One Business Analyst wrote; ‘Business is about innovation and marketing.’ Marketing can be defined as the way in which your business understands and reacts to market demands. A successful marketing campaign will not only ensure that your businesses’ core message is communicated to your customers effectively and consistently, it will also enable you to adapt to the demands of an increasingly dynamic market.
Right from the point of company formation, companies who achieve sustained growth are those where the business owner has identified a clear vision of what they want to achieve and how they plan to do so. As an extension of the initial business plan, a strategic marketing plan helps a company identify their objectives and formulate a strategy by which these objectives can be achieved.
Marketing can help position your business within its sector, understand your customers and crucially, anticipate and identify future opportunities for growth. However, when beginning the company formation process in the current climate, one of the many challenges a new company faces,is quantifying the return on investment of marketing spend.
What to do next
A fundamental mistake many recent company formations make is confusing sales with marketing. While it is true that it is the objective of both departments, to maximise profitability and increase turnover, they are not the same discipline.
An effective sales strategy will include many direct tactics to increase profitability; discounts, special offers, reduction in margins. However, the role of marketing is more complex; it must define the market and consumers and identify how best to communicate with them while promoting both brand and product.