Three Reasons Why Your Business Needs Marketing

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Author: Cara Duque, Director of Marketing | https://www.linkedin.com/in/carabiggs/

Marketing is meant to raise brand awareness and build a pipeline of qualified leads that turn into sales. However, with a small business, getting the word and marketing yourself out can be challenging due to less visibility and lack of resources (like budget or time). This does not mean that marketing is any less important for small businesses. Here are three reasons why your business needs marketing and how you can implement them now:

1. It Helps Guide Business Objectives

Marketing is an umbrella term for all things branding, advertising, awareness, and lead generation. When making decisions about the right kind of marketing your brand needs and the best places to spend your marketing budget, it is essential to understand your business objectives and how they correlate with marketing and advertising tactics.

What do you want to get out of your marketing efforts? Is it leads and appointments? Or online sales? Do you want more foot traffic to your location?

For some, it is simply becoming a household name through brand awareness. Identify what the output is that you are seeking.

How much are you willing to invest in marketing (time and /or money), and how will the success of your marketing efforts be measured? Have you identified a marketing or advertising budget? This includes website design and maintenance costs down to media spend for digital advertising. What is this number? In 2021 marketing budget typically ranged from 10 to 15 percent of a company’s total budget, depending on company size, stage of growth, and the importance of marketing on sales within the company’s industry, among other factors (Deloitte).

2. It Communicates your brand UVP/USP

We all know that the advertising world is flooded. Now more than ever, it’s crucial to have a clear, unique selling proposition attached to your brand. Establishing your branding foundation is imperative to guide your communications strategy and connect with your target audience. A brand is more than a logo, color, or tagline. A well-articulated brand emotionally connects with your target customers and conveys who you are, what you stand for, and what you can deliver.

Questions to ask yourself:

  • What is my brand mission?
  • Who is my target audience?
  • Where are they located?
  • What are their interests?
  • Where do you think they spend their time?
  • What problems does my customer have that my brand solves?
  • What drives them to convert? Is it promotions, value, etc.

3. The Outcome is Measurable – Double Down on What Works

It is time to take your brand to market. Marketing is sharing your brand with the people who want what you have to offer. Pick your mediums – Are you going to use print and radio or digital and social to connect with your audience? Once you decide on the distribution that aligns with your target audience and objectives, it is time to test, test, test.

Test and learn to find what works best for your business.

Testing may involve different mediums and different creative. Consumers interact with brands based on different brand perceptions. Do you run promotions and find that your average cart value increases during that period? If the answer is yes, then this may be a tactic you want to implement more frequently into your marketing. This is an example of how you can test one variable and measure an outcome, making data-driven decisions. Once you see what works, you can ramp up those efforts and maximize your budgets.

Use proper analytics and tracking to really know what the data says.

Google Analytics allows you to see everything you need to know about your marketing and advertising performance. Set a baseline and measure the success of your efforts with real-time data. Integrating other tracking pixels (tag manager or the Facebook Pixel) into your website and measure will increase data measurement details across all mediums. Educated decision-making happens where art meets science.

The most valuable customer is the one you already have.

Do not forget about your existing customers. You have already invested in acquiring these relationships, so continue supporting them through marketing. Having unique communication for nurturing the current relationships you have already built is imperative. Email marketing is a beautiful way to do so. Understand your customer lifecycle and build out email drips that talk to your customers to reengage them at the correct times. Retarget these customers on social to provide them with a reason to come back and add to the cart. These customers don’t cost as much to reengage as a brand new one, so make sure to build those relationships.

While all of this is an excellent strategy, most businesses need help with execution and managing these types of efforts. Let BrandStar Agency be that team that takes your brand to the next level.

Source: https://www2.deloitte.com/us/en/pages/chief-marketing-officer/topics/marketing.html

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