10 Points About Marketing

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Market Mentors

I understand it’s July, and not the ideal time for budget planning, but these tips can come in handy at any time of the year!

As a small business, here are some marketing tips to live by:

  1. Know the difference: Like you have a budget for operations you need to have a marketing budget. They are not one in the same.  From a small retail shop to a large corporation, to enjoy growth, you will have to invest in advertising this year!
  2. Know your percentage: There are several ‘rules of thumb’ that certain industries state for the amount that should be spent on advertising. A general marketing budget can be 10% or more of gross sales.
  3. Step outside: It is hard to read the label from inside the bottle.  Invest time in evaluating your business and auditing your current advertising activities.
  4. Be cognoscente of your competition: you know you’re good at what you do, but you are not alone in your category!
  5. Create a roadmap: plan for the year ahead. Sure, you can take a detour here or there, but you must get back on track to arrive at your destination successfully.
  6. Be unique: Effective advertising sets the stage and perception become reality.  Are you ready to play your part?
  7. Avoid throwing it at the wall to see what sticks: Trying an ad here and TV schedule there is nothing more than successfully burning money.
  8. Talk to your target audience as much as possible:  Sleep is the eraser of all advertising.  Successful businesses invest in owning a little space of real estate in their target audience’s mind.
  9. Know what you are buying:  If it’s too good to be true, it usually is.
  10. Plan for a discretionary fund: Each and every year businesses are faced with an opportunity that is too good to pass.  Set aside some funds for those special times!

What are some marketing tips that you live by?

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