On a fundamental level, driving a successful business is all about control. More specifically, it is about taking full responsibility for the business elements that remain within your remit and refusing to become obsessed with those that are external. This is not only an underlying principle of business, but also one that can be applied to individual tasks, projects and commercial aspects. Take marketing, for example, which is a cornerstone of business success and something that you can take full control of.
Marketing and Small Business Success: 3 Tips for Achieving Success
There is a close relationship between marketing and small business success, and the successful promotion of products or services is critical to long-term attainment. Consider the following tips towards achieving this: –
1. Distinguish between Turnover and Profit
While it may seem obvious, inexperienced business owners continually fail to make the distinction between turnover and profit. Although both may be important, it is your bottom line profit that will ultimately determine whether or not your small business survives the challenging test of time. After all, your business can generate huge excitement around a specific product and take thousands of pounds each year, but this means little if it does not translate into a profit margin that justifies the initial spend.
2. Manage Costs Effectively
With the former point in mind, the most important aspect of your marketing campaign is its cost. This is the element of your project that you can exert the most control over, while it also affords you the best possible chance of maximising eventual profits. This does not necessarily mean that you should spend as little as possible, however, but more that you should create a budget in line with the amount of revenue that you intend to generate.
The relationship between expenditure and profit is pivotal across all aspects of business, but perhaps even more when it comes to direct tasks such as marketing.
3. Drive Effective Engagement
On a final note, a successful marketing campaign and business relies on the effective engagement of consumers. This requires a great deal of individual elements to come together, including the cultivation of a natural hook and the implementation of efficient strategies and software. Outlets in the salon marketplace, for example, have been able to control these aspects using Phorest software, which helps to regulate effective appointment making with customer and encourages them to spend as much money as possible on products and services.
4. Follow marketing best practices
When it comes to business, it’s all about results. That’s why marketers need to learn about what’s working and what’s not working today – and develop best practices to capitalize on the trends, and maximize the return on investment.
If you are looking for innovative marketing trends, this infographic can help you discover some:
Published by Northeastern University Online
Takeaway
When you are measuring your marketing success, sometimes ROI is not relevant. Your small business success is often the result of your holistic marketing campaigns, online and offline, which focus on building relationship with your target market. Be sure to spend your budget wisely for relationship building, not profit.
