Very few people realize how important marketing is if you want your business to be successful. Which is why, in this article, I’m going to go over some of the most important aspects of marketing management.
And in my personal opinion, marketing is probably the MOST important part of your business.
Because without them, you’ll be very lucky if you get ANY business at all.
6 steps for successful marketing management
1. Draw up a budget
First take an overall look at your business and figure out how much money you can devote to marketing.
A good rule of thumb is to assume your marketing efforts will bring in 1% ROI. Following this you can see how much money you need to spend to make the kind of profits you are aiming for.
2. Draw up a strategy
Draw up a strategy for how you’re going to use this money.
This can be broken down into three steps: where, when and how. Ask yourself where are you going to spend your money, where are adverts going to be placed, where are salesmen going to be sent. Then ask yourself when and how are you going to do this?
3. Decide what marketing channels you are going to use
Marketing channels are where you advertise, for example radio, TV, the internet etc. are all marketing channels.
Your decision will be influenced by your budget; obviously smaller companies are not going to have the money to advertise on TV. But there are cheaper options like flyers and newspaper adverts.
4. Get adverts made
No matter where you are advertising you need to get adverts made.
If you’re running radio ads you need those spots recorded, if you’re running newspaper ads you need them written.
When you do this make sure you hire someone who can show you results of their previous work and has a good track recorded. Adverts are expensive and even more expensive to run so you DO NOT want some fly by night idiot who has no idea what they are doing.
5. Hire salesmen
If you’re selling products directly then you are going to need salesmen.
I mention this point because most companies think they can use ordinary staff members to do their selling. But the reality is that one super star salesman can make your business a success and he’s worth having.
6. Track and measure your efforts
You must track and measure everything you do.
If you simply spend money and have no idea what it does, then your business will soon go bust.
Remember, the golden rule is that every dollar of your marketing budget must bring in at LEAST one dollar in return. If it does not then you have wasted money.
Apply these tips to your marketing management strategy and you’ll go far.
Remember that marketing is the life blood of your business. Without proper and effective marketing no one will even know about – let alone buy – your products, so put time and effort into it!