To identify which strategies would propel your business, it is critical to know what stage your business is currently.
There are some very effective marketing strategies for different stages of business growth and unless you know where you are you may well begin a strategy that is not effective for your stage in the business, costing you time and money.
Most marketing and advertising effort is ineffective. The strategies most effective for a start up business may be different from that of an established business, a struggling business, or one at full capacity. The recent economic climate has forced businesses to re-evaluate their marketing efforts, stop wasting money on ineffective advertising and focus on what works.
Many businesses are needlessly spending a fortune on advertising because that's what big corporations are doing and they think it will work for them too. Big companies advertise not to get more customers to know them but to remain in their customers' awareness so when they think of their product the customers think of them.
Knowing exactly where your business is will help you:
- Identify resources to help you grow
- Understand where to focus your efforts more effectively
- Achieve the growth you want in your business while drastically reducing stress
- Save you money on ineffective marketing strategies
- Save time on marketing that doesn't work for your stage of business.
The 9 steps to identify the stage of your business:
- Do you have enough clients?
- Are you at capacity in terms of sales?
- Do you have a website driving you leads?
- What resources do you have in your team?
- What is your biggest challenge?
- How much is the problem costing you?
- Are you achieving the income you want?
- What is your profit margin?
- Do you have a variety of entry level price points of products and services?
Identifying what stage your business is at is like a climbing expedition, to complete the trip safely and get what you want out of it you need to have a health check, identify where you are starting, where you want to get to, what equipment and resources you have and need to get, who your guide is, who else you're with and why your doing it. Then you can set off safely and enjoy the journey.
