Every aspect of a company could improve with better marketing – from business banking to sales. Therefore, all managers and executives should focus on the basics to improve this element and get a firm moving in the right direction.
Successful marketing doesn't have to take a big chunk out of a financial plan. Instead, it can be cost-effective and intelligent, but great communication is needed between all aspects of a company. With a strong strategy in place, it probably won't be long before positive effects are felt.
How to fix poor marketing
According to advertising executive Curt Hanke in an article for Inc.com, the best marketing requires getting back to the basics. With this in mind, there are several easy places for a small business owner to start.
For example, clearly defined goals make a big difference. All aspects of the company, from the CEO to the marketers, should be on board with the direction of the campaign. All too often, things slip through the cracks, and a lack of goals means the end result doesn't make people happy. Additionally, top-level executives should have the same direction in mind. If buying new technology is needed to pull off good marketing, the CFO probably shouldn't give others a hard time.
Moreover, the small business should reward those in the company who meet goals and achieve success, especially when it comes to marketing, Hanke explained. This can be reached with incentives, and management should encourage performance over mediocrity.
Build an effective base
For marketing to succeed, several key elements need to be met. According to Fox Business, the base of a company is vital to its overall growth.
When first starting out, owners should determine the firm's name. It has to be something that can be protected, while unique at the same time. Also, it needs to represent the brand and culture. If there's a good name, marketing the company will be an easier task.
Most importantly, a small business has to stand out, the news source noted. Boring companies don't attract a lot of customers. Instead, marketing has the potential to make a firm remarkable, or something that people can discuss and focus on. This goal can be made easier by casting a wide net. Multiple mediums, like social media, traditional mail, radio and television can all help bring revenue into a company and boost a financial plan.