Don’t Forget Marketing!
By Barbara Chambers
I’ve been a marketing communications specialist for over 25 years, but there’s one thing that has never changed and still surprises me—when a business owner with a fantastic idea, develops it, and is ready to launch but hasn’t considered how they will bring it to market and make profit!
The classic line in the movie Field of Dreams, “If you build it, they will come,” is not a truism in this scenario. While you may have an awesome product or service, if you don’t include marketing in your business mix, it may take longer to recoup the initial development costs or make profit.
Business and marketing are like a tandem bike. Multiple pedals work together to cause growth and sustainability.
Fundamentally, marketing, including the function of sales, exposes your business:
- To the right audience
- With the right message
- In the right place
Irrespective of having completed lots of market research and possibly having a database of interested individuals, you still must promote your offering to them and persuade them to buy.
Your launch budget should also include a marketing line—usually anything between 10 and 20 percent of your annual business budget. Assigning a monetary investment value to your marketing will enable you to prioritize your strategies, as well as help you determine the best approach to the activity—do it yourself or engage a marketing expert.
In the long run, you will appreciate the benefit of planning your marketing strategies during the development phase of your business because it helps you:
- Take a strategic approach to define your brand
- Understand your target audience
- Create a promotional package that:
- Aligns with your business values
- Successfully engages your target customers
Ultimately, your goal is to make profit and grow a successful business. With the right marketing strategy, you will definitely achieve your goal.
If you need support to bring a new product or service to market with a marketing strategy, we can help! Let’s talk
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