When you are starting, revamping, adding a new product line, or rebranding your company, there often comes a time when you look at your marketing strategy and wonder, “Is this right? “Have I looked at all possible options”? These questions do not arise because of lack of experience or education in marketing. In fact, many small business owners do have either a business background or higher education in the subject. According to a poll done by the National Federation of Independent Business nearly half of all small business owners possess at least a bachelors degree, with nearly half of those having majored in business. Having an education in business or even a background in marketing is a strength, and can provide you as a business owner with some advantages.
However, whether or not you have a business degree or background in marketing, as a small business owner you will still have several common challenges to successfully implementing a marketing strategy for your business. These challenges are why it is imperative to either contract a marketing consultant for their expertise and specialization, or hire a full time marketing director. The most common challenges are: Time, perspective, research, current marketing trends, and implementation.
The goal of any marketing plan is to do two things: Increase your brand awareness and increase your conversions. If you are simply getting the word out about your product, but not gaining more customers, there may be an issue with pricing, placement, or even the product itself. Your conversions are great but you find that they are mostly repeat clients or you are not reaching the percentage of the target market you desire, you may need to alter your promotional methods. Again, working with a marketing consultant can help you achieve this, but there is one final piece of advice to offer. Make sure whomever you work with as a consultant is a willing team-member and has a buy in to your product. If they cannot empathize with your passion and share in your desire to be successful, then you may want to look elsewhere. They may be a great consultant, but perhaps your particular industry is just not the right one for them to consult on. Do your due diligence and find your success!