I won’t bore you with all the doom and gloom propaganda about how many businesses fail within a one year, two year and five year periods . . . it’s just not productive. And quite frankly, most of those stats are inaccurate.
But, here is a stat that I believe is fascinating and is significant; according to the Small Business Administration of the United States there are four main reasons why businesses fail:
- Insufficient capital
- Lack of strategic planning
- Poor or inconsistent marketing
- Failure to anticipate marketing trends
Notice something here? Three out of the four top reasons for business failure in the Small Business Administration’s list are directly related to marketing or the lack thereof.
Marketing, sales and innovation are the only three areas that can produce revenue for a company, everything else is a cost. So whether your business is humming along or is struggling a bit, improving your marketing efforts should take center stage. If your business is struggling a bit, this is not the time to be pulling back on your marketing budget and trying to ride out the storm. You have the power to improve your marketing and in many cases, inexpensive, simple actions can produce big results.
How Can You Improve Your Marketing?
Here are the top 4 ways for small business owners to improve their marketing efforts:
- Develop a marketing strategy, before you implement any additional tactics -your strategy should include the following: clear goals outlining the what you’re trying to accomplish; your positioning strategy or identify you want to project to the marketplace. This needs to be compelling and unique addressing the needs of your target market; the tactics you intend to use to drive your strategic message
- Practice, practice, practice. Like anything in life, the more you practice, adjust and persist, the better you get.
- Develop systems for every aspect of your marketing
- Hire an expert to help you with your efforts
Simple actions can and usually produce big results.
You have the power, take action!
To your marketing success,