Most business owners want their businesses to grow, but unfortunately, several of them aren’t sure about how much growth they want to attain. In order to invest money and achieve growth, start by making allocations in the budget for marketing based on the projected revenue growth. For instance, some businesses invest 5 to 10 percent of their annual budget and 10 to 15 hours each week to achieve 10 percent revenue growth.
There are many different types of customers based on economic classes, age, location, and other factors. Some customers enjoy browsing through small business websites to view and purchase products while others prefer to go to the actual store.
Whether you market through digital methods like small business websites or traditional means like TV ads, understanding your customers can go a long way towards coming up with a campaign that reaches the right people. As a matter of fact, many businesses have been able to cut down on marketing costs just by stopping ineffective campaigns.
Marketing is a huge part of business that can easily determine the amount of success you’re going to achieve. By addressing the two questions listed here and answering them honestly, you stand a greater chance of creating an effective marketing plan that will lead to growth. When creating a plan, consider segmenting your customers into groups and think of a strategy that reaches each group the best way based on your budget!
- December 1969 (4)