Every business needs marketing. Without marketing in some fashion, you will find it very hard to survive and thrive.
No matter what you do, everything is a part of marketing. If you are building your brand on social media – that’s marketing. Analyzing research to develop the most desirable features to present to your target base – marketing. Researching competitors and their benefits or weaknesses – yep. Whether you realize it or not, most of what you do to strengthen and grow your business falls somewhere in the realm of marketing.
The problem is the more that you do, ten times more should be done. It’s hard for a regular business owner to take on a proper strategy let alone realize what cycle your business is actually in and how that speaks to action. Essentially, whatever stage your company is in will have very specific needs and ways you should approach advertising.
Start-Up: At this very early stage in the game, you need to focus on sales and how to analyze the current market to predict the best pricing strategies.
Mid-Cycle: Once you’ve found yourself off the shaky footing of a beginning, you should be focusing on growing the customer base, or what you call lead generation. Yep, aggressive acquisition of new customers is the name of the game.
Mature-Cycle: This is the point in which you focus on branding, building your reputation, what your company identity is and how to separate yourself from competition. This is where the focus on relationship management, engagement and thought leader content really comes into play.
One thing you can bet your biscuit on is that you will never stop marketing. Never. You will need to change methods and adapt to current trends or research but it should never be stagnant and left alone. It is an ever changing entity that requires time, hard work and experimentation but you should always focus on investing in this area so you can stay in business and continue to grow.
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