I know - marketing often falls behind priorities like making payroll, buying supplies, and paying the electrical bill.
But if you want your business to grow, ignoring marketing is the worst thing you could do. You might have the best product in the world, but unless the world knows about your product, you won't be in business next year. And with 99% of new businesses failing within five years, you can't afford to skimp on marketing.
When building your marketing budget, consider the following aspects of marketing:
Public Relations - press releases, media stunts, etc.
Web Marketing - website development, PPC campaigns, SEO, and more.
Advertising - print, tv, or radio.
Community Involvement - sponsorships, food drives, etc.
Print Pieces - brochures, business cards, flyers, etc. As a rule of thumb - many businesses put 10% of their PROFITS each year into marketing. You might use this as a guideline when you develop your own marketing budget.
Whether you're considering advertising online, in print, or via radio or TV, you should consider the following factors when deciding on an advertising channel:
Reach - how many people will this advertisement reach?
Target - are these people that will buy my products? Is this the right market? For many advertisers, TV and radio reach far too many people, and are very untargeted. Trade publications, on the other hand, may reach EXACTLY the right demographic for your product or service.
Appropriate - is this an appropriate place for your message? Will it make sense to the readers/viewers?
Value - is this the best way to reach this audience? Are there other venues that will cost less per person to reach, but be just as effective? Remember to compare different advertising venues in terms of reach - cost per person/reader/viewer.
Planning For Small Business
No one knows just how many small businesses owners lost everything in Hurricane Katrina. No one knows how many will be able to come back from disaster. But the odds are that the ones who successfully rebuild there businesses will be the ones who had a disaster plan in place before the hurricane struck. A solid small business disaster plan has three components, protecting human resources, protecting physical resources and planning for business continuity.
If you're a sole proprietor, your plans to protect your human resources probably dovetail easily with your plans to protect your home and family. However, if you have employees, you need a more detailed plan to estimate how long employees will be unable to get to work, what your policy will be for compensation while employees are out of work after a disaster, and how you will make payroll if computer systems and banks are inaccessible.
You will also need an immediate disaster response plan to cover what you and your employees will do in an emergency and during its aftermath to protect life and limb. This plan should include things like administering first aid, food and water storage, establishing a company-wide meeting place and proper safety precautions that you and your employees should take during and after a disaster.
Protecting your physical resources is more complicated depending on whether you own or lease the building that houses your business. If your building is leased you will need to work with your landlord to develop a solid property protection plan for the building. You and your employees will need to develop a separate plan to protect assets in the leased space such as furniture and computers. If you own your building, consulting with an architect or engineer about your building's capabilities in a disaster can help you plan what measures need to be taken to protect it. Your local chamber of commerce or Small Business Administration can provide you with a property protection checklist to incorporate into your disaster plan.
Having employees present in an undamaged building after a disaster won't do any good if you don't have the critical records you need to run your business. A business continuity plan will ensure that you have procedures in place to protect your vital paper and electronic records. A business continuity plan also needs to address issues like interruption of deliveries from upstream suppliers and estimates of your company's ability to deliver to your customers after a disaster.
Both Sadie Peterson & Jonathon Hardcastle are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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