How to Grow your Small Business? Tips for Business Owners
Create a marketing strategy
Marketing activities must be consistent with each other. To make this happen, create a marketing strategy. This is a document in which you define the goal you want to achieve and the means to help you do so. You will also set a budget framework and communication channels.
A marketing strategy will help you plan your activities, modify them, and evaluate the degree to which they are implemented. Without a strategy, it is challenging to conduct marketing communications. Chaos quickly creeps into the activities, and consequently, they are ineffective.
A marketing strategy does not have to be a multipage document. It is primarily about creating a framework within which you will conduct activities. This will help you avoid haphazard moves and maintain a consistent image in the eyes of your audience.
The process of creating a marketing strategy consists of 3 stages. The first is to analyze the current situation. Check the conversion rate, the cost of acquiring one customer, website traffic or sales volume. The more parameters you take into account, the more accurate your strategy will be. At this stage, also name your competitive advantage, i.e. the most important feature that sets you apart from the competition.
Based on your analysis, you will define the challenge you face and set a goal, which should be characterized by the 5 characteristics collected in the SMART concept.
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Specific
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Measurable
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Achievable (Achievable)
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Relevant
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Time-bound
