Every company needs a vision. From organizational hierarchy to employee culture, most major decisions should be informed by the overarching vision that the business owner cultivates. One of the decisions that should fall in line with the overall vision of your company is your marketing approach. There are two broad approaches you can take when it comes to marketing your business. The first focuses on results; the second focuses on creativity (which leads to results). The path you should take depends on a number of factors relating to the current state of your company and your vision for its future.
Capital
How big is your marketing budget? How much bigger are you willing to make it? If your answers are something like "not big" and "not a lot," a results-based marketing strategy is probably the right choice. While marketing can be initially expensive no matter your approach, hunting down results through cost-effective methods like conversion tracking, search engine optimization and retargeting can deliver a strong and more immediate ROI.
If you're willing to up the ante, investing in a highly detailed, multi-faceted creative strategy, including enhancement or conception of branding, can help you make a bigger splash. Commercials, banner ads, social media, and online videos are just some of the tactics that can help you reach more people in a faster way. It might take longer to get a return on your investment, but the upside is far greater -- especially if you have aspirations of growing or penetrating new markets.
Scaling
How aggressively are you looking to scale your business? The answer to this question should be heavily weighed when determining your marketing strategy. If your business is just getting started, and you don't have the resources or immediate desire to scale, then a results-based solution is probably your best bet. Investing relatively small amounts to target individuals who match the profile of your customers can help you achieve steady growth.
If you're looking to take your business to the next level, whether through expansion or increased profitability, a more robust creative strategy can help foster brand awareness and get your messaging in front of more people at a much faster rate. It's no coincidence that the law firms that dominate the airwaves have the glossiest buildings. They spend money to make even more money.
Company DNA
Are you a company or a brand? There's a distinction. The mom and pop burger joint on the corner is a company. The Five Guys Burgers and Fries across the street is a brand. Which does your company want to be? There's no wrong answer -- but it's important to align your marketing strategy with your ambitions. Five Guys invests large amounts of money in a creative marketing approach. The mom and pop restaurant probably spends its money on a less flashy, less expensive approach. Maybe its slowly scaling to one day become the next Five Guys. But for right now, it's taking a patient, pragmatic, and likely the correct approach.
About the Author: With a specialty in strategy and business development, Josh Gershonowicz founded Rebuild Nation in 2012. Every project at Rebuild Nation, from a business strategy to a website build, starts with a discovery session where Josh's team of business experts dissect the company from the top to the bottom to determine their goals, current marketing/business spends and more in order to determine what the proper steps for growth are. To learn more about business development call 855-725-3628.