their overall health and because we have the expertise to help them. If you are struggling to grow your business and need some help consider hiring a business coach. A business coach can help you set-up your business and keep you on track with your goals and objectives. Don’t make the same mistakes other trainers make. Start by avoiding these top three.

Business Mistakes You Want to Avoid Committing

Just as there are many factors that would take your online business to success, there are also several reasons why online businesses fail or opt to take the road to bankruptcy. These sellers were all intent in making their business succeed. They were all passionately sincere, however, the fact is, they were also sincerely wrong. Why? This is because unknowingly, they may have committed business mistakes that they should not have committed. If you plan to join and make it big in the industry of online selling or ecommerce, it is very important that you learn about these mistakes without actually experiencing them. We are taking you to a clearer picture of avoiding these mistakes so you can learn from others’ failures. Now, learning does not need to be costly, if you know how to maximize all the resources you have for your business. Be wise to learn in this area and develop the sensitivity to look out for business loopholes.

The top mistake that online business owners commit is starting up their businesses without appropriate understanding about the industry they are investing in. Of course you do not have to be a genius to start a wholesale dropshipping business but all it takes is completing a business research. On top of this, you can always sign up for a resource link such as SaleHoo and join in on the forums for firsthand advice from other sellers and suppliers. If you are starting up, do not rush launching your business, take it slow as you make calculated steps. On your first months, do not offer too many products or go full blast with expansion. Master the skill of achieving successful sales first.

Another business mistake is not placing much importance on the way you communicate with your suppliers and with your customers. Neglect the finer art of communication and you will soon start losing whoever customers you now have. Have a planned out system for communicating and always be available and accessible to answer quick questions from any of your customers or potential buyers, even if it means giving out your email address or mobile phone number. An opportunity to reach you is your opportunity for a sale.

Do not commit another mistake of not having a carefully laid out marketing plan. Your marketing plan will not only make business management easier but it will also regularly keep you on track. If any decision is not part of the marketing plans you have set for your business, then it will be easier for you to say no to distracting business strategies you will encounter. You can come up with your own marketing plan based on a suggested marketing plan from one of the resource links on SaleHoo. No matter how small your online business is, it pays to have a marketing plan that fits your needs and resources.