If you look at the history of most Fortune 500 corporations, you will see that they originally started as a small business, eventually growing into a large corporation. While there are numerous factors that led to their success, there is one thing that successful businesses have in common, regardless of their size.
Building a successful business is not easy. According to the Small Business Administration (SBA) about 50% of businesses fail during the first year in business. The U.S. Census Bureau reports that 400,000 new businesses are started every year in the USA. However, 470,000 are dying. While these statistics are troubling, they are meant to create awareness, not to deter the pursuit of business ownership.
If you are serious about starting and building a successful business, you need to focus on the one thing all successful businesses have in common, effective marketing. Don’t limit your mind to the cliche’s associated with marketing “fluff.”
Think about it for a moment. At the bare minimum, an effective marketing strategy will create awareness of your brand and its offerings. What good is the greatest product or service if potential customers are not aware of it?
Effective marketing goes much deeper than promotion and awareness. It’s strategic, not just creative. The most valuable benefits are achieved through data and analysis, rather than words and designs. An effective marketing strategy begins with research to gain a firm understanding of the market, competitors, and opportunities. Ironically, this type of analysis is advised for anyone even thinking about starting a business. Your “great idea” isn’t truly great until you do the research and gather the data to support your theory. That is why investors, banks, and financial backers require it, usually in the form of a business plan.
That research is the driving force in the development of a marketing plan that defines the strategies that penetrate markets and drive growth. According to medium.com, marketers who document their marketing strategy are 538% more likely to report success than those who don’t.
A documented marketing plan is the map that guides your business to success. You wouldn’t get in your car and just drive without knowing exactly where you are going. If for some reason you choose to do so, you will waste time, money, reduce the value of your vehicle, deplete resources and increase the risk of an accident.
The same holds true in business. Operating without a marketing plan MAY eventually generate growth, but at a substantial cost. Time, money and other resources will be consumed to generate sporadic results, at best.
Don’t worry, we can help your business market effectively. Well provide the market research, develop a strategic marketing plan, and lead the charge. We not only do the research, analysis, strategy, and plan development, but we also provide the expertise and subjective advising that most small businesses lack. Get a complimentary consultation that is guaranteed to be beneficial. No commitments, no hassles, just free advice that can make a big difference.