In the case of marketing, if you have one marketing concept and it works, should you stick with it and be satisfied? As a coach I find it difficult to explain to a client who has had success early on with one particular marketing effort that other methods should be tried.
If the marketing effort produces consistent results over a short time frame and the business generated by the effort is not growing, then other methods have to be tried.
Marketing must be an ongoing effort, and most target markets have more than one way of being reached. By relying on that single method the business will eventually stagnate and the entire marketing process may have to be re-invented. A re-invention of the marketing process may results in a slowdown in clients until the new method is fully developed and implemented.
My initial marketing analysis with new clients is as follows:
- What are your current marketing efforts?
- Identify in detail your target market
- Identify in detail how this target market can best be reached.
- Make a list of all the possible referral sources.
- What is the best way of communicating your story to these sources?
- Make a list of all your past referral sources, what is the best way to communicate with them?
There is one other major factor that has to be considered: What are the time parameters for marketing to show results? If the business is in a cash crunch, then priorities have to be established from the above list. Which one(s) can produce the fastest cash influx in the business? In such cases, the business of marketing becomes everybody’s business, and all efforts are concentrated on achieving the necessary survival results.
As soon as possible long term relations with referral sources and alternative marketing methods have to be looked at and implemented. Marketing cannot be a static part of a business; it must be vibrant and always searching for ways to increase the volume of new, quality business.
The greatest of all insights is that we cannot be tomorrow what we do not do today.
Nick J. Petra CFP We help businesses increase their bottom line.. www.strategicduck.com
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