Imagine a situation when you start a new business. Whether it is cyber café or restaurant, web Development Company or franchise; it is highly important that you market it well to the right audience. Experts say that the right marketing strategy can bring immense benefits to you. It is not required to spend exorbitant amounts for appointing marketing consultants who tell you how to do it? It is not a rocket science. You can design an effective strategy for your company by following some simple steps. These are easy, practical and productive.
Brainstorm with the team to set the goal
Remember, you can’t go further unless you decide the end-point. When you know ‘what to achieve’, it becomes pretty simple to resolve the ‘how’ part. You need to be 100% clear about the outcome. Do you want conversions or looking for brand awareness? Do you want to extend the presence to new areas (horizontal expansion) or trying to reach further customers in the existing marketplace (deep diving)? You should be clear about the goal because it decides your strategy further.
Once you are done with the goal, allocate budget for it
Allocation of budget can’t be done without finalizing the goal because every goal has a different budget requirement. Once your team is through with the final draft of the business goal, the next important aspect is to decide how much money you need for it? Top business managers and finance team need to sit together for drafting budget allocation for each head. Prioritize the cash flow for line items that need the money when you launch the marketing plan.
Allocate differently for conventional and digital marketing
In the modern world of online marketing, you can’t remain dependent on the traditional business model only. It is a high time to explore business possibilities in the virtual world. However, both are entirely different ballgames. Hence, you should plan it separately. Budget allocation depends on the extent you want to emphasize on a particular niche. An Ecommerce website spends 80 percent in digital marketing activities whereas a jewelry showroom spends the majority of the chunk in conventional marketing strategy.
It may take some time to start seeing the benefits of your marketing strategy. However, it is important to put dedicated efforts in the implementation process. Consistent efforts produce great results in the long run. Online marketing strategy shows the results relatively faster than the conventional marketing.