According to HubSpot, the third top marketing challenge for companies is the lack of budgeting resources.
Many marketers lack time and resource to quantify their returns on marketing spend, leaving them focused solely on marketing execution. But if you’re unable to understand where you’re marketing budget has the greatest impact it’s difficult to adjust and stay on track for success. For the tech-savvy, building a business online and doing it on a shoestring budget isn’t just a fantasy, it’s a reality. However finding the right strategies that work can prove to be painful and expensive – not everyone has the budget to make mistakes.
- Who is your narrowly defined target audience/customers?
- In which category does your business exist?
- What is your competitive advantage?
- Who is your real competition?
First, you must decide who your defined target market is. ‘Who do you serve?’ is a question that needs to be answered clearly before you can execute any tactic effectively.
Focusing on a well-defined target may make you uncomfortable in the beginning, but stay on course and follow through. If you are spending valuable time and money on marketing but your efforts are not driving quality sales and leads, the problem, more often than not, is that you have not narrowly defined a target market.
Your Category is simply the short description of what business you are in. What few words would describe your business?
A clearly defined category will help generate the right leads for your company, and will make sure that your target audience have the correct perception of your company and what it is you have to offer.
What is Your Competitive Advantage?
Your competitive advantage should highlight what your product actually delivers, and what your target audience really wants, showing how this is unique to your brand above those of your competitions.
Know your competition
When looking for a solution to a problem, customers will quickly make sense of the alternatives to compare against – the competition.
Being clear about who your competition is will mean you have a better chance when competing in your industry.
Do you have a clear marketing strategy?
Many companies starting out fail to put in place a solid marketing plan. Either they don’t have the resources or fail to see the importance.
Make sure you are interacting with your audience. According to the Phew Research Report of Social Media Usage, nearly two-thirds of American adults use social media now. This is a near tenfold increase within the last decade.
We hope you found this blog helpful and good luck marketing your business.