Marketing is everything you do to move your customers from brand awareness to a point were they are interested in making a buying decision and a final action to buy and actively advocate for your product.
It covers research, branding, sales funnels and sales tunnels. Like this author says, “you grow to survive”.
Business growth is measured vertically and horizontally. I’ll talk about this shortly.
All start ups face have a common struggle with money, as your business grows through marketing, your options improve.
See: Seven Financial Tools for Small Businesses.
Contents
What’s Your Approach to Business Growth?
One thing every small business wishes they’d done differently when they start is approach marketing differently.
You see for most startups, growth means sales. However, if you intend to build a brand that lasts, you have to set up both long term and short term goals. Your growth is then measured along the timeline of your goals.
Creating brand awareness is beyond handing out basic information; it’s about the amount of influence you have on your audience’s thought process in comparison to your competitors.
Growing Vertically and Horizontally
Horizontal growth describes increase in sales and customer base by expanding into new markets.
On the other hand vertical growth refers to strategies that allow a company expand services by expanding along existing market chain For example, a shoe company decides to produce its leather rather than out source it.
Most startups push for horizontal growth but ignore growing vertically. But both forms of growth are important to business development.
A company can also grow horizontally through internal development.
Benefits of Marketing to Business Development
Boost sales: There’s no growth without sales. Advertising and branding give your business a competitive edge as well as help bring your product into a new market.
Helps you Maintain reputation: They say no publicity is bad publicity but it’s best to stay on the good side. Marketing covers PR and CSR. PR protects public opinion of your brand. If you ever quit a product because of a negative review then you can understand how a good reputation can help business development.
Tweeps had repeated problems with Bolt and for a while bolt adverts have been in our faces on twitter and Youtube.
Sustained customer relationship: One of the ripple effects of effective sales is that customers become brand promoters. One reason old brands have a nostalgic effect on customers is that they’ve grown with their customers. It’s not enough to generate new sales lead. one sign of growth is in the ability of a brand to retain customers.
Informs decision-making process: Marketing research helps a business make informed decision.
You can have many setbacks in your business, but marketing shouldn’t be one of them. READ 7 Steps to Grow Your Small Business and Improve its reach.
What other benefits come to mind? Leave a comment.
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