Business ventures today face a lot of challenges. As an owner, your job is to hire the right employee, check your sales, make payroll, file taxes, and provide good quality services. Aside from that, you need to market your business to remain visible to your target leads. Also, there are more priorities in operating a business that requires your attention. New business owners are struggling on handling their marketing efforts, track their return on investment, and understand whether their marketing strategies are effective.
With that, let’s define marketing. “Marketing is defined as an activity of a company that undertakes the promotion of buying and selling of goods and services, it includes, advertising, selling, and delivering products to consumers or other businesses.”
Marketing is very important as it plays a vital part when dealing in business ventures. This is where marketing builds brand awareness to increase sales. Many businesses believe that “a good marketing plan will focus your effort on attracting your target leads, help you avoid veering off track, and determine what you need to do to reach your marketing goals.” Aside from this, it is an important strategy to ensure the growth of your business.
Establishing an amazing business is just the first thing to do. To attract your target customers, you will require marketing. However, business owners believe that marketing is just similar to much broader advertising. Herewith below are the common marketing challenges that every new business faces:
- Lack of resources (budget / people / time)
- Choosing the right social media platforms
- Consistent execution of marketing activities
- Build strategic partnerships
- Lack of commercial department
- Not knowing how to explain the product or service you want to sell
- Invisibility of your business
- Not having a marketing plan
- Lack of brand image, professional reputation, and personal branding
- Who to trust when outsourcing marketing activities
Problems arise when choosing the wrong resources. Advertising a company is very simple and very affordable. But if a business owner uses a medium that is not appropriate, addressing your products and services in the wrong way will just end up wasting your time and money. Social media platforms are the most common marketing strategy used today. It is used to connect with all of your prospects or leads to introduce your brand, some of it increase sales, and drive website traffic. This also includes publishing great content on your social media profile, communicating with your followers, and running social media advertisements. Facebook, Instagram, Twitter, Pinterest, Podcast, and YouTube are examples of the major social medical platforms that most business owners use.
As your business grows, your strategy needs to evolve to suit your changed circumstances. For example, your focus is likely to change from winning new customers to building profitable relationships and maximizing growth with existing customers. Existing business relationships often have greater profit potential and can also provide reliable cash flow. A good strategy means applying the appropriate actions at the right time, using the best channel for each campaign, so that we can have the expected results: We all want to sell more products and attract new customers.