Marketing Hesitation Costs Dearly
Marketing is a necessary part of doing business. But for many small and midsize companies, it’s difficult to break through the marketing noise. The following are some of the top reasons why marketing costs could be costing you dearly.
-You're spending too much time on social media
-You don't have a clear understanding of your customers' needs
-Your rates are too high or too low
-Your products aren't cost competitive
Pricing is the single most important factor to influencing profitability.
It's hard to scale marketing without sales. A good marketing strategy will provide a sales plan. Real, measurable results are an important part of how to build a growth engine. The problem is that many companies get excited about one or two customers and then go all in on them, leaving the rest of their customers in the dust and costing them dearly. Build your customers based on where they are at in their decision process and how much it costs to acquire them during each phase of the sales cycle.
It's also important that you have good segmentation done so you can focus your efforts on your most profitable segments or niches within your business model.
Even if you have an established sales process and marketing plan, it's always good to have a check-in from time to time. Make sure you are using the best tools available for your business.
Even when you have great products and services, sometimes your products aren’t cost-competitive. For example, if you’re competing with large businesses that have much lower costs than you do, then it may be impossible for you to win on price. What can you do? It depends on how big the pricing difference is. If it’s only 5 percent or 10 percent, then work with your suppliers to lower their costs so that they can pass the savings along to you.
If you can’t lower your costs, then you’ll have to consider raising your prices. You may want to make the price increase incremental, such as 5 or 10 percent. This way you give customers time to budget for the change, and you don’t raise prices so high that customers start looking for alternatives.
If the pricing difference is large enough that it makes it impossible for you to be profitable without raising your prices, then you might have to consider relocating. If outsourcing isn’t an option and moving isn’t feasible, then the next best thing would be to raise financing from investors with deep pockets who are willing to wait longer for a return on their investment.
Summary
If these issues can be solved, then you might find yourself with a growth engine that will allow you to double your customer base within a year and triple it within two years.
Business Issues That You Need to Solve Before You Scale Your Marketing Plan.
https://www.forbes.com/sites/stevedenning/2018/02/24/business-issues-that-you-need-to-solve-before-you-scale-your-marketing/#3a89e9d43354
Business Issues That You Need to Solve Before You Scale Your Marketing Plan by Steven Denning. http://blogwiredonline.com/2018/02/summary-to-business-issues-that-you-need-to-solve.html
Business Issues That You Need to Solve Before You Scale Your Marketing Plan by Steven Denning. http://www.bizninja.com/marketing/steven_denning_business_issues_you_need_to_solve
Business Issues That You Need to Solve Before You Scale Your Marketing Plan by Steven Denning https://www.brainyquote.com/quotes/steven_denning
Business Issues That You Need to Solve Before You Scale Your Marketing Plan by Steven Denning http://www.forbesindia.