Hannah Stevens for the BBJ
Today’s marketplace is more competitive and cutthroat than it has ever been. With increasing globalization (both of businesses and the financial markets), the ever-expanding competition online, and consumerism at an all-time high figuring out which exact strategies will be the most beneficial and how to implement them can oftentimes be very difficult. Even with a team of business experts or an outside marketing firm, you may still find yourself trying out several different ideas that produce little to no success at all. So how exactly do you go about putting together a detailed and precise marketing strategy that will not only provide your company with a reasonable return on investment but is also sustainable long term?
Staying On Top Of Marketing Trends
The fact is that no matter what year it is, or what current trends and fads may be all the rage in the business community, there are still several tried and true techniques that have been working for as long as people have been closing deals. One such example is content marketing, which most people might think is a fairly new idea. It isn’t, of course, but it is one that has been proven effective over time. The Michelin brothers were using it over a hundred years ago to sell tires. So, when it comes to deciding how to use techniques from the past or the present, all that needs to be done is a little tweaking here and there to account for the current models of how business is being conducted. Research, analyze, and develop these ideas properly and you will soon be seeing increased profits and greater demand for your products or services.
Ongoing Competitor Analysis
One of the simplest yet most underutilized tactics in growing and improving your business is to investigate what your competitors in the same industry are doing and what results they are having. This is not only true of the things they are doing that are working well, but also their strategies which are producing negative results. A smart person learns from their mistakes, whereas a wise person learns from the mistakes of others. By examining in detail the business strategy and execution of your rivals, you will not only be able to get a good feel for how to best present your similar product or service, but you can also avoid both the financial and time investment mistakes that they have already made.
Doing More For Your Marketing Team
Another way to develop a strong marketing plan is to meet with your team regularly. Corporate research has shown that the most productive marketers hold meetings daily, or at the worst, weekly. By staying in such consistent contact you can make sure that all of the plans and ideas you have been brainstorming are getting implemented as quickly as possible, and it also allows you to handle any concerns, questions, or other issues that may be delaying the launch of an important campaign or business strategy. Additionally, it creates more comradery with your marketing team and familiarity which oftentimes leads to increased creativity and productivity. You can also use this time to discuss ways to improve the team’s overall performance and productivity levels through simple things they can do in their daily lives and routines to boost brainpower and reduce fatigue. Healthy diets, corporate exercise plans, and gym memberships making sure they get the proper amount of rest and going easy on the energy drinks and late afternoon coffees are all ways that can help them remain sharp and focused throughout the workday.
Establishing A Rock-Solid Brand Identity
Getting your companies’ name and face out in the community is another marketing strategy that is commonly overlooked. This is especially true with the advent of social media and the idea that you can do more online than you can in the real world. Getting involved in local charity and fundraiser events with your employees wearing company shirts and passing out free items and materials with your business name and logo is one good idea. Sponsoring law enforcement and firefighter activities or children’s sporting events is another way to create goodwill and a positive image within your community. Anything that puts your company out in the public eye (for good reasons) is always a sound and solid business move.